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7 U.S.C. · Agriculture
7 U.S.C. § 907

Acquisition of property pledged for loans; disposition; sale of pledged property by borrower

Ch. 31 — RURAL ELECTRIFICATION AND TELEPHONE SERVICE
Title 7 U.S.C. ● ACTIVE Primary Source Ch. 31
Statutory Text

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

U.S.C. Title 7 - AGRICULTURE 7 U.S.C. United States Code, 2023 Edition Title 7 - AGRICULTURE CHAPTER 31 - RURAL ELECTRIFICATION AND TELEPHONE SERVICE SUBCHAPTER I - RURAL ELECTRIFICATION Sec. 907 - Acquisition of property pledged for loans; disposition; sale of pledged property by borrower From the U.S. Government Publishing Office, www.gpo.gov

§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.

Source: uscode.house.gov — public domain Official Source ↗
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BS-USC07-SEC-836FFE
Entity Class
STATUTE / FEDERAL-CODE-SECTION
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boisestandard.org
Citation
7 U.S.C. § 907
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Federal — United States
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PRIMARY-SOURCE
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a9c843e1b64dbc07...
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The statutory text of 7 U.S.C. § 907 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 7 U.S.C. § 906a 7 U.S.C. § 908 →
Ch. 31 — RURAL ELECTRIFICATION AND TELEPHONE SERVICE
7 U.S.C. § 9017 U.S.C. § 9027 U.S.C. § 9037 U.S.C. § 9047 U.S.C. § 9057 U.S.C. § 9067 U.S.C. § 906a7 U.S.C. § 9077 U.S.C. § 9087 U.S.C. § 9097 U.S.C. § 9107 U.S.C. § 9117 U.S.C. § 911a7 U.S.C. § 9127 U.S.C. § 912a7 U.S.C. § 9137 U.S.C. § 9147 U.S.C. § 9157 U.S.C. § 9167 U.S.C. § 9177 U.S.C. § 9187 U.S.C. § 918a7 U.S.C. § 918b7 U.S.C. § 918c7 U.S.C. § 9217 U.S.C. § 921a7 U.S.C. § 9227 U.S.C. § 9237 U.S.C. § 9247 U.S.C. § 925
7 U.S.C. — public domain ← All Legislation
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boisestandard.org → United States → Law → U.S. Code → Title 7 → 7 U.S.C. § 907