Page:United States Statutes at Large Volume 54 Part 1.djvu/1217

 54 STAT.] 76TH CONG. , 3D SESS.-CH. 888-OCT. 17, 1940 opinion of the court the ability of the defendant to comply with the terms of the obligation is not materially affected by reason of his military service- (a) stay the proceedings as provided in this Act; or b) make such other disposition of the case as may be equitable to conserve the interests of all parties. (3) No sale under a power of sale or under a judgment entered upon warrant of attorney to confess judgment contained in any such obligation shall be valid if made during the period of military service or within three months thereafter, unless upon an order of sale pre- viously granted by the court and a return thereto made and approved by the court. SEC. 303 . No court shall stay a proceeding to resume possession of a motor vehicle, tractor, or the accessories of either, or for an order of sale thereof, where said motor vehicle, tractor, or accessories are encumbered by a purchase money mortgage, conditional sales contract, or a lease or bailment with a view to purchase, unless the court shall find that 50 per centum or more of the purchase price of said property has been paid, but in any such proceeding the court may, before entering an order or judgment, require the plaintiff to file a bond, approved by the court, conditioned to indemnify the defendant, if in military service, against any loss or damage that he may suffer by reason of any such judgment or order should the judgment or order be set aside in whole or in part. ARTICLE IV-INsURANCE SEC. 400. In this article the term "policy" shall include any con- tract of life insurance on the level premium or legal reserve plan. It shall also include any benefit in the nature of life insurance arising out of membership in any fraternal or beneficial association; the term "premium" shall include membership dues or assessments in such association, and the date of issuance of policy as herein limited shall refer to the date of admission to membership in such association; the term "insured" shall include any person who is the holder of a policy as defined in this article; the term "insurer" shall include any cor- poration, partnership, or other form of association which secures or provides insurance under any policy as defined in this article. SEC. 401. (1) The benefits of this article shall apply to any person in military service who is the holder of a policy of life insurance, when such holder shall apply for such benefits on a form prepared in accordance with regulations which shall be prescribed by the Administrator of Veterans' Affairs. Such form shall set forth par- ticularly that the application therein made is a consent to such modi- fication of the terms of the original contract of insurance as are made necessary by the provisions of this article and by receiving and filing the same the insurer shall be deemed to have assented thereto, to the extent, if any, to which the policy on which the application is made is within the provisions of this article. The original of such applica- tion shall be sent by the insured to the insurer, and a copy thereof to the Veterans' Administration. (2) The Veterans' Administration shall issue through suitable mili- tary and naval channels a notice for distribution by appropriate military and naval authorities to persons in the military service explaining the provisions of this article and shall furnish forms to be distributed to those desiring to make application for its benefits. SEC. 402. The benefits of this Act shall be available to any person in military service in respect of contracts of insurance in force under their terms up to but not exceeding a face value of $5,000, irrespective of the number of policies held by such person whether in one or more 1183 Sale under warrant to confess judgment, etc., restricted. Resumption of pos- session of motor vehi- cle, etc. Stay of proceedings, restriction. Exception. Indemnity bond. " Policy" defined. "Premium." "Insured." "Insurer." Persons In servier entitled to Ieneflts hereof. Application forms. Issue of forms, etc. Maximum amount of benefits allowed.

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