12 U.S. Code § 1747f - Payment of claims; assignment of benefits by investors

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.

Source

(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. 90–19substituted “Secretary” for “Commissioner” wherever appearing.
1965—Pub. L. 89–117substituted “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.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

12 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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