Source: http://www.law.cornell.edu/uscode/html/uscode46a/usc_sec_46a_00001275----000-notes.html
Timestamp: 2014-07-29 07:12:50
Document Index: 61565003

Matched Legal Cases: ['§ 1105', '§ 46', '§ 3', '§ 5', '§ 1', '§ 33', '§ 3', '§ 220', '§ 12', '§ 1606', '§ 1', '§ 3524', '§ 3507', '§ 4']

(June 29, 1936, ch. 858, title XI, § 1105, as added June 23, 1938, ch. 600, § 46, 52 Stat. 971; amended Aug. 15, 1953, ch. 513, § 3, 67 Stat. 626; Sept. 3, 1954, ch. 1265, § 5, 68 Stat. 1272; Aug. 7, 1956, ch. 1026, § 1(e)–(g), 70 Stat. 1087; Pub. L. 85–520, July 15, 1958, 72 Stat. 358; Pub. L. 91–469, § 33, Oct. 21, 1970, 84 Stat. 1035; Pub. L. 92–507, § 3, Oct. 19, 1972, 86 Stat. 914; Pub. L. 96–561, title II, § 220(4), Dec. 22, 1980, 94 Stat. 3294; Pub. L. 97–31, § 12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 97–35, title XVI, § 1606(e), Aug. 13, 1981, 95 Stat. 752; Pub. L. 98–595, § 1(8)–(11), Oct. 30, 1984, 98 Stat. 3131; Pub. L. 108–136, div. C, title XXXV, § 3524, Nov. 24, 2003, 117 Stat. 1801; Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(F), (G), Jan. 6, 2006, 119 Stat. 3555.)
In subsec. (d), “chapter 31 of title 31” and “such chapter” substituted for “the Second Liberty Bond Act, as amended” and “such Act, as amended,”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
2003—Subsec. (f). Pub. L. 108–136 added subsec. (f).
1981—Subsecs. (a) to (c). Pub. L. 97–31 struck out “of Commerce” after “Secretary” wherever appearing.
Subsec. (d). Pub. L. 97–35 struck out of first sentence the requirement of payment from the appropriate subfund established under section 1274
Pub. L. 97–31 struck out “of Commerce” after “Secretary” in five places.
Subsec. (e). Pub. L. 97–31 struck out “of Commerce” after “Secretary” in four places.
1980—Subsec. (d). Pub. L. 96–561 inserted in first sentence “, and shall be paid from the appropriate subfund required to be established under section 1274
1972—Subsec. (a). Pub. L. 92–507 substituted provisions relating to the rights of obligee to demand and receive payment from the Secretary under certain circumstances, for provisions relating to the rights of mortgagee and lender to demand and receive payment under certain circumstances and the authority of the Secretary to terminate the insurance contract by notification to the mortgagee or the lender as the case may be.
Subsec. (b). Pub. L. 92–507 inserted provisions relating to notification of default to the obligee, and payment of unpaid principal and interest amount, by the Secretary within certain time. Former subsec. (b) redesignated (d).
Subsec. (c). Pub. L. 92–507 incorporated substantially the provisions of subsec. (d) into subsec. (c). Former subsec. (c) is now covered by subsec. (e).
Subsec. (d). Pub. L. 92–507 incorporated provisions of former subsec. (b) into subsec. (d). Former subsec. (d) is now covered by subsec. (c).
Subsec. (e). Pub. L. 92–507 incorporated provisions of former subsec. (c) relating to actions by the Secretary in the event of defaults by mortgagors and borrowers, into subsec. (e), and substituted therefor provisions relating to actions by the Secretary in the event of defaults by obligors of guaranteed obligations and related agreements. Provisions of former subsec. (e) relating to termination and cancellation of insurance contracts and the incontestability of such contracts except for fraud, duress or mutual mistake of fact are omitted.
1970—Subsec. (d). Pub. L. 91–469 substituted provision for inclusion of interest in the installments on the purchase price remaining unpaid at a rate not less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such installments, adjusted to the nearest one-eighth of 1 per centum plus an administrative cost allowance, for prior rate of 31/2 per centum per annum on installments of purchase price remaining unpaid.
1958—Subsec. (b). Pub. L. 85–520 authorized the Secretary of Commerce to issue notes or obligations whenever the moneys in the Federal Ship Mortgage Insurance Fund are insufficient to pay amounts required to be paid under subsec. (a) of this section.