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7 U.S.C. § 1928 — Full faith and credit

submitted 65 years ago by Pub. L. 87-128 to r/title-7-AGRICULTURE · 80 words · no verdicts yet

in plain englishAI-generated · not legal advice

Insurance and guarantee contracts under this chapter are backed by the United States and generally cannot be challenged, subject to the stated exception.

(a) In general A contract of insurance or guarantee executed by the Secretary under this chapter must be an obligation supported by the full faith and credit of the United States. (b) Contestability A contract of insurance or guarantee executed by the Secretary under this chapter must be incontestable except for fraud or misrepresentation that the lender or any holder— (1) has actual knowledge of at the time the contract or guarantee is executed; or (2) participates in or condones.

the actual law source: uscode.house.gov ↗public domain
(a) In general

A contract of insurance or guarantee executed by the Secretary under this chapter shall be an obligation supported by the full faith and credit of the United States.

(b) Contestability

A contract of insurance or guarantee executed by the Secretary under this chapter shall be incontestable except for fraud or misrepresentation that the lender or any holder—

(1)

has actual knowledge of at the time the contract or guarantee is executed; or

(2)

participates in or condones.

Source credit: (Pub. L. 87–128, title III, § 308, Aug. 8, 1961, 75 Stat. 308; Pub. L. 87–798, Oct. 11, 1962, 76 Stat. 908; Pub. L. 89–240, § 2(a), Oct. 7, 1965, 79 Stat. 932; Pub. L. 90–488, § 6, Aug. 15, 1968, 82 Stat. 770; Pub. L. 92–133, Oct. 5, 1971, 85 Stat. 364; Pub. L. 101–624, title XXIII, § 2388(a), Nov. 28, 1990, 104 Stat. 4052; Pub. L. 104–127, title VI, § 605, Apr. 4, 1996, 110 Stat. 1086.)

history & why it existsrecord from the source credit
  • 1961Enacted · Pub. L. 87-128 · 75 Stat. 308
  • 1962Amended · Pub. L. 87-798 · 76 Stat. 908
  • 1965Amended · Pub. L. 89-240 · 79 Stat. 932
  • 1968Amended · Pub. L. 90-488 · 82 Stat. 770
  • 1971Amended · Pub. L. 92-133 · 85 Stat. 364
  • 1990Amended · Pub. L. 101-624 · 104 Stat. 4052
  • 1996Amended · Pub. L. 104-127 · 110 Stat. 1086

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-128 on 1961-08-08.

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