[Code of Federal Regulations]

[Title 44, Volume 1]

[Revised as of October 1, 2006]

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.