46 U.S.C. § 53725 — Actions against obligor
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 190 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
For a default under a guaranteed obligation* or related agreement, the Secretary* or Administrator* may take any action against the obligor* or another liable party that the Secretary or Administrator considers necessary to protect the interests of the United States Government. A civil action may be brought in the name of the United States or the obligee*. The obligee shall make available to the Government all records and evidence necessary to prosecute the action.
The Secretary or Administrator may—
accept a conveyance of title to and possession of property from the obligor or another party liable to the Secretary or Administrator; and
purchase the property for an amount not greater than the unpaid principal amount of the obligation and interest thereon.
If, through the sale of property, the Secretary or Administrator receives an amount of cash greater than the unpaid principal amount of the obligation, the unpaid interest on the obligation, and the expenses of collecting those amounts, the Secretary or Administrator shall pay the excess to the obligor.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1619; Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, § 3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1619
- 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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