Us Code § 3954 - Settlement of stayed cases relating to personal property
Full text of Us Code United States Code § 3954 — Settlement of stayed cases relating to personal property, with citation guidance and answers to common questions.
§ 3954. Settlement of stayed cases relating to personal property
(a) Appraisal of property
When a stay is granted pursuant to this chapter in a proceeding to foreclose a mortgage on or to repossess personal property, or to rescind or terminate a contract for the purchase of personal property, the court may appoint three disinterested parties to appraise the property.
(b) Equity payment
Based on the appraisal, and if undue hardship to the servicemember's dependents will not result, the court may order that the amount of the servicemember's equity in the property be paid to the servicemember, or the servicemember's dependents, as a condition of foreclosing the mortgage, repossessing the property, or rescinding or terminating the contract.
(Oct. 17, 1940, ch. 888, title III, §304, as added Pub. L. 108–189, §1, Dec. 19, 2003, 117 Stat. 2848.)
Editorial Notes
Codification
Section was formerly classified to section 534 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.
Prior Provisions
A prior section 304 of act Oct. 17, 1940, ch. 888, art. III, as added Oct. 6, 1942, ch. 581, §12, 56 Stat. 772; amended Pub. L. 102–12, §9(9), Mar. 18, 1991, 105 Stat. 40, related to termination of leases by lessees, prior to the general amendment of this Act by Pub. L. 108–189. See section 3955 of this title.
Statutory Notes and Related Subsidiaries
Effective Date
Section applicable to any case not final before Dec. 19, 2003, see section 3 of Pub. L. 108–189, set out as a note under section 3901 of this title.
About This Section
50 U.S.C. § 3954 is part of Title 50 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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