§ 1496. — Powers of Secretary; finality of financial transactions and property acquisitions, management, and dispositions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1496]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER II--LOAN GUARANTY AND INSURANCE
Sec. 1496. Powers of Secretary; finality of financial
transactions and property acquisitions, management, and
dispositions
The financial transactions of the Secretary incident to or arising
out of the guarantee or insurance of loans and surety bonds, and the
acquisition, management, and disposition of property, real, personal, or
mixed, incident to such activities, shall be final and conclusive upon
all officers of the Government. With respect to matters arising out of
the guaranty or insurance program authorized by this subchapter, and
notwithstanding the provisions of any other laws, the Secretary may--
(a) sue and be sued in his official capacity in any court of
competent jurisdiction;
(b) subject to the specific limitations in this subchapter,
consent to the modification, with respect to the rate of interest,
time of payment on principal or interest or any portion thereof,
security, or any other provisions of any note, contract, mortgage,
or other instrument securing a loan or surety bond which has been
guaranteed or insured hereunder;
(c) subject to the specific limitations in this subchapter, pay,
or compromise, any claim on, or arising because of any loan or
surety bond guaranty or insurance;
(d) subject to the specific limitations in this subchapter, pay,
compromise, waive, or release any right, title, claim, lien, or
demand, however acquired, including, but not limited to, any equity
or right of redemption;
(e) purchase at any sale, public or private, upon such terms and
for such prices as he determines to be reasonable, and take title to
property, real, personal, or mixed; and similarly sell, at public or
private sale, exchange, assign, convey, or otherwise dispose of such
property; and
(f) complete, administer, operate, obtain, and pay for insurance
on, and maintain, renovate, repair, modernize, lease, or otherwise
deal with any property acquired or held pursuant to the guaranty or
insurance program authorized by this subchapter.
(Pub. L. 93-262, title II, Sec. 216, Apr. 12, 1974, 88 Stat. 81; Pub. L.
100-442, Sec. 5(c), Sept. 22, 1988, 102 Stat. 1764.)
Amendments
1988--Pub. L. 100-442 inserted ``and surety bonds'' after ``of
loans'' in introductory text, ``or surety'' after ``a loan'' in par.
(b), and ``or surety'' after ``any loan'' in par. (c).
Section Referred to in Other Sections
This section is referred to in section 1499 of this title.
