Us Code § 907 - Acquisition of property pledged for loans; disposition; sale of pledged property by borrower
Full text of Us Code United States Code § 907 — Acquisition of property pledged for loans; disposition; sale of pledged property by borrower, with citation guidance and answers to common questions.
§ 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; 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.
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 "Administrator" 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.
About This Section
7 U.S.C. § 907 is part of Title 7 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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