50 U.S.C. § 3954 — Settlement of stayed cases relating to personal property
submitted 86 years ago by Pub. L. 108-189 to r/title-50-WAR-AND-NATIONAL-DEFENSE · 107 words · no verdicts yet
Settlement of stayed cases relating to personal property. (a) Appraisal of property When a stay is granted under this chapter in a proceeding to foreclose a mortgage on or to repossess personal property, or to rescind or terminate a contract for the purchase of personal property, the court may appoint three disinterested parties to appraise the property. The remaining provisions state related rules, conditions, exceptions, or definitions.
(a) Appraisal of property When a stay is granted under this chapter in a proceeding to foreclose a mortgage on or to repossess personal property, or to rescind or terminate a contract for the purchase of personal property, the court* may appoint three disinterested parties to appraise the property. (b) Equity payment Based on the appraisal, and if undue hardship to the servicemember’s dependents will not result, the court may order that the amount of the servicemember’s equity in the property be paid to the servicemember*, or the servicemember’s dependents, as a condition of foreclosing the mortgage, repossessing the property, or rescinding or terminating the contract.
When a stay is granted pursuant to this chapter in a proceeding to foreclose a mortgage on or to repossess personal property, or to rescind or terminate a contract for the purchase of personal property, the court* may appoint three disinterested parties to appraise the property.
Based on the appraisal, and if undue hardship to the servicemember’s dependents will not result, the court may order that the amount of the servicemember’s equity in the property be paid to the servicemember*, or the servicemember’s dependents, as a condition of foreclosing the mortgage, repossessing the property, or rescinding or terminating the contract.
Source credit: (Oct. 17, 1940, ch. 888, title III, § 304, as added Pub. L. 108–189, § 1, Dec. 19, 2003, 117 Stat. 2848.)
- 1940Enacted · Pub. L. 108-189 · 117 Stat. 2848
A history note hasn’t been published yet. The record shows enactment by Pub. L. 108-189 on 1940-10-17.
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