46 USC 53705: Pledge of United States Government
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46 USC 53705: Pledge of United States Government Text contains those laws in effect on January 8, 2008
From Title 46-SHIPPINGSubtitle V-Merchant MarinePart C-Financial Assistance ProgramsCHAPTER 537-LOANS AND GUARANTEESSUBCHAPTER I-GENERAL
Jump To: Source CreditFuture Amendments

§53705. Pledge of United States Government

(a) Full Faith and Credit.-The full faith and credit of the United States Government is pledged to the payment of a guarantee made under this chapter, for both principal and interest, including interest (as may be provided for in the guarantee) accruing between the date of default under a guaranteed obligation and the date of payment in full of the guarantee.

(b) Incontestability.-A guarantee or commitment to guarantee made under this chapter is conclusive evidence of the eligibility of the obligation for the guarantee. The validity of a guarantee or commitment to guarantee made under this chapter is incontestable.

( Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1606 ; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), Jan. 6, 2006, 119 Stat. 3555 .)

Amendment Not Shown in Text

Subsec. (b) of this section was derived from section 1273(e) (1st sentence) of the former Appendix to this title, which was amended by Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), Jan. 6, 2006, 119 Stat. 3555 . For applicability of that amendment to this section, see section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title. Section 1273(e) of the former Appendix to this title was amended by striking "Secretary" each place it appears and inserting "Secretary or Administrator".

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
53705(a) 46 App.:1273(d). June 29, 1936, ch. 858, title XI, §1103(d), (e) (1st sentence), as added June 23, 1938, ch. 600, §46, 52 Stat. 969 ; Aug. 15, 1953, ch. 513, §1, 67 Stat. 626 ; Sept. 3, 1954, ch. 1265, §3, 68 Stat. 1268 ; June 25, 1956, ch. 438, 70 Stat. 332 ; Aug. 7, 1956, ch. 1026, §1(a), (c), (d), 70 Stat. 1087 ; Pub. L. 91–469, §30, Oct. 21, 1970, 84 Stat. 1035 ; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 910 ; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166 ; Pub. L. 98–595, §1(1), Oct. 30, 1984, 98 Stat. 3130 .
53705(b) 46 App.:1273(e) (1st sentence).