§53722. Actions by Secretary or Administrator — Inbound Citations
46 U.S.C. § 53722
Cited by 3 provisions in release 119-102.
Citations to 46 U.S.C. § 53722 as a whole
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(a) Amounts required to be paid by the Secretary or Administrator under section 53721 or 53722 of this title shall be paid in cash.
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(b) If amounts in the appropriate account under section 53717 of this title are not sufficient to make a payment required under section 53721 or 53722 of this title, the Secretary or Administrator may issue obligations to the Secretary of the Treasury. The Secretary or Administrator, with the approval of the Secretary of the Treasury, shall prescribe the form, denomination, maturity, and other terms (except the interest rate) of the obligations. The Secretary of the Treasury shall set the interest rate for the obligations, considering the current average market yield on outstanding marketable obligations of the United States Government of comparable maturities during the month before the obligations are issued.
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(a) When the Secretary or Administrator makes a payment on, or assumes, an obligation under section 53721 or 53722 of this title, the Secretary or Administrator acquires the rights under the security agreement with the obligor in the security held by the Secretary or Administrator to guarantee the obligation.