§517. Effect on rights, remedies, etc., pursuant to written agreements entered after commencement of military service

Nothing contained in this Act [sections 501 to 593 of this Appendix] shall prevent-

(a) the modification, termination, or cancellation of any contract, lease, or bailment or any obligation secured by mortgage, trust deed, lien, or other security in the nature of a mortgage, or

(b) the repossession, retention, foreclosure, sale, forfeiture, or taking possession of property which is security for any obligation or which has been purchased or received under a contract, lease, or bailment,

pursuant to a written agreement of the parties thereto (including the person in military service concerned, or the person to whom section 106 [section 516 of this Appendix] is applicable, whether or not such person is a party to the obligation), or their assignees, executed during or after the period of military service of the person concerned or during the period specified in section 106 [section 516 of this Appendix].

(Oct. 17, 1940, ch. 888, art. I, §107, as added Oct. 6, 1942, ch. 581, §4, 56 Stat. 770 .)

Sections Referred to in Other Sections

This section is referred to in sections 531, 532 of this Appendix.