§ 1494. — Evidence of eligibility of loan for and amount of guaranty or insurance; defenses and partial defenses against original lender.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1494]
TITLE 25--INDIANS
CHAPTER 17--FINANCING ECONOMIC DEVELOPMENT OF INDIANS AND INDIAN
ORGANIZATIONS
SUBCHAPTER II--LOAN GUARANTY AND INSURANCE
Sec. 1494. Evidence of eligibility of loan for and amount of
guaranty or insurance; defenses and partial defenses against
original lender
Any evidence of guaranty or insurance issued by the Secretary shall
be conclusive evidence of the eligibility of the loan for guaranty or
insurance under the provisions of this chapter and the amount of such
guaranty or insurance: Provided, That nothing in this section shall
preclude the Secretary from establishing, as against the original
lender, defenses based on fraud or material misrepresentation or bar him
from establishing, by regulations in force at the date of such issuance
or disbursement, whichever is the earlier, partial defenses to the
amount payable on the guaranty or insurance.
(Pub. L. 93-262, title II, Sec. 214, Apr. 12, 1974, 88 Stat. 81.)
Section Referred to in Other Sections
This section is referred to in section 1499 of this title.
