25 U.S.C. § 1465 — Modification of amount of loan and document securing loan in collection of loan or in best interests of the United States
submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 97 words · no verdicts yet
This section concerns the Secretary’s authority over certain loans and the documents securing them. It allows the Secretary to cancel, adjust, compromise, or reduce a loan when the loan cannot be collected, can be collected only at an unreasonable cost, or when the action would be in the best interests of the United States.
The Secretary* may cancel, adjust, compromise, or reduce the amount of any loan, or any part of a loan, made previously or in the future from the revolving loan fund established by this subchapter and its predecessor constituent funds. The Secretary may do this if the Secretary determines that the loan or part of it cannot be collected, can be collected only at an unreasonable cost, or if doing so would, in the Secretary’s judgment, be in the best interests of the United States. The Secretary may also adjust, compromise, subordinate, or change the terms of any mortgage, lease, assignment, contract, agreement, or other document taken to secure those loans.
The Secretary* may cancel, adjust, compromise, or reduce the amount of any loan or any portion thereof heretofore or hereafter made from the revolving loan fund established by this subchapter and its predecessor constituent funds which he determines to be uncollectable in whole or in part, or which is collectable only at an unreasonable cost, or when such action would, in his judgment, be in the best interests of the United States. He may also adjust, compromise, subordinate, or modify the terms of any mortgage, lease, assignment, contract, agreement, or other document taken to secure such loans.
Source credit: (Pub. L. 93–262, title I, § 105, Apr. 12, 1974, 88 Stat. 78; Pub. L. 98–449, § 3, Oct. 4, 1984, 98 Stat. 1725.)
- 1974Enacted · Pub. L. 93-262 · 88 Stat. 78
- 1984Amended · Pub. L. 98-449 · 98 Stat. 1725
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-262 on 1974-04-12.
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