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7 U.S.C. § 907 — Acquisition of property pledged for loans; disposition; sale of pledged property by borrower
Federal law — U.S. Code and appendices · legal_authorities
The Secretary is authorized and empowered to bid for and purchase at any foreclosure or other sale, or otherwise to acquire, property pledged or mortgaged to secure any loan made pursuant to this chapter; to pay the purchase price and any costs and expenses incurred in connection therewith from the sums authorized in [section 903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section903&num=0&edition=prelim); to accept title to any property so purchased or acquired in the name of the United States of America; to operate or lease such property for such period as may be deemed necessary or advisable to protect the investment therein, but not to exceed five years after the acquisition thereof; and to sell such property so purchased or acquired, upon such terms and for such consideration as the Secretary shall determine to be reasonable.
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Source file: Laws/federal/codes/united-states-code/title-7/section-907-acquisition-of-property-pledged-for-loans-disposition-sale-of-pledged-pr--958b75dfd2.md
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Source location: Title 7, Chapter 31, § 907; chapter-031-rural-electrification-and-telephone-service.md
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The Secretary is authorized and empowered to bid for and purchase at any foreclosure or other sale, or otherwise to acquire, property pledged or mortgaged to secure any loan made pursuant to this chapter; to pay the purchase price and any costs and expenses incurred in connection therewith from the sums authorized in [section 903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section903&num=0&edition=prelim); to accept title to any property so purchased or acquired in the name of the United States of America; to operate or lease such property for such period as may be deemed necessary or advisable to protect the investment therein, but not to exceed five years after the acquisition thereof; and to sell such property so purchased or acquired, upon such terms and for such consideration as the Secretary shall determine to be reasonable.
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Federal law — U.S. Code and appendices · legal_authorities
There are authorized to be appropriated such sums as are necessary to carry out this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 903
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Liabilities and obligations of fund** The notes of the Secretary to the Secretary of the Treasury to obtain funds for loans under sections 904, 905,11 See References in Text note below. and 922 of this title, and all other liabilities against the appropriations or assets in the fund in connection with electrification and telephone loan operations shall be liabilities of the fund, and all other obligations against such appropriations or assets in the fund arising out of electrification and telephone loan operations shall be obligations of the fund.
**(b) Uses of fund assets** The assets of the fund shall be available only for the following purposes:
(1) loans which could be insured under this subchapter, and for advances in connection with such loans and loans previously made, as of May 11, 1973, under sections 904, 905,1 and 922 of this title;
(2) payment of principal when due (without interest) on outstanding loans to the Secretary from the Secretary of the Treasury for electrification and telephone purposes and payment of principal and interest when due on loans to the Secretary from the Secretary of the Treasury pursuant to [section 934(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section934/a&num=0&edition=prelim);
(3) payment of amounts to which the holder of notes is entitled on insured loans: Provided, That payments other than final payments need not be remitted to the holder until due or until the next agreed annual, semiannual, or quarterly remittance date;
(4) payment to the holder of insured notes of any defaulted installment or, upon assignment of the note to the Secretary at his request, the entire balance due on the note;
(5) purchase of notes in accordance with contracts of insurance entered into by the
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 932
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Federal law — U.S. Code and appendices · legal_authorities
Page 523
TITLE 7—AGRICULTURE
§ 911
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective May 11, 1973, see section 12 of Pub.
L. 93–32, set out as a note under section 930 of this title.
§ 907. Acquisition of property pledged for loans;
disposition; sale of pledged property by bor-
rower
The Secretary is authorized and empowered to
bid for and purchase at any foreclosure or other
sale, or otherwise to acquire, property pledged
or mortgaged to secure any loan made pursuant
to this chapter; to pay the purchase price and
any costs and expenses incurred in connection
therewith from the sums authorized in section
903 of this title; to accept title to any property
so purchased or acquired in the name of the
United States of America; to operate or lease
such property for such period as may be deemed
necessary or advisable to protect the investment
therein, but not to exceed five years after the
acquisition thereof; and to sell such property so
purchased or acquired, upon such terms and for
such consideration as the Secretary shall deter-
mine to be reasonable.
No borrower of funds under sections 904 or 922
of this title shall, without the approval of the
Secretary, sell or dispose of its property, rights,
or franchises, acquired under the provisions of
this chapter, until any loan obtained from the
Rural Electrification Administration, including
all interest and charges, shall have been repaid.
(May 20, 1936, ch. 432, title I, § 7, 49 Stat. 1365;
Oct. 28, 1949, ch. 776, §§ 2, 4(f), 63 Stat. 948; Pub.
L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108
Stat. 3221.)
Editorial Notes
AMENDMENTS
1994—Pub. L. 103–354 substituted ‘‘Secretary’’ for ‘‘Ad-
ministrator’’ wherever appearing.
1949—Act Oct. 28, 1949, inserted ‘‘or se
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 907
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