[Code of Federal Regulations]
[Title 25, Volume 1]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 25CFR103.38]

[Page 320]
 
                            TITLE 25--INDIANS
 
     CHAPTER I--BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR
 
PART 103--LOAN GUARANTY, INSURANCE, AND INTEREST SUBSIDY--Table of Contents
 
                  Subpart G--Default and Payment by BIA
 
Sec. 103.38  Is there anything else for BIA or the lender to do after BIA makes payment?

    When BIA pays the lender on its claim for loss, the lender must sign 
and deliver to BIA an assignment of rights to its loan agreement with 
the borrower, in a document acceptable to BIA. Immediately upon payment, 
BIA is subrogated to all rights of the lender under the loan agreement 
with the borrower, and must pursue collection efforts against the 
borrower and any co-maker and guarantor, as required by law.