Ship Mortgage Insurance Legislation

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Considers legislation to revise Federal ship mortgage insurance laws to authorize the Commerce Dept to borrow funds from the Treasury Dept under certain conditions for payment to private investors in the event of loan default by shipping companies, and to include floating drydocks under the Merchant Marine Act definition of "vessels."
 

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Страница 1 - Is authorized to use as a public debt transaction the proceeds from the sale of any securities Issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to Include any purchases of such notes and other obligations.
Страница 1 - Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the notes or other obligations.
Страница 8 - Commissioner is authorized to issue to the Secretary of the Treasury notes or other obligations in such forms and denominations, bearing such maturities, and subject to...
Страница 20 - Moneys in the fund shall be deposited in the Treasury of the United States to the credit of the fund or invested in bonds or other obligations of, or guaranteed as to principal and interest by, the United States.
Страница 1 - Act, as amended, are extended to include any purchases of such notes and obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.
Страница 21 - ... the faith of the United States is solemnly pledged to the payment in coin, or its equivalent of all the obligations of the United States...
Страница 46 - mortgage' includes a preferred mortgage as defined in the Ship Mortgage Act, 1920, as amended, and a mortgage which will become a preferred mortgage when recorded and endorsed as required by the Ship Mortgage Act, 1920, as amended ; "(b)The term 'loan' includes any loan or advance of credit other than a mortgage loan ;
Страница 26 - Nor shall any thing in this act be construed to repeal, alter, or affect, any of the provisions of any former act, pledging the faith of the United States to the payment of the interest or principal of the public debt...
Страница 21 - Commerce may prescribe, is authorized to make commitments to insure any such mortgage prior to the date of execution or disbursement thereon. (b) The Secretary of Commerce, upon application by the borrower, is authorized to insure as hereinafter provided the interest on and the unpaid balance of the principal of, any...
Страница 20 - Act under the law then existing, then prior to the expiration of such commitment), to insure the interest on and the unpaid balance of the principal of a mortgage or mortgages which such prospective owner, as mortgagor, may at any time place on the vessel in order to finance the construction, reconstruction, or reconditioning of other vessels or both to refinance a mortgage insured by the Secretary of Commerce on the vessel and to finance the construction...

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