46 U.S.C. § 53724 — Rights to secured property

When the Secretary^* or Administrator^* makes a payment on, or assumes, an obligation^* under section 53721 or 53722 of this title, the Secretary or Administrator acquires the rights under the security agreement with the obligor^* in the security held by the Secretary or Administrator to guarantee the obligation.

Notwithstanding any other law relating to the acquisition, handling, or disposal of property by the United States Government, the Secretary or Administrator has the right, in the Secretary’s or Administrator’s discretion, to complete, reconstruct, recondition, renovate, repair, maintain, operate, charter, or sell any property acquired under a security agreement with an obligor, or to place a vessel^* so acquired in the National Defense Reserve Fleet. The terms of a sale under this subsection shall be as approved by the Secretary or Administrator.