22 USC 1631g - Payment of debts

U.S Code last checked for updates: Nov 22, 2024

§ 1631g.

Payment of debts

(a)

Claims allowable; defenses

Any property vested in the designee of the President pursuant to section 1631a(a) of this title, or the net proceeds thereof, shall be equitably applied by such designee in accordance with this section to the payment of debts owed by the person who owned such property immediately prior to its vesting in such designee. No debt claim shall be allowed under this section—

(1)

if it is asserted against Bulgaria, Hungary, or Rumania (including the government or any political subdivisions, agencies, or instrumentalities thereof); or

(2)

if it is based upon an obligation expressed or payable in any currency other than the currency of the United States; or

(3)

if it was not due and owing—

(A)

on October 9, 1940, in the event the property in respect of which such debt claim is filed was owned immediately prior to vesting by a national of Rumania;

(B)

on March 4, 1941, in the event the property in respect of which such debt claim is filed was owned immediately prior to vesting by a national of Bulgaria; or

(C)

on March 13, 1941, in the event that the property in respect of which such debt claim is filed was owned immediately prior to vesting by a national of Hungary.

Any defense to the payment of such claim which would have been available to the debtor shall be available to the designee, except that the period from and after December 7, 1941, shall not be included for the purpose of determining the applicability of any statute of limitations. Debt claims allowable under this section shall include only those of natural persons who were citizens of the United States at the dates their debtors became obligated to them; those of other natural persons who are and have been continuously since December 7, 1941, residents of the United States; those of corporations organized under the laws of the United States or any State, Territory, or possession thereof, or the District of Columbia; and those acquired by the designee of the President under this subchapter. Successors in interest by inheritance, devise, bequest, or operation of law of debt claimants, other than persons who would themselves be disqualified hereunder from allowance of a debt claim, shall be eligible for payment to the same extent as their principals or predecessors would have been.

(b)

Time limit for filing claims; extension; notice

(c)

Examination of claims; finality of determination

(d)

Fund for debt payments

(e)

Amount payable; disallowance; notice; review; additional evidence; judgment

(f)

Schedule of debt claims allowed; notice; review; additional evidence; intervention; judgment

(g)

Priority of claims

(h)

Priority as debt due United States

(i)

Exclusiveness of relief

(Mar. 10, 1950, ch. 54, title II, § 208, as added Aug. 9, 1955, ch. 645, § 3, 69 Stat. 565.)

cite as: 22 USC 1631g