25 U.S.C. § 1496 — Powers of Secretary; finality of financial transactions and property acquisitions, management, and dispositions
submitted 52 years ago by Pub. L. 93-262 to r/title-25-INDIANS · 292 words · no verdicts yet
This section makes the Secretary’s specified guaranty and insurance transactions final for government officers and gives the Secretary broad powers over related claims, loans, and property.
The Secretary’s financial transactions connected with guaranteeing or insuring loans and surety bonds, and acquiring, managing, or disposing of related real, personal, or mixed property, are final and conclusive for all government officers. For matters under this subchapter, despite other laws, the Secretary* may—(a) sue and be sued officially in any competent court; (b) subject to this subchapter’s limits, agree to change interest rates, payment times, security, or other terms of guaranteed or insured notes, contracts, mortgages, and other instruments; (c) pay or compromise claims on or arising from a guaranteed or insured loan or surety bond; (d) pay, compromise, waive, or release any acquired right, title, claim, lien, or demand, including equity or redemption rights; (e) buy related property at public or private sale on reasonable terms and prices, take title, and sell, exchange, assign, convey, or otherwise dispose of it; and (f) complete, administer, operate, insure, maintain, renovate, repair, modernize, lease, or otherwise handle property acquired or held under the program.
The financial transactions of the Secretary* incident to or arising out of the guarantee or insurance of loans and surety bonds, and the acquisition, management, and disposition of property, real, personal, or mixed, incident to such activities, shall be final and conclusive upon all officers of the Government. With respect to matters arising out of the guaranty or insurance program authorized by this subchapter, and notwithstanding the provisions of any other laws, the Secretary may—
sue and be sued in his official capacity in any court of competent jurisdiction;
subject to the specific limitations in this subchapter, consent to the modification, with respect to the rate of interest, time of payment on principal or interest or any portion thereof, security, or any other provisions of any note, contract, mortgage, or other instrument securing a loan or surety bond which has been guaranteed or insured hereunder;
subject to the specific limitations in this subchapter, pay, or compromise, any claim on, or arising because of any loan or surety bond guaranty or insurance;
subject to the specific limitations in this subchapter, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including, but not limited to, any equity or right of redemption;
purchase at any sale, public or private, upon such terms and for such prices as he determines to be reasonable, and take title to property, real, personal, or mixed; and similarly sell, at public or private sale, exchange, assign, convey, or otherwise dispose of such property; and
complete, administer, operate, obtain, and pay for insurance on, and maintain, renovate, repair, modernize, lease, or otherwise deal with any property acquired or held pursuant to the guaranty or insurance program authorized by this subchapter.
Source credit: (Pub. L. 93–262, title II, § 216, Apr. 12, 1974, 88 Stat. 81; Pub. L. 100–442, § 5(c), Sept. 22, 1988, 102 Stat. 1764.)
- 1974Enacted · Pub. L. 93-262 · 88 Stat. 81
- 1988Amended · Pub. L. 100-442 · 102 Stat. 1764
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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