Federal · Title 46 — Shipping
46 U.S.C. § 53721: Rights of obligee
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a period that may be specified in the guarantee or a related agreement; or 90 days from the date of the default. a period that may be specified in the guarantee or a related agreement; or 30 days from the date of the demand. The Secretary or Administrator is not required to make payment under this subsection if, within the appropriate period under paragraph (1), the Secretary or Administrator finds that the obligor was not in default or that the default was remedied before the demand. An obligee or the obligee’s agent may not demand payment under this section if the Secretary or Administrator, before the demand and on terms that may be provided in the obligation or a related agreement, has assumed the obligor’s rights and duties under the obligation and any related agreement and made any payment in default. However, the guarantee of the obligation remains in effect after the Secretary’s or Administrator’s assumption.
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