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50 U.S.C. § 4026 — Business or trade obligations

submitted 86 years ago by Pub. L. 108-189 to r/title-50-WAR-AND-NATIONAL-DEFENSE · 109 words · no verdicts yet

in plain englishAI-generated · not legal advice

A servicemember’s non-business assets may not be used during military service to satisfy an obligation for which the servicemember is personally liable through a trade or business. A court may modify the relief when justice and equity require.

(a) Availability of non-business assets to satisfy obligations If the trade or business (regardless of the form in which such trade or business is carried out) of a servicemember has an obligation or liability for which the servicemember is personally liable, the assets of the servicemember not held in connection with the trade or business may not be used to satisfy the obligation or liability during the servicemember’s military service. (b) Relief to obligors Upon application to a court by the holder of an obligation or liability covered by this section, relief granted by this section to a servicemember may be modified as justice and equity require.

the actual law source: uscode.house.gov ↗public domain
(a) Availability of non-business assets to satisfy obligations

If the trade or business (without regard to the form in which such trade or business is carried out) of a servicemember has an obligation or liability for which the servicemember is personally liable, the assets of the servicemember not held in connection with the trade or business may not be available for satisfaction of the obligation or liability during the servicemember’s military service.

(b) Relief to obligors

Upon application to a court by the holder of an obligation or liability covered by this section, relief granted by this section to a servicemember may be modified as justice and equity require.

Source credit: (Oct. 17, 1940, ch. 888, title VII, § 706, as added Pub. L. 108–189, § 1, Dec. 19, 2003, 117 Stat. 2865.)

history & why it existsrecord from the source credit
  • 1940Enacted · Pub. L. 108-189 · 117 Stat. 2865

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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