
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document affected by Public Law 107-95 Section 5(d)(1)]
[CITE: 38USC3774]

 
                      TITLE 38--VETERANS' BENEFITS
 
               PART III--READJUSTMENT AND RELATED BENEFITS
 
              CHAPTER 37--HOUSING AND SMALL BUSINESS LOANS
 
 SUBCHAPTER VI--LOAN GUARANTEE FOR MULTIFAMILY TRANSITIONAL HOUSING FOR 
                            HOMELESS VETERANS
 
Sec. 3774. Default

    (a) The Secretary shall take such steps as may be necessary to 
obtain repayment on any loan that is in default and that is guaranteed 
under this subchapter.
    (b) Upon default of a loan guaranteed under this subchapter and 
terminated pursuant to State law, a lender may file a claim under the 
guarantee for an amount not to exceed the lesser of--
        (1) the maximum guarantee; or
        (2) the difference between--
            (A) the total outstanding obligation on the loan, including 
        principal, interest, and expenses authorized by the loan 
        documents, through the date of the public sale (as authorized 
        under such documents and State law); and
            (B) the amount realized at such sale.

(Added Pub. L. 105-368, title VI, Sec. 601(a), Nov. 11, 1998, 112 Stat. 
3344.)
