41 U.S.C. § 4503 — Security for advance payments
submitted 15 years ago by Pub. L. 111-350 to r/title-41-PUBLIC-CONTRACTS · 112 words · no verdicts yet
This section permits advance payments only when adequate security is provided and the agency head finds them in the public interest. It describes a Federal Government lien that can secure those payments and gives that lien priority.
Advance payments under section 4501 of this title may be made only on adequate security and a determination by the agency head that to do so would be in the public interest. The security may be in the form of a lien in favor of the Federal Government on the property contracted for, on the balance in an account in which the payments are deposited, and on such of the property acquired for performance of the contract as the parties may agree. This lien must be paramount to all other liens and is effective immediately upon the first advancement of funds without filing, notice, or any other action by the Federal Government.
Advance payments under section 4501 of this title may be made only on adequate security and a determination by the agency head that to do so would be in the public interest. The security may be in the form of a lien in favor of the Federal Government on the property contracted for, on the balance in an account in which the payments are deposited, and on such of the property acquired for performance of the contract as the parties may agree. This lien shall be paramount to all other liens and is effective immediately upon the first advancement of funds without filing, notice, or any other action by the Federal Government.
Source credit: (Pub. L. 111–350, § 3, Jan. 4, 2011, 124 Stat. 3791.)
- 2011Enacted · Pub. L. 111-350 · 124 Stat. 3791
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-350 on 2011-01-04.
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