46 U.S.C. § 53705 — Pledge of United States Government
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 103 words · no verdicts yet
The full faith and credit of the U.S. government backs every guarantee under this chapter, covering principal, interest, and interest that accrues after a default. Once made, a guarantee's validity can't be legally challenged.
(a) Full Faith and Credit. The full faith and credit of the U.S. government is pledged to pay every guarantee made under this chapter, covering both principal and interest — including interest that builds up between a default and the date the guarantee is paid in full.
(b) Incontestability. A guarantee or promise to guarantee made under this chapter is conclusive proof that the obligation* qualified for the guarantee. Its validity can't be challenged.
The full faith and credit of the United States Government is pledged to the payment of a guarantee made under this chapter, for both principal and interest, including interest (as may be provided for in the guarantee) accruing between the date of default under a guaranteed obligation* and the date of payment in full of the guarantee.
A guarantee or commitment to guarantee made under this chapter is conclusive evidence of the eligibility of the obligation for the guarantee. The validity of a guarantee or commitment to guarantee made under this chapter is incontestable.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1606; Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(C), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, § 3522(b), Jan. 28, 2008, 122 Stat. 598.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1606
- 2006Amended · Pub. L. 109-163 · 119 Stat. 3555
- 2008Amended · Pub. L. 110-181 · 122 Stat. 598
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
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