U.S. Code
- Title 1 General Provisions
- Title 2 The Congress
- Title 3 The President
- Title 4 Flag and Seal, Seat Of Government,and the States
- Title 5 Government Organization and Employees
- Appendix to Title 5
- Title 6 Domestic Security
- Title 7 Agriculture
- Title 8 Aliens and Nationality
- Title 9 Arbitration
- Title 10 Armed Forces
- Appendix to Title 10 (Rules of Court of Appeals for the Armed Forces)
- Title 11 Bankruptcy
- Appendix to Title 11
- Title 12 Banks and Banking
- Title 13 Census
- Title 14 Coast Guard
- Title 15 Commerce and Trade
- Title 16 Conservation
- Title 17 Copyrights
- Title 18 Crimes and Criminal Procedure
- Appendix to Title 18
- Title 19 Customs Duties
- Title 20 Education
- Title 21 Food and Drugs
- Title 22 Foreign Relations and Intercourse
- Title 23 Highways
- Title 24 Hospitals and Asylums
- Title 25 Indians
- Title 26 Internal Revenue Code
- Appendix to Title 26
- Title 27 Intoxicating Liquors
- Title 28 Judiciary and Judicial Procedure
- Appendix to Title 28
- Title 29 Labor
- Title 30 Mineral Lands and Mining
- Title 31 Money and Finance
- Title 32 National Guard
- Title 33 Navigation and Navigable Waters
- Title 34 Navy (repealed)
- Title 35 Patents
- Title 36 Patriotic Societies and Observances
- Title 37 Pay and Allowances Of the Uniformed Services
- Title 38 Veterans' Benefits
- Appendix to Title 38 (Rules of Court of Appeals for Veterans Claims()
- Title 39 Postal Service
- Title 40 Public Buildings, Property, and Works
- Title 41 Public Contracts
- Title 42 The Public Health and Welfare
- Title 43 Public Lands
- Title 44 Public Printing and Documents
- Title 45 Railroads
- Title 46 Shipping
- Appendix to Title 46
- Title 47 Telegraphs, Telephones, and Radiotelegraphs
- Title 48 Territories and Insular Possessions
- Title 49 Transportation
- Title 50 War and National Defense
- Appendix to Title 50
§ 1279b. Deposit fund
(a)
Establishment of deposit fund
There is established in the Treasury a deposit fund for purposes of this section. The Secretary or Administrator may, in accordance with an agreement under subsection (b) of this section, deposit into and hold in the deposit fund cash belonging to an obligor to serve as collateral for a guarantee under this subchapter made with respect to the obligor.
(b)
Agreement
(1)
In general
The Secretary or Administrator and an obligor shall enter into a reserve fund or other collateral account agreement to govern the deposit, withdrawal, retention, use, and reinvestment of cash of the obligor held in the deposit fund established by subsection (a) of this section.
(c)
Investment
The Secretary or Administrator may invest and reinvest any part of the amounts in the deposit fund established by subsection (a) of this section in obligations of the United States with such maturities as ensure that amounts in the deposit fund will be available as required for purposes of agreements under subsection (b) of this section. Cash balances of the deposit fund in excess of current requirements shall be maintained in a form of uninvested funds and the Secretary of the Treasury shall pay interest on these funds.
(d)
Withdrawals
(1)
In general
The cash deposited into the deposit fund established by subsection (a) of this section may not be withdrawn without the consent of the Secretary or Administrator.
(2)
Use of income
Subject to paragraph (3), the Secretary or Administrator may pay any income earned on cash of an obligor deposited into the deposit fund in accordance with the terms of the agreement with the obligor under subsection (b) of this section.
(3)
Retention against default
The Secretary or Administrator may retain and offset any or all of the cash of an obligor in the deposit fund, and any income realized thereon, as part of the Secretary’s or Administrator’s recovery against the obligor in case of a default by the obligor on an obligation.
Tips