25 U.S.C. § 1494
Evidence of eligibility of loan for and amount of guaranty or insurance; defenses and partial defenses against original lender
Any evidence of guaranty or insurance issued by the Secretary shall be conclusive evidence of the eligibility of the loan for guaranty or insurance under the provisions of this chapter and the amount of such guaranty or insurance: Provided, That nothing in this section shall preclude the Secretary from establishing, as against the original lender, defenses based on fraud or material misrepresentation or bar him from establishing, by regulations in force at the date of such issuance or disbursement, whichever is the earlier, partial defenses to the amount payable on the guaranty or insurance.
Notes of Decisions
Cited in 3
cases (1 in the last 5 years), 1998–2024 · leading case: United States v. Neder, 136 F.3d 1459 (11th Cir. 1998).
United States v. Neder, 136 F.3d 1459 (11th Cir. 1998). “§ 88 ; 25 U.S.C. § 1494 ; 38 U.S.C. § 3721 ; 39 U.”
United Nat'l Bank v. United States Dep't of the Interior, 54 F. Supp. 2d 1309 (S.D. Fla. 1998). “art: There shall be no liability on the part of the United States to reimburse a lender on a loan for that amount of the guaranteed loss caused by (1) the lender’s negligence in checking and verifying signatures, information in the loan application, supporting papers and…”
Great Am. Life Ins. Co. v. United States Dep't of the Interior (S.D. Ohio 2024). “The Court denied GALIC’s motion for summary judgment, finding in relevant part that (1) the mere eligibility of the loan for the guaranty did not, on its own, lead to reimbursement in the event of a default; (2) Congress did not intend for 25 U.S.C. § 1494 to preclude the…”
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