25 U.S.C. § 5139 — Tribal rights and privileges in connection with loans

in plain englishAI-generated · not legal advice

A tribe or tribal corporation receiving a loan made or insured under sections 5136 through 5143 may waive in writing any immunity from suit or liability it has. It may mortgage or otherwise pledge trust or restricted property only if its constitution, charter, or a tribal referendum authorizes that action and the Secretary of the Interior approves it.

A tribe or tribal corporation receiving a loan made or insured under sections 5136 through 5143 may waive in writing any immunity from suit or liability it has. It may mortgage or otherwise pledge trust or restricted property only if its constitution, charter, or a tribal referendum authorizes that action and the Secretary of the Interior approves it. It must follow the Secretary of Agriculture’s rules for those loans.

the actual law source: uscode.house.gov ↗public domain

A tribe or tribal corporation to which a loan is made or insured pursuant to sections 5136 to 5143 of this title (1) may waive in writing any immunity from suit or liability which it may possess, (2) may mortgage or otherwise hypothecate trust or restricted property if (a) authorized by its constitution or charter or by a tribal referendum, and (b) approved by the Secretary of the Interior, and (3) shall comply with rules and regulations prescribed by the Secretary of Agriculture in connection with such loans.

Source credit: (Pub. L. 91–229, § 3, Apr. 11, 1970, 84 Stat. 120.)

history & why it existsrecord from the source credit

1970Enacted · Pub. L. 91-229 · 84 Stat. 120

A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-229 on 1970-04-11.