Page:United States Statutes at Large Volume 55 Part 1.djvu/85

 PUBLIC LAWS-CH. 31 --MAR. 28, 1941 Certificate of claim. Excess net earnings. otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such debentures. "(e) The certificate of claim issued by the Administrator to any mortgagee shall be for an amount which the Administrator deter- mines to be sufficient, when added to the face value of the debentures issued and the cash adjustment paid to the mortgagee, to equal the amount which the mortgagee would have received if, at the time of the conveyance to the Administrator of the property covered by the mortgage, the mortgagor had redeemed the property and paid in full all obligations under the mortgage and a reasonable amount for neces- sary expenses incurred by the mortgagee in connection with the fore- closure proceedings, or the acquisition of the mortgaged property otherwise, and the conveyance thereof to the Administrator. Each such Certificate of claim shall provide that there shall accrue to the holder of such certificate with respect to the face amount of such certificate, an increment at the rate of 3 per centum per annum which shall not be compounded. The amount to which the holder of any such certificate shall be entitled shall be determined as provided in subsection (f). "(f) If the net amount realized from any property conveyed to the Administrator under this section and the claim assigned therewith, after deducting all expenses incurred by the Administrator in han- dling, dealing with, and disposing of such property and in collecting such claims, exceeds the face value of the debentures issued and the cash paid in exchange for such property plus all interest paid on such debentures, such excess shall be divided as follows: "(1) If such excess is greater than the total amount payable under the certificate of claim issued in connection with such prop- erty, the Administrator shall pay to the holder of such certificate the full amount so payable, and any excess remaining thereafter shall be paid to the mortgagor of such property; and "(2) If such excess is equal to or less than the total amount payable under such certificate of claim, the Administrator shall pay to the holder of such certificate the full amount of such excess. Handling and dis- Not'ir a to posal of real propely. (g) Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, the Administrator shall have power to deal with, complete, rent, renovate, modernize, insure, make contracts or establish suitable agencies for the management of, or sell for cash or credit, in his discretion, any properties conveyed to him in exchange for deben- Settlementoflaims. tures and certificates of claim as provided in this section; and not- withstanding any other provision of law, the Administrator shall also have power to pursue to final collection, by way of compromise or otherwise, all claims against mortgagors assigned by mortgagees to the Administrator as provided in this section, except that no suit or action shall be commenced by the Administrator against any such mortgagor on account of any claim so assigned unless such suit or action is commenced within six months after the assignment of such claim to the Administrator, or within six months after the last pay- ment was made to the Administrator with respect to the claim so 4rbs... assigned, whichever is later: Provided, That section 3709 of the Revised Statutes shall not be construed to apply to any contract for hazard insurance, or to any purchase or contract for services or sup- plies on account of such property if the amount thereof does not Delegationofowe. exceed $1,000. The power to convey and to execute in the name of 60 [55 STAT.

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