46 USC 53722 – Actions by Secretary or Administrator
(a)
(1) 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
(2) notify the obligee or the obligee’s agent of the default.
(b)
(1)
(A) a period that may be specified in the guarantee or a related agreement; or
(B) 60 days from the date of the Secretary’s or Administrator’s notice.
(2)
(A) a period that may be specified in the guarantee or a related agreement; or
(B) 30 days from the date of the demand.
(c)
(d)
(1) 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;
(2) minimizes the amount of any loss realized in the resolution of the guarantee;
(3) ensures adequate competition and fair and consistent treatment of offerors; and
(4) requires appraisal of assets by an independent appraiser.