38 U.S. Code § 2053 - Default

(a) The Secretary shall take such steps as may be necessary to obtain repayment on any loan that is in default and that is guaranteed under this subchapter.
(b) Upon default of a loan guaranteed under this subchapter and terminated pursuant to State law, a lender may file a claim under the guarantee for an amount not to exceed the lesser of—
(1) the maximum guarantee; or
(2) the difference between—
(A) the total outstanding obligation on the loan, including principal, interest, and expenses authorized by the loan documents, through the date of the public sale (as authorized under such documents and State law); and
(B) the amount realized at such sale.


(Added Pub. L. 105–368, title VI, § 601(a),Nov. 11, 1998, 112 Stat. 3344, § 3774; renumbered § 2053,Pub. L. 107–95, § 5(d)(1),Dec. 21, 2001, 115 Stat. 918.)

2001—Pub. L. 107–95renumbered section 3774 of this title as this section.

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.

38 USCDescription of ChangeSession YearPublic LawStatutes at Large


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