Page:United States Statutes at Large Volume 49 Part 1.djvu/1145

 1100 74TH CONGRESS. SESS. II. CH. 32. JANUARY 27, 1936 . Interest accrued since SEc. 2. In the case of each loan heretofore made pursuant to law September 30, 1931 . by the Administrator of Veterans' Affairs and/or by any national bank, or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia, upon the security of an adjusted-service certificate, any interest unpaid accrued subsequent to September 30 1931, that has been or, in conse- q uence of existi ng law, would b e charge d again st the f ace val ue of such certificate shall be canceled insofar as the veteran is concerned, notwithstanding any provision of law to the contrary. Any interest on any such loan payable to any such bank or trust company shall be p aid by t he Admi nistrato r of Ve terans' Affairs. Unpaid loans hel d by In the case of any such loan which is unpaid and held by a bank or banks, etc. trust company at the time of filing an application under this Act, the bank or trust company holding the note and certificate shall, upon notice from the Administrator of Veterans' Affairs, present them to the Administrator for payment to the bank or trust company in full satisfaction of its claim for the amount of unpaid principal and unpaid interest, except that if the bank or trust company, after such notice, fails to present the certificate and note to the Admin- istra tor with in fift een days after the mail ing of the noti ce, suc h interest shall be paid only up to the fifteenth day after the mailing of such notice. Application for pay- SEC. 3. (a) An application under this Act for payment of a cer- ment. tificate may be made and filed at any time before the maturity of the certificate (1) personally by the veteran, or (2) in case physical or mental incapacity prevents the making or filing of a personal application, then by such representative of the veteran and in such manner as may be by regulations prescribed. An application made by a person o ther th an a rep resenta tive aut horized by such regula - tions shall be he ld void. I f veteran dies afte r (b) If the veteran dies after the application is made and before making application. it is filed it may be filed by any person. If the veteran dies after the application is made it shall be valid if the Administrator of Veterans' Affairs finds that it bears the bona-fide signature of the applicant, discloses an intention to claim the benefits of this Act, and is filed before payment is made to the beneficiary. If the death occurs after the application is filed but before the receipt of the payment under this Act, or if the application is filed after the death occurs but before mailing of the check in payment to the vol.43,p.125. beneficiary under section 501 of the World War Adjusted Com en- U.S. C., p.1683 . sation At, as amended, payment under this Act shall be made to the estate of the veteran irrespective of any beneficiary designation . If the veteran dies without making a valid application under this If veter an dies wi th- Act no payment under this Act shall be made. If the veteran dies outmaking application. on or after the passage of this Act without having filed an applica- c tion under section 1, in making any settlement there shall be deducted on account of any loan made on an adjusted-service certifi- ate only interest accuring 1 prior to October 1, 1931. If appli cation can not be found. ( c) Wher e the re cords o f the V eterans' Admini stration show t hat . an application, disclosing an intention to claim the benefits of this Act, has been filed and the application cannot be found, such applica- tion shall be presumed, in the absence of affirmative evidence to the contrary, to have been valid when originally filed. Opti onal pay ment. (d) If at the time this Act takes effect a veteran entitled to Vol .43,p.123 . Y .S.C ., p .1685 . re ceive an adjus ted- servi ce c ertif icat e has not made app licat ion there - Ante, p. 729. for he shall be entitled, upon a~a plication made under section 302 of the World War Adjusted Compensation Act, as amended, to 1 So in original.