12-U.S.C.-1747F
§1747F – Payment of Claims; Assignment of Benefits By Investors
Pathway
Title 12 > Chapter 13 > Subchapter VII > Section 1747f
Details
- Reference: Section 1747f
- Legend: §1747F – Payment of Claims; Assignment of Benefits By Investors
- USCode Year: 2013
Provision Content
If in any operating year the net income of a project insured under this subchapter is less than the aggregate of the minimum annual amortization charge and the insured annual return, the Secretary, upon submission by the investor of a claim for the payment of the amount of the difference between such net income and the aggregate of the minimum annual amortization charge and the insured annual return and after proof of the validity of such claim, shall pay to the investor, in cash from the General Insurance Fund, the amount of such difference, as determined by the Secretary, but not exceeding, in any event, an amount equal to the aggregate of the minimum annual amortization charge and the insured annual return. Nothing contained in this subchapter or any other provision of law shall be construed as preventing or restricting an investor from assigning, pledging, or otherwise transferring or disposing of, subject to rules and regulations of the Secretary, any or all rights, claims, or other benefits under any insurance contract made pursuant to this subchapter to an assignee, pledgee, or other transferee, including the holders (or the trustee for such holders) of any debentures issued by the investor in connection with the project to which such insurance contract relates, and the Secretary is authorized to pay claims or issue debentures in accordance with the provisions of this section and section 1747g of this title to any such assignee, pledgee, or other transferee.
(June 27, 1934, ch. 847, title VII, §707, as added Aug. 10, 1948, ch. 832, title IV, §401, 62 Stat. 1278; amended Apr. 20, 1950, ch. 94, title I, §122, 64 Stat. 59; Sept. 1, 1951, ch. 378, title VI, §609(b), 65 Stat. 316; Pub. L. 89–117, title XI, §1108(s), Aug. 10, 1965, 79 Stat. 506; Pub. L. 90–19, §1(a)(3), May 25, 1967, 81 Stat. 17.)
References in Text
The General Insurance Fund, referred to in text, was established by section 1735c of this title.
Amendments
1967—Pub. L. 90–19 substituted Secretary for Commissioner wherever appearing.
1965—Pub. L. 89–117 substituted General Insurance Fund for Housing Investment Insurance Fund.
1951—Act Sept. 1, 1951, inserted second sentence.
1950—Act Apr. 20, 1950, substituted Commissioner for Administrator wherever appearing.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1747 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1747, 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.-1747E in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-1747E, 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.
7-U.S.C.-3502 in the Legal Encyclopedia: Investment
In this entry about 7-U.S.C.-3502, find legal reference material, bibliographies and premiere content related to investment in the American Encyclopedia of Law, presenting a comprehensive view of the United States investment-specific issues, written by authorities in the field.
12-U.S.C.-1735F-9 in the Legal Encyclopedia: Insurance
In this entry about 12-U.S.C.-1735F-9, find legal reference material, bibliographies and premiere content related to insurance in the American Encyclopedia of Law, presenting a comprehensive view of the United States insurance-specific issues, written by authorities in the field.
12-U.S.C.-1738 in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1738, 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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