46a USC Rule - Deposit fund | LII / Legal Information Institute

(a) Establishment of deposit fund

There is established in the Treasury a deposit fund for purposes of this section. The Secretary or Administrator may, in accordance with an agreement under subsection (b) of this section, deposit into and hold in the deposit fund cash belonging to an obligor to serve as collateral for a guarantee under this subchapter made with respect to the obligor.

(b) Agreement

(1) In general

The Secretary or Administrator and an obligor shall enter into a reserve fund or other collateral account agreement to govern the deposit, withdrawal, retention, use, and reinvestment of cash of the obligor held in the deposit fund established by subsection (a) of this section.

(2) Terms

The agreement shall contain such terms and conditions as are required under this section and such additional terms as are considered by the Secretary or Administrator to be necessary to protect fully the interests of the United States.

(3) Security interest of United States

The agreement shall include terms that grant to the United States a security interest in all amounts deposited into the deposit fund.

(c) Investment

The Secretary or Administrator may invest and reinvest any part of the amounts in the deposit fund established by subsection (a) of this section in obligations of the United States with such maturities as ensure that amounts in the deposit fund will be available as required for purposes of agreements under subsection (b) of this section. Cash balances of the deposit fund in excess of current requirements shall be maintained in a form of uninvested funds and the Secretary of the Treasury shall pay interest on these funds.

(d) Withdrawals

(1) In general

The cash deposited into the deposit fund established by subsection (a) of this section may not be withdrawn without the consent of the Secretary or Administrator.

(2) Use of income

Subject to paragraph (3), the Secretary or Administrator may pay any income earned on cash of an obligor deposited into the deposit fund in accordance with the terms of the agreement with the obligor under subsection (b) of this section.

(3) Retention against default

The Secretary or Administrator may retain and offset any or all of the cash of an obligor in the deposit fund, and any income realized thereon, as part of the Secretary’s or Administrator’s recovery against the obligor in case of a default by the obligor on an obligation.

Source

(June 29, 1936, ch. 858, title XI, § 1109, as added Pub. L. 107–107, div. C, title XXXV, § 3503,Dec. 28, 2001, 115 Stat. 1392; amended Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(H), (3),Jan. 6, 2006, 119 Stat. 3555.)

Prior Provisions

A prior section 1279b of this Appendix, act June 29, 1936, ch. 858, title XI, § 1109, formerly § 1112, as added Pub. L. 90–194, Dec. 14, 1967, 81 Stat. 580; renumbered and amended Pub. L. 92–507, § 5,Oct. 19, 1972, 86 Stat. 916, 917; Pub. L. 97–31, § 12(136),Aug. 6, 1981, 95 Stat. 166, directed Secretary to make rules and regulations to carry out this subchapter, prior to repeal by Pub. L. 101–225, title III, § 307(7),Dec. 12, 1989, 103 Stat. 1925.

Amendments

2006—Subsecs. (a), (b)(1), (2). Pub. L. 109–163, § 3507(a)(1)(H), substituted “Secretary or Administrator” for “Secretary”.

Subsec. (c). Pub. L. 109–163, § 3507(a)(1)(H), substituted “Secretary or Administrator may invest” for “Secretary may invest”.

Subsec. (d). Pub. L. 109–163substituted “Secretary or Administrator” for “Secretary” wherever appearing and “Secretary’s or Administrator’s” for “Secretary’s” in par. (3).

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, April 16, 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.

How To Use

Multiple entries for a section are listed most recent first, within the section.

The Session Year indicates which session of Congress was responsible for the changes classified. The Congress number forms the first part of the Public Law number; each Congress has two sessions.

Abbreviations used in the Description of Change column:

An empty field implies a standard amendment.
"new" means a new section or new note, or all new text of an existing section or note.
"nt" means note.
"nt [tbl]" means note [table].
"prec" means preceding.
"fr" means a transfer from another section.
"to" means a transfer to another section.
"omitted" means the section is omitted.
"repealed" means the section is repealed.
"nt ed change" and "ed change" - See the Editorial Classification Change Table [pdf].

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General Reference

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Refer to the Thomas site for changes that have not yet made it into the classification tables.

46a USC	Description of Change	Session Year	Public Law	Statutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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46a USC Rule - Deposit fund

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