Page:United States Statutes at Large Volume 69.djvu/596

 554 63 Stat. 883. 7 USC 10 0 6 a, 1006b.

7 USC 1005c. 7 USC 1005b.

60 Stat. 1077. 7 USC 1005b.

62 Stat. 535. 7 USC 1005b. 7 USC 1005c.

PUBLIC LAW 274~AUG. 9, 1955

Flood control. Amite River, La.

ST A T,

ified in this title (including those made in accordance with the Act of October 19, 1949) and to take as security for the obligations entered into in connection with such loans first mortgages on the farms with respect to which such loans are made and such other security as may be required by the Secretary. Such mortgages shall create a lien running to the United States for the benefit of the fund, notwithstanding the fact that the note may be held by the lender or his assignee. "(b) Loans insured under this section shall be subject to all the provisions of this title, except as otherwise provided in this section, and with respect to such loans, the terms used in this Act shall have the following meanings as the context requires: "(1) 'Mortgage' shall mean 'loan' or 'the instruments relating to a loan'; "(2) 'Insured mortgage' shall mean 'note endorsed for insurance'; "(3) 'Mortgagor' shall mean 'borrower' or 'obligor on the note'; "(4) 'Mortgagee' shall mean 'lender' or 'holder of insured note'. "(c) Any mortgage insured or any loan made under this Act may be converted to an insured loan under this section at the discretion of the Secretary, and any expenses in connection with such conversion may be paid out of appropriations for administrative expenses. " (d) In connection with loans insured or converted under this section (1) the holder of the insured note shall be entitled to receive the benefits of the insurance as provided in section 13(a) only in accordance with an agreement pursuant to section 12(j) or when the assignment of the note is required by the Secretary, and (2) notice of default to the lender under section 12(f) shall not be required." SEC. 2. Section 12(f)(1) is amended by striking the word "promptly" in both the first and second sentences, by inserting after the word "default" in the second sentence the words "in the payment of principal or interest," and by striking the word "it" in the first sentence and inserting in lieu thereof the word "him". SEC. 3. Section 12(f)(2) is amended by striking the word "promptly". SEC. 4. Section 13(a) is amended by striking the words "section 12" in the first sentence, inserting in lieu thereof the words "this title", and by inserting the words "in the payment of principal or interest" after the word "default" where it first appears in the first sentence. Approved August 9, 1955.

Public Law 274 August 9, 1955 [S. H2i]

[69

CHAPTER 634

AN ACT To authorize the improvement of the Amite River and its tributaries. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That improvements in the interest of flood control and drainage be undertaken in the Amite River, Bayou Manchac, and the Comite River, such work to be prosecuted under the direction of the Secretary of the Army and the supervision of the Chief of Engineers, substantially in accordance with a survey report entitled "Survey Report of Amite River and Tributaries La.", of the district engineer. Corps of Engineers, New Orleans District, dated June 8, 1955, ajiproved by the division engi-

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