§ 53724. Rights to secured property

311 words·~1 min read·/usc/title-46/section-53724

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(a)Acquisition of Security Rights.— When the Secretary or Administrator makes a payment on, or assumes, an obligation under section 53721 or 53722 of this title, the Secretary or Administrator acquires the rights under the security agreement with the obligor in the security held by the Secretary or Administrator to guarantee the obligation.

(b)Use and Disposition of Secured Property.— Notwithstanding any other law relating to the acquisition, handling, or disposal of property by the United States Government, the Secretary or Administrator has the right, in the Secretary’s or Administrator’s discretion, to complete, reconstruct, recondition, renovate, repair, maintain, operate, charter, or sell any property acquired under a security agreement with an obligor, or to place a vessel so acquired in the National Defense Reserve Fleet. The terms of a sale under this subsection shall be as approved by the Secretary or Administrator.

(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), (11), (b), Jan. 28, 2008, 122 Stat. 598.)

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U.S. Code

Agency
§ 101

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Pub. L. 109–304, § 8(c)
120 Stat. 1619
Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(F)
119 Stat. 3555
Pub. L. 110–181, div. C, title XXXV, § 3522(a)(10)(B)
122 Stat. 598
Pub. L. 110–181, § 3522(b)
Pub. L. 109–163, § 3507(a)(1)(F)
Pub. L. 110–181, § 3522(a)(10)(B)
section 18(a) of Pub. L. 109–304

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§ 53724

Rights to secured property

U.S.C.§ 101

Pub. L.Pub. L. 109–304, § 8(c)

Stat.120 Stat. 1619

Pub. L.Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(F)

Stat.119 Stat. 3555

Pub. L.Pub. L. 110–181, div. C, title XXXV, § 3522(a)(10)(B)

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