                        TITLE 19--CUSTOMS DUTIES
 
                   CHAPTER 7--TRADE EXPANSION PROGRAM
 
    SUBCHAPTER III--TARIFF ADJUSTMENT AND OTHER ADJUSTMENT ASSISTANCE
 
                 Part II--Adjustment Assistance to Firms
 
Sec. 1916. Administration of financial assistance; recording of 
        mortgages
        

(a) Guarantees, agreements for deferred participation, and loans

    In making and administering guarantees, agreements for deferred 
participation, and loans under section 1914 \1\ of this title, the 
Secretary of Commerce may--
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    \1\ See References in Text note below.
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        (1) require security for any such guarantee, agreement, or loan, 
    and enforce, waive, or subordinate such security;
        (2) assign or sell at public or private sale, or otherwise 
    dispose of, upon such terms and conditions and for such 
    consideration as he shall determine to be reasonable, any evidence 
    of debt, contract, claim, personal property, or security assigned to 
    or held by him in connection with such guarantees, agreements, or 
    loans, and collect, compromise, and obtain deficiency judgments with 
    respect to all obligations assigned to or held by him in connection 
    with such guarantees, agreements, or loans until such time as such 
    obligations may be referred to the Attorney General for suit or 
    collection;
        (3) renovate, improve, modernize, complete, insure, rent, sell, 
    or otherwise deal with, upon such terms and conditions and for such 
    consideration as he shall determine to be reasonable, any real or 
    personal property conveyed to or otherwise acquired by him in 
    connection with such guarantees, agreements, or loans;
        (4) acquire, hold, transfer, release, or convey any real or 
    personal property or any interest therein whenever deemed necessary 
    or appropriate, and execute all legal documents for such purposes; 
    and
        (5) exercise all such other powers and take all such other acts 
    as may be necessary or incidental to the carrying out of functions 
    pursuant to section 1914 of this title.

(b) Mortgages

    Any mortgage acquired as security under subsection (a) of this 
section shall be recorded under applicable State law.

(Pub. L. 87-794, title III, Sec. 316, Oct. 11, 1962, 76 Stat. 888.)

                       References in Text

    Section 1914 of this title, referred to in subsec. (a), was repealed 
by Pub. L. 93-618, title VI, Sec. 602(e), Jan. 3, 1975, 88 Stat. 2072. 
See section 2344 of this title.
