Page:United States Statutes at Large Volume 49 Part 1.djvu/973

 928 7 4TH CONG RESS. SESS. I. CHS. 776, 777. AUGUST 27, 1935. not to exceed the amount of the Commission's lien, shall be paid by the said bank or the said corporation to the Puerto Rican Hurricane Relief Commission. Priorities arising out "(b) The Hurricane. Relief Commission is hereby authorized to of reamortization agree- ments. waive any priorities it may have or claim over liens in favor of the Federal Land Bank of Baltimore, such priorities arising out of reamortization agreements entered into between the Federal Land Bank of Baltimore and its borrowers who are also indebted to the Commission . Method of without " guishing liens without (c) If the Federal Land Bank of Baltimore or the Federal Farm judicial proceedings. Mor tgage C orporati on acqu ires or deems i t necess ary to acquire by foreclosure proceedings any real or personal property in Puerto Rico by virtue of a lien upon the said referred property duly filed of record in the jurisdiction in which the same is located, and a junior lien in favor of the United States attached to such property by virtue of loans made pursuant to the provisions of this joint reso- lution the said banking institution may make a written request to the Puerto Rican Hurricane Relief Commission to have the same extinguished. If after appropriate investigation, it appears to such Commission that the proceeds from the sale of the property would be insufficient to satisfy in whole or in part, the lien of the United States, or that the claim of the United States has been satisfied, or by lapse of time or otherwise has become unenforceable, such C ommissi on shall so rep ort to t he Comp troller General, who th ere- upon may authorize it to issue a certificate of release, which shall operate to release the property from such lien : Provided, That any a mount t hat may be real ized by the Fed eral Lan d Bank of Balti more or the Federal Farm Mortgage Corporation in the ultimate sale of this property, over and above its investment, but not to exceed the amount of the Commission's lien, shall be paid by the said bank or the said Corporation to the Puerto Rican Hurricane Relief Commission. "(d) For the purposes of this section the terms `Puerto Rican Hurricane Relief Commission', `Hurricane Relief Commission', and Commission' shall be deemed to refer to the department, bureau, or other agency of the Government having charge of the admi nistr atio n of this reso luti on ." Approved August 27, 1935. Issue of certificate of release. Proviso. Any amount ov er investment to be paid to Hurricane Relief Commission. T erms defined. `Puer to Ri can Hu r- ricane Relief Commis- sion"; "Hurricane Re- lief Commission"; "Commission" . [CHAPTER 777 .] JOI NT RE SOLU TION August as. 19 35 . nJ. R257.] To amend a joint resolu tion entitle d "Joint res olution for t he relief of Porto [Pub. Res., No. 60.] Rico ", approved December 21, 1 928, as am ended by the Second Deficiency Act, fiscal year 1929, approved March 4, 1929 . Resol ved by the Senate and House of Representatives of the United States o f America in Congress assembled, That in carrying out the provisions of the joint resolution entitled "Joint resolution for the relief of Porto Rico ", appr oved Dece mber 21, 1928, as amended by the Second Deficiency Act, fiscal year 1929, approved March 4, 1929, the Puerto Rican urricane Relief Commission or its succe ssor is authori zed, wh en in th e judgm ent of t he Comm ission o r its successor it is consistent with the best interests of the United State 1 , to make, in the name of the United States or in its own name for and on behalf of the United States, compositions and adjust- ments in any loans heretofore made by it upon the security of land or other property, real or personal, in the island of Puerto Rica, either by reduction in the rate of interest or in the indebtedness or 'So in original . Puerto Rican relief. Vol. 45, p. 1067; Vol. 45, p . 1627, amended. Puerto Rican Hurri- cane Relief Commis- sion, etc., authorized to mak e adj ustmen ts of its loans.