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25 U.S.C. § 5140 — Mortgaged property governed by State law
Federal law — U.S. Code and appendices · legal_authorities
Trust or restricted tribal or tribal corporation property mortgaged pursuant to sections 5136 to 5143 of this title shall be subject to foreclosure and sale or conveyance in lieu of foreclosure, free of such trust or restrictions, in accordance with the laws of the State in which the property is located.
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Source file: Laws/federal/codes/united-states-code/title-25/section-5140-mortgaged-property-governed-by-state-law--b4be44f34d.md
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Source location: Title 25, Chapter 45, § 5140; chapter-045-protection-of-indians-and-conservation-of-resources.md
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Trust or restricted tribal or tribal corporation property mortgaged pursuant to sections 5136 to 5143 of this title shall be subject to foreclosure and sale or conveyance in lieu of foreclosure, free of such trust or restrictions, in accordance with the laws of the State in which the property is located.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section 491 was editorially reclassified as [section 5140 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section5140&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 25 U.S.C. § 491
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary of Agriculture is authorized to make direct loans in a manner consistent with direct loans pursuant to subtitle D of the Consolidated Farm and Rural Development Act ([7 U.S.C. 1981](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1981&num=0&edition=prelim) et seq.), to any Indian tribe recognized by the Secretary of the Interior or tribal corporation established pursuant to the Indian Reorganization Act ([25 U.S.C. 477](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section477&num=0&edition=prelim)),11 See References in Text note below. which does not have adequate uncommitted funds, to acquire lands or interests therein within the tribe’s reservation as determined by the Secretary of the Interior, or within a community in Alaska incorporated by the Secretary pursuant to the Indian Reorganization Act [[25 U.S.C. 5101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section5101&num=0&edition=prelim) et seq.], for use of the tribe or the corporation or the members of either. Such loans shall be limited to such Indian tribes or tribal corporations as have reasonable prospects of success in their proposed operations and as are unable to obtain sufficient credit elsewhere at reasonable rates and terms to finance the purposes authorized in sections 5136 to 5143 of this title.
**(b) Highly fractionated land**
(1) **In general** — Subject to paragraph (2), the Secretary of Agriculture may make and insure loans in accordance with [section 1929 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1929&num=0&edition=prelim) to eligible purchasers of highly fractionated land or to intermediaries in order to establish revolving loan funds for the
Source: Supplied U.S. Code snapshot — release unconfirmed · 25 U.S.C. § 5136
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Federal law — U.S. Code and appendices · legal_authorities
Page 705
TITLE 25—INDIANS
§ 5142
1 See References in Text note below.
§ 5139. Tribal rights and privileges in connection
with loans
A tribe or tribal corporation to which a loan is
made or insured pursuant to sections 5136 to 5143
of this title (1) may waive in writing any immu-
nity from suit or liability which it may possess,
(2) may mortgage or otherwise hypothecate
trust or restricted property if (a) authorized by
its constitution or charter or by a tribal ref-
erendum, and (b) approved by the Secretary of
the Interior, and (3) shall comply with rules and
regulations prescribed by the Secretary of Agri-
culture in connection with such loans.
(Pub. L. 91–229, § 3, Apr. 11, 1970, 84 Stat. 120.)
Editorial Notes
CODIFICATION
Section was formerly classified to section 490 of this
title prior to editorial reclassification and renumbering
as this section.
§ 5140. Mortgaged property governed by State
law
Trust or restricted tribal or tribal corporation
property mortgaged pursuant to sections 5136 to
5143 of this title shall be subject to foreclosure
and sale or conveyance in lieu of foreclosure,
free of such trust or restrictions, in accordance
with the laws of the State in which the property
is located.
(Pub. L. 91–229, § 4, Apr. 11, 1970, 84 Stat. 120.)
Editorial Notes
CODIFICATION
Section was formerly classified to section 491 of this
title prior to editorial reclassification and renumbering
as this section.
§ 5141. Interest rates and taxes
Loans made or insured pursuant to sections
5136 to 5143 of this title will be subject to the in-
terest rate provisions of section 307(a)(3)(B) of
the Consolidated Farmers Home Administration
Act of 1961, as amended [7 U.S.C. 1927(a)(3)(B)],
and to the provisions of subtitle D of that Act [7
U.S.C.
Source: Supplied 2024 U.S. Code historical extraction · 25 U.S.C. § 5140
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.