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42 U.S.C. § 2366 — Conditions of indemnity; purchase of property by Commission

submitted 71 years ago by ch. 543 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 196 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Commission pays the indemnity only after timely notice of a proposed below-balance sale and only if the sale meets the Commission’s conditions. The Commission may buy the property, and the sale or payment ends its obligation for that property.

The Commission must make the payment under § 2365 only after the current owner notifies it that the owner is about to sell the property for less than the unpaid balance of the real or hypothetical loan calculated under § 2365. Payment is allowed only if: (a) notice is given while § 2364’s conditions are met; (b) the sale occurs within the time and in the manner the Commission sets to assure a fair price without excessive costs; and (c) the Commission receives the prior notice and opportunity to buy that it requires. In these circumstances the Commission may buy the property. The sale and any Commission payment owed under §§ 2363–2366 end the Commission’s obligation for that property under those sections.
the actual law source: uscode.house.gov ↗public domain

The Commission shall make the indemnity payment specified by section 2365 of this title only if the Commission receives a notice from the then owner of the property that he is about to sell the property for a sum less than the unpaid balance of the real or hypothetical loan calculated pursuant to such section. Such payment shall be made only if—

(a)

notice is given to the Commission at a time when the conditions of section 2364 of this title are satisfied;

(b)

the sale is made within such time as the Commission may prescribe and in a manner which the Commission determined to afford adequate assurance of a fair price without excessive costs; and

(c)

the Commission is given such prior notice of the sale and such opportunity to become a purchaser as it shall prescribe.

In such circumstances the Commission is authorized to purchase the property. Sales pursuant to this section and payment by the Commission of such amount, if any, as is owing pursuant to sections 2363 to 2366 of this title shall end the obligation of the Commission under sections 2363 to 2366 of this title with respect to that property.

Source credit: (Aug. 4, 1955, ch. 543, ch. 6, § 66, 69 Stat. 479.)

history & why it existsrecord from the source credit
  • 1955Enacted · Act of Aug. 4, 1955, ch. 543 · 69 Stat. 479

A history note hasn’t been published yet. The record shows enactment by ch. 543 on 1955-08-04.

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