38 U.S.C. § 2053 — Default
submitted 28 years ago by Pub. L. 105-368 to r/title-38-VETERANS-BENEFITS · 112 words · no verdicts yet
The Secretary must take steps to collect a guaranteed loan that is in default. After a qualifying default and public sale, the lender may claim the smaller of the guarantee or the remaining covered loss.
The Secretary* shall take such steps as may be necessary to obtain repayment on any loan that is in default and that is guaranteed under this subchapter.
Upon default of a loan guaranteed under this subchapter and terminated pursuant to State* law, a lender may file a claim under the guarantee for an amount not to exceed the lesser of—
the maximum guarantee; or
the difference between—
the total outstanding obligation on the loan, including principal, interest, and expenses authorized by the loan documents, through the date of the public sale (as authorized under such documents and State law); and
the amount realized at such sale.
Source credit: (Added Pub. L. 105–368, title VI, § 601(a), Nov. 11, 1998, 112 Stat. 3344, § 3774; renumbered § 2053, Pub. L. 107–95, § 5(d)(1), Dec. 21, 2001, 115 Stat. 918.)
- 1998Enacted · Pub. L. 105-368 · 112 Stat. 3344
- 2001Amended · Pub. L. 107-95 · 115 Stat. 918
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-368 on 1998-11-11.
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