§ 1747f. Payment of claims; assignment of benefits by investors
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/usc/title-12/section-1747fA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If in any operating year the net income of a project insured under this subchapter is less than the aggregate of the minimum annual amortization charge and the insured annual return, the Secretary, upon submission by the investor of a claim for the payment of the amount of the difference between such net income and the aggregate of the minimum annual amortization charge and the insured annual return and after proof of the validity of such claim, shall pay to the investor, in cash from the General Insurance Fund, the amount of such difference, as determined by the Secretary, but not exceeding, in any event, an amount equal to the aggregate of the minimum annual amortization charge and the insured annual return.
Nothing contained in this subchapter or any other provision of law shall be construed as preventing or restricting an investor from assigning, pledging, or otherwise transferring or disposing of, subject to rules and regulations of the Secretary, any or all rights, claims, or other benefits under any insurance contract made pursuant to this subchapter to an assignee, pledgee, or other transferee, including the holders (or the trustee for such holders) of any debentures issued by the investor in connection with the project to which such insurance contract relates, and the Secretary is authorized to pay claims or issue debentures in accordance with the provisions of this section and section 1747g of this title to any such assignee, pledgee, or other transferee.
(June 27, 1934, ch. 847, title VII, § 707, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1278; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Sept. 1, 1951, ch. 378, title VI, § 609(b), 65 Stat. 316; Pub. L. 89–117, title XI, § 1108(s), Aug. 10, 1965, 79 Stat. 506; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.)
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- June 27, 1934, ch. 847
- Aug. 10, 1948, ch. 832
- 62 Stat. 1278
- Apr. 20, 1950, ch. 94
- 64 Stat. 59
- Sept. 1, 1951, ch. 378
- 65 Stat. 316
- Pub. L. 89–117, title XI, § 1108(s)
- 79 Stat. 506
- Pub. L. 90–19, § 1(a)(3)
- 81 Stat. 17
- Pub. L. 90–19
- Pub. L. 89–117
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§ 1747f
Payment of claims; assignment of benefits by investors
Stat.×2
U.S.C.×1
ActJune 27, 1934, ch. 847
ActAug. 10, 1948, ch. 832
Stat.62 Stat. 1278
ActApr. 20, 1950, ch. 94
Stat.64 Stat. 59
Cites 15 · showing 7Cited by 3 across 2 sources