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U.S. Code as of:
01/19/04
Section 1628. Assignments by Regional Corporations of rights to receive payments from Fund
(a) Recognition by Secretary; scope of recognition
Notwithstanding the provision of section 3727 of title 31, the
Secretary is authorized to recognize validly executed assignments
made by Regional Corporations of their rights to receive payments
from the Alaska Native Fund. Such assignments shall only be
recognized to the extent that the Regional Corporation involved is
not required to distribute funds pursuant to subsection (j) or (m)
of section 1606 of this title.
(b) Nonrecognition by Secretary
The Secretary shall not recognize any assignment under this
section which does not provide that the United States reserves the
right to assert against the assignee and successors of the
assignee, any setoff or counterclaim which the United States has
against the assignor Corporation.
(c) Claims against Secretary by stockholders of Regional or Village
Corporation for recognition of assignment
No stockholder of any Regional or Village Corporation shall have
any claim against the Secretary or the United States as the result
of any assignment duly recognized by the Secretary pursuant to this
section.
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