[Code of Federal Regulations]
[Title 44, Volume 1]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 44CFR11.46]

[Page 122]
 
              TITLE 44--EMERGENCY MANAGEMENT AND ASSISTANCE
 
 CHAPTER I--FEDERAL EMERGENCY MANAGEMENT AGENCY, DEPARTMENT OF HOMELAND 
                                SECURITY
 
PART 11_CLAIMS--Table of Contents
 
     Subpart C_Collection of Debts by the Government Under the Debt 
                         Collection Act of 1982
 
Sec. 11.46  Liquidation of collateral.

    Where FEMA holds security or collateral that may be liquidated and 
the proceeds applied on debts due it through the exercise of a power of 
sale in the security instrument or a nonjudicial foreclosure, such 
procedures should be followed if the debtor fails to pay his debt within 
a reasonable time after demand, unless the cost of disposing of the 
collateral will be disproportionate to its value or special 
circumstances require judicial foreclosure.