46 U.S.C. § 53722: Actions by Secretary or Administrator

assume the obligor’s rights and duties under the obligation or agreement, make any payment in default, and notify the obligee or the obligee’s agent of the default and the Secretary’s or Administrator’s assumption; or notify the obligee or the obligee’s agent of the default. a period that may be specified in the guarantee or a related agreement; or 60 days from the date of the Secretary’s or Administrator’s notice. a period that may be specified in the guarantee or a related agreement; or 30 days from the date of the demand. A guarantee of an obligation remains in effect after an assumption of the obligation by the Secretary or Administrator. maximizes the net present value return from the sale or disposition of assets associated with the obligation, including prompt referral to the Attorney General for collection as appropriate; minimizes the amount of any loss realized in the resolution of the guarantee; ensures adequate competition and fair and consistent treatment of offerors; and requires appraisal of assets by an independent appraiser.