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7 U.S.C. § 907 — Acquisition of property pledged for loans;

Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 907 — Acquisition of property pledged for loans;

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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Stable record: federal_law:legal_authorities:usc2024-4d417776c1edf98aa2a11fd4
Source file: Laws/federal/codes/united-states-code-2024/title-7/section-907-acquisition-of-property-pledged-for-loans--9d5eaf949f.md
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Source location: USCODE-2024-title7-chap31-subchapI-sec907.pdf

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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 section 922’’ after ‘‘904’’ in second par., and inserted ‘‘title I,’’ in credit of act May 20, 1936. § 908. Limitations on use of assistance (a) Subject to subsections (b) and (c) of this section, the Secretary may allow a recipient of a grant, loan, or loan guarantee under this sub- chapter to set aside not more than 10 percent of the amount so received to provide retail broadband service. (b) A recipient who sets aside funds under sub- section (a) of this section may use the funds only in an area that is not being provided with the minimum acceptable level of broadband service established under section 950bb(e) of this title, unless the recipient meets the require- ments of section 950bb(d) of this title. (c) Nothing in this section shall be construed to limit the ability of any borrower to finance or deploy services authorized under this chapter. (d) The Secretary shall not provide funding under subsection (a) if the funding would result in competitive harm to any grant, loan, or loan guarantee referred to in subsection (a). (May 20, 1936, ch. 432, title I, § 8, as added Pub. L. 115–334, title VI, § 6210(b), Dec. 20, 2018, 132 Stat. 4744.) Editorial Notes PRIOR PROVISIONS A prior section 908, acts May 20, 1936, ch. 432, title I, § 8, 49 Stat. 1366; Oct. 28, 1949, ch. 776, § 2, 63 Stat. 948; Oct. 13, 1994, Pub. L. 103–354, title II, § 235(a)(4), 108 Stat. 3221, related to transfer of functions of Rural Elec- trification Administration created by Executive Order No. 7037, prior to repeal by Pub. L. 104–127, title VII, § 776, Apr. 4, 1996, 110 Stat. 1150. § 909. Administration on nonpolitical basis; dis- missal of officers or employees for violating provision This chapter shall be administered entirely on a nonpartisan basis, and in the appointment of officials, the selection of employees, and in the promotion of any such officials or employees, no political test or qualification shall be permitted or given consideration, but all such appoint- ments and promotions shall be given and made on the basis of merit and efficiency. If the Sec- retary herein provided for is found by the Presi- dent of the United States to be guilty of a viola- tion of this section, he shall be removed from of- fice by the President, and any appointee or se- lection of officials or employees made by the Secretary who is found guilty of a violation of this chapter shall be removed by the Secretary. (May 20, 1936, ch. 432, title I, § 9, 49 Stat. 1366; Oct. 28, 1949, ch. 776, § 2, 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 ‘‘title I,’’ in credit of act May 20, 1936. § 910. Repealed. Pub. L. 104–127, title VII, § 777, Apr. 4, 1996, 110 Stat. 1150 Section, acts May 20, 1936, ch. 432, title I, § 10, 49 Stat. 1366; Oct. 28, 1949, ch. 776, § 2, 63 Stat. 948; Apr. 21, 1976, Pub. L. 94–273, § 11(1), 90 Stat. 378; Oct. 13, 1994, Pub. L. 103–354, title II, § 235(a)(13), 108 Stat. 3221, required Sec- retary to present annually to Congress, not later than Apr. 20, report of Secretary’s activities under this chap- ter. § 911. Acceptance of services of Federal or State officers; application of civil service laws; ex- penditures for supplies and equipment In order to carry out the provisions of this chapter the Secretary may accept and utilize such voluntary and uncompensated services of Federal, State, and local officers and employees as are available, and he may appoint and fix the compensation of attorneys, engineers, and ex- perts and he may, subject to the civil-service laws, appoint such other officers and employees as he may find necessary and prescribe their du- ties. The Secretary is authorized, from sums ap- propriated pursuant to section 906 of this title, to make such expenditures (including expendi- tures for personal services; supplies and equip- ment; lawbooks and books of reference; direc- tories and periodicals; travel expenses; rental at the seat of government and elsewhere; the pur- chase, operation, or maintenance of passenger-

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 907 — Acquisition of property pledged for loans; disposition; sale of pledged property by borrower

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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