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7 U.S.C. § 1968 — Addition to Emergency Credit Revolving Fund of sums from liquidation of loans; authorization of appropriations
Federal law — U.S. Code and appendices · legal_authorities
**(a)** All sums received by the Secretary from the liquidation of loans made under the provisions of this subchapter or under the Act of April 6, 1949, as amended, or the Act of August 31, 1954, and from the liquidation of any other assets acquired with money from the Emergency Credit Revolving Fund shall be added to and become a part of such fund.
**(b)** There are authorized to be appropriated to the Emergency Credit Revolving Fund such additional sums as the Congress shall from time to time determine to be necessary.
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Source location: Title 7, Chapter 50, § 1968; chapter-050-agricultural-credit.md
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**(a)** All sums received by the Secretary from the liquidation of loans made under the provisions of this subchapter or under the Act of April 6, 1949, as amended, or the Act of August 31, 1954, and from the liquidation of any other assets acquired with money from the Emergency Credit Revolving Fund shall be added to and become a part of such fund.
**(b)** There are authorized to be appropriated to the Emergency Credit Revolving Fund such additional sums as the Congress shall from time to time determine to be necessary.
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Federal law — U.S. Code and appendices · legal_authorities
**(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: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 87–128, title III, § 325, Aug. 8, 1961, 75 Stat. 311; Pub. L. 94–68, § 6, Aug. 5, 1975, 89 Stat. 382, authorized delegation of authority to State Directors of Farmers Home Administration for making emergency loans.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1120
TITLE 7—AGRICULTURE
§ 1965
1 See References in Text note below.
1977—Subsec. (a). Pub. L. 95–89 designated existing
provisions as subsec. (a) and struck out last proviso
prescribing for any loan made by the Small Business
Administration in connection with a disaster occurring
on or after Aug. 5, 1975, under section 636(b)(1), (2), or
(4) of title 15 a rate of interest determined in the first
paragraph following section 636(b)(8) of title 15 for loans
under paragraphs (3), (5), (6), (7), or (8) of section 636(b)
of title 15, now covered in subsec. (b) of this section.
Subsecs. (b), (c). Pub. L. 95–89 added subsecs. (b) and
(c).
1975—Pub. L. 94–68 made the existing rate of 5 percent
applicable to loans up to the amount of the actual loss
caused by the disaster, inserted provisions that for
loans or portions of loans in excess of that amount the
interest rate will be that prevailing in the private mar-
ket for similar loans, as determined by the Secretary,
and inserted provisos relating to security, disasters oc-
curring after Jan. 1, 1975, and loans made by Small
Business Administration.
1973—Pub. L. 93–24 substituted ‘‘5’’ for ‘‘3’’ per cen-
tum.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by section 624 of Pub. L. 104–127 effective
Apr. 4, 1996, and amendment by section 625 of Pub. L.
104–127 effective 90 days after Apr. 4, 1996, see section
663(a), (b) of Pub. L. 104–127, set out as a note under sec-
tion 1922 of this title.
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98–258 applicable to disasters
occurring after May 30, 1983, see section 602(c) of Pub.
L. 98–258, set out as a note under section 1961 of this
title.
EFFECTIVE DATE OF 1981 AMENDMENT
Section 162(b) of Pub. L. 97–35
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