12-U.S.C.-1701M
§1701M – Credit and Cancellation of Notes Transferred From Reconstruction Finance Corporation; Net Loss Computation
Pathway
Title 12 > Chapter 13 > Section 1701m
Details
- Reference: Section 1701m
- Legend: §1701M – Credit and Cancellation of Notes Transferred From Reconstruction Finance Corporation; Net Loss Computation
- USCode Year: 2013
Provision Content
The Secretary of the Treasury is authorized and directed from time to time to credit and cancel the note or notes of the Housing and Home Finance Administrator executed and delivered in connection with loans transferred from the Reconstruction Finance Corporation to the Housing and Home Finance Agency pursuant to Reorganization Plan Numbered 23 of 1950 (64 Stat. 1279), to the extent of the net loss, as determined by the Secretary of the Treasury, sustained by said Agency in the liquidation of defaulted loans. The net loss shall be the sum of the unpaid principal and advances for care and preservation of collateral, together with accrued and unpaid interest on said principal and advances, and all expenses and costs (other than those subject to administrative expense limitations) in connection with the liquidation of defaulted loans, less the amount actually realized by the Housing and Home Finance Agency on account of such defaulted loans.
(July 14, 1952, ch. 723, §9, 66 Stat. 603.)
References in Text
Reorganization Plan Numbered 23 of 1950, referred to in text, is set out in the Appendix to Title 5, Government Organization and Employees.
Codification
Section was enacted as part of the Housing Act of 1952, and not as part of the National Housing Act which comprises this chapter.
Transfer of Functions
Functions, powers, and duties of Housing and Home Finance Agency and its Administrator transferred to and vested in Secretary of Housing and Urban Development by Pub. L. 89–174, §5, Sept. 9, 1965, 79 Stat. 669, classified to section 3534 of Title 42, The Public Health and Welfare.
Termination, Liquidation, and Abolition of Reconstruction Finance Corporation
Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22 F.R. 4633, 71 Stat. 647, set out in the Appendix to Title 5, Government Organization and Employees, abolished Reconstruction Finance Corporation.
Termination on June 30, 1954, of Reconstruction Finance Corporation and liquidation thereof, see sections 608 and 609 of Title 15, Commerce and Trade, and notes thereunder.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1701M in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1701M, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1701H in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-1701H, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.
12-U.S.C.-1701G-5B in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1701G-5B, find legal reference material, bibliographies and premiere content related to housing in the American Encyclopedia of Law, presenting a comprehensive view of the United States housing-specific issues, written by authorities in the field.
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