
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
