§ 1496. Powers of Secretary; finality of financial transactions and property acquisitions, management, and dispositions

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1974

   Indian Financing Act of 1974

   Pub. L. 93–262 title II § 216 · [88 Stat. 77]

   Enacted · 25 U.S.C. § 1496

   Pub. L. 93–262, title II, § 216, Apr. 12, 1974, 88 Stat. 81

   Source evidence

   Code source credit
   Pub. L. 93–262, title II, § 216, Apr. 12, 1974, 88 Stat. 81

   Enacted provision · exact public law section
   Sec. 216. The financial transactions of the Secretary incident to or 25 USC 1496. arising out of the guarantee or insurance of loans, and the acquisition, management, and disposition of property, real, personal, or mixed, incident to such activities, shall be final and conclusive upon all officers of the Government. With respect to matters arising out of the guaranty or insurance program authorized by this title, and notwithstanding the provisions of any other laws, the Secretary may— (a) sue and be sued in his official capacity in any court of competent jurisdiction; (b) subject to the specific limitations in this title, consent to the modification, with respect to the rate of interest, time of payment on principal or interest or any portion thereof, security, or any other provisions of any note, contract, mortgage, or other instrument securing a loan which has been guaranteed or insured hereunder; (c) subject to the specific limitations in this title, pay, or compromise, any claim on, or arising because of any loan guaranty or insurance; (d) subject to the specific limitations in this title, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including, but not limited to, any equity or right of redemption; (e) purchase at any sale, public or private, upon such terms and for such prices as he determines to be reasonable, and take title to property, real, personal, or mixed; and similarly sell, at public or private sale, exchange, assign, convey, or otherwise dispose of such property; and (f) complete, administer, operate, obtain, and pay for insurance on, and maintain, renovate, repair, modernize, lease, or otherwise deal with any property acquired or held pursuant to the guaranty or insurance program authorized by this title.

2. 1988

   Pub. L. 100–442 § 5(c) · 102 Stat. 1763

   Inserted · 25 U.S.C. § 1496

   Pub. L. 100–442 inserted “and surety bonds” after “of loans” in introductory text, “or surety” after “a loan” in par. (b), and “or surety” after “any loan” in par. (c)

   Source evidence

   Code amendment note
   Pub. L. 100–442 inserted “and surety bonds” after “of loans” in introductory text, “or surety” after “a loan” in par. (b), and “or surety” after “any loan” in par. (c).

   Enacted provision · exact public law section
   (c) Section 216 of the Indian Financing Act of 1974 is amended by: (1) striking the phrase “of loans” in the first sentence and inserting, in lieu thereof, the phrase “of loans and surety bonds”; (2) striking the phrase “a loan” in paragraph (b) and inserting, in lieu thereof, the phrase “a loan or surety bond”, and (3) striking the phrase “any loan” in paragraph (c) and inserting, in lieu thereof, the phrase “any loan or surety bond”.

2 of 2 references resolved to an enrolled provision