Page:United States Statutes at Large Volume 80 Part 1.djvu/1170

 1134

Ante, p. 1132.

PUBLIC LAW 89-719-NOV. 2, 1966

[80 STAT.

I n determining the value of the mterest of the United States in the part to be so discharged, the Secretary or his delegate shall give consideration to the value of such part and to such liens thereon as have priority over the lien of the United States. " (3) SUBSTITUTION or PROCEEDS or SALE.—Subject to such regulations as the Secretary or his delegate may prescribe, the Secretary or his delegate may issue a certificate of discharge of any part of the property subject to the lien if such part of the property is sold and, pursuant to an agreement with the Secretary or his delegate, the proceeds of such sale are to be held, as a fund subject to the liens and claims of the United States, in the same manner and with the same priority as such liens and claims had with respect to the discharged property. "(c) ESTATE OR G I F T TAX.—Subject to such regulations as the Secretary or his delegate may prescribe, the Secretary or his delegate may issue a certificate of discharge of any or all of the property subject IQ a^y j^eu Imposcd by section 6324 if the Secretary or his delegate finds that the liability secured by such lien has been fully satisfied or provided for. " (d) SUBORDINATION OF LIEN.—Subject to such regulations as the Secretary or his delegate may prescribe, the Secretary or his delegate may issue a certificate of subordination of any lien imposed by this chapter upon any part of the property subject to such lien if— "(1) there is paid over to the Secretary or his delegate an amount equal to the amount of the lien or interest to which the certificate subordinates the lien of the United States, or "(2) the Secretary or his delegate believes that the amount realizable by the United States from the property to which the certificate relates, or from any other property subject to the lien, will ultimately be increased by reason of the issuance of such certificate and that the ultimate collection of the tax liability will be facilitated by such subordination. " (e) NONATTACIIMENT OF L I E N. — I f the Secretary or his delegate

Ante. p. 1125.

determines that, because of confusion of names or otherwise, any person (other than the person against whom the tax was assessed) is or may be injured by the appearance that a notice of lien filed under section 6323 refers to such person, the Secretary or his delegate may issue a certificate that the lien does not attach to the property of such person. "(f)

EFFECT OF CERTIFICATE.—

"(1) CONCLUSIVENESS.—Except as provided in paragraphs (2) and (3), if a certificate is issued pursuant to this section by the Secretary or his delegate and is filed in the same office as the notice of lien to which it relates (if such notice of lien has been filed) such certificate shall have the following effect: " (A) in the case of a certificate of release, such certificate shall be conclusive that the lien referred to in such certificate is extinguished; " (B) in the case of a certificate of discharge, such certificate shall be conclusive that the property covered by such certificate is discharged from the lien; " (C) in the case of a certificate of subordination, such certificate shall be conclusive that the lien or interest to which the lien of the United States is subordinated is superior to the lien of the United States; and " (D) in the case of a certificate of nonattachment, such certificate shall be conclusive that the lien of the United States does not attach to the property of the person referred to in such certificate.

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