Browse Arkansas Code titles and sections
25 U.S.C. § 1494 — Defaults; written notification; pro rata payments; subrogation and assignment rights of Secretary; cancellation of uncollectable portion of obligations; forbearance for benefit of borrower; interest or charges cessation date
Federal law — U.S. Code and appendices · legal_authorities
In the event of a default of a loan guaranteed hereunder, the holder of the guaranty certificate may immediately notify the Secretary in writing of such default and the Secretary shall thereupon pay to such holder the pro rata portion of the amount guaranteed and shall be subrogated to the rights of the holder of the guaranty and receive an assignment of the obligation and security. The Secretary may cancel the uncollectable portion of any obligation, to which he has an assignment or a subrogated right under this section. Nothing in this section shall be construed to preclude any forbearance for the benefit of the borrower as may be agreed upon by the parties to the loan and approved by the Secretary. The Secretary may establish the date, not later than the date of judgment and decree of foreclosure or sale, upon which accrual of interest or charges shall cease.
Source: Supplied U.S. Code snapshot — release unconfirmed · 25 U.S.C. § 1494
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 34dc6493ffb289a868e44962020252122c5e7f35c189dff98c94a92838922745. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_6854164d2adb50ad9903a699
Source file: Laws/federal/codes/united-states-code/title-25/section-1494-defaults-written-notification-pro-rata-payments-subrogation-and-assignme--827116432f.md
Pages: Not recorded – Not recorded
Passage SHA-256: 55669f4f66dd6e5c9e68cdf6364b9c9f427358d0236ead82669138e3149fb902
Source location: Title 25, Chapter 17, § 1494; chapter-017-financing-economic-development-of-indians-and-indian-organizations.md
Stored source content
In the event of a default of a loan guaranteed hereunder, the holder of the guaranty certificate may immediately notify the Secretary in writing of such default and the Secretary shall thereupon pay to such holder the pro rata portion of the amount guaranteed and shall be subrogated to the rights of the holder of the guaranty and receive an assignment of the obligation and security. The Secretary may cancel the uncollectable portion of any obligation, to which he has an assignment or a subrogated right under this section. Nothing in this section shall be construed to preclude any forbearance for the benefit of the borrower as may be agreed upon by the parties to the loan and approved by the Secretary. The Secretary may establish the date, not later than the date of judgment and decree of foreclosure or sale, upon which accrual of interest or charges shall cease.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
The Secretary of the Interior is hereby authorized and directed to adjust or eliminate reimbursable charges of the Government of the United States existing as debts against individual Indians or tribes of Indians in such a way as shall be equitable and just in consideration of all the circumstances under which such charges were made: Provided, That the collection of all construction costs against any Indian-owned lands within any Government irrigation project is hereby deferred, and no assessments shall be made on behalf of such charges against such lands until the Indian title thereto shall have been extinguished, and any construction assessments heretofore levied against such lands in accordance with the provisions of [section 386 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section386&num=0&edition=prelim), and uncollected, are hereby canceled: Provided further, That the Secretary shall report such adjustments and eliminations to the Congress not later than sixty calendar days following the end of the fiscal year in which they are made: Provided further, That any proceedings hereunder shall not be effective until approved by Congress unless Congress shall have failed to act favorably or unfavorably thereon by concurrent resolution within ninety calendar days after the filing of said report, in which case they shall become effective at the termination of the said ninety calendar days: Provided further, That the Secretary shall adjust or eliminate charges, defer collection of construction costs, and make no assessment on behalf of such charges for beneficiaries that hold leases on Hawaiian home lands, to the same extent as is permitted for individual Indians or tribes of Indians under this section.
Source: Supplied U.S. Code snapshot — release unconfirmed · 25 U.S.C. § 386a
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 235
TITLE 25—INDIANS
§ 1497
refuse to pay a valid guaranty or insurance
claim on loans previously made in good faith.
(Pub. L. 93–262, title II, § 213, Apr. 12, 1974, 88
Stat. 81.)
§ 1494. Evidence of eligibility of loan for and
amount of guaranty or insurance; defenses
and partial defenses against original lender
Any evidence of guaranty or insurance issued
by the Secretary shall be conclusive evidence of
the eligibility of the loan for guaranty or insur-
ance under the provisions of this chapter and
the amount of such guaranty or insurance: Pro-
vided, That nothing in this section shall pre-
clude
the
Secretary
from
establishing,
as
against the original lender, defenses based on
fraud or material misrepresentation or bar him
from establishing, by regulations in force at the
date of such issuance or disbursement, which-
ever is the earlier, partial defenses to the
amount payable on the guaranty or insurance.
(Pub. L. 93–262, title II, § 214, Apr. 12, 1974, 88
Stat. 81.)
§ 1495. Land and personal property titles
Title to any land purchased by a tribe or by an
individual Indian with loans guaranteed or in-
sured pursuant to this subchapter may be taken
in trust, unless the land is located outside the
boundaries of a reservation or a tribal consolida-
tion area approved by the Secretary. Title to
any land purchased by a tribe or an individual
Indian which is outside the boundaries of the
reservation or approved consolidation area may
be taken in trust if the purchaser was the owner
of trust or restricted interests in the land before
the purchase, otherwise title shall be taken in
the name of the purchaser without any restric-
tion on alienation, control, or use. Title to any
personal property purchased with loans guaran-
teed or ins
Source: Supplied 2024 U.S. Code historical extraction · 25 U.S.C. § 1494
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.