41 USC 4503: Security for advance payments
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41 USC 4503: Security for advance payments Text contains those laws in effect on November 14, 2024
From Title 41-PUBLIC CONTRACTSSubtitle I-Federal Procurement PolicyDivision C-ProcurementCHAPTER 45-CONTRACT FINANCING
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§4503. Security for advance payments

Advance payments under section 4501 of this title may be made only on adequate security and a determination by the agency head that to do so would be in the public interest. The security may be in the form of a lien in favor of the Federal Government on the property contracted for, on the balance in an account in which the payments are deposited, and on such of the property acquired for performance of the contract as the parties may agree. This lien shall be paramount to all other liens and is effective immediately upon the first advancement of funds without filing, notice, or any other action by the Federal Government.

( Pub. L. 111–350, §3, Jan. 4, 2011, 124 Stat. 3791 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
4503 41:255(d). June 30, 1949, ch. 288, title III, §305(d), 63 Stat. 396 ; July 12, 1952, ch. 703, §1(m), 66 Stat. 594 ; Pub. L. 85–800, §4, Aug. 28, 1958, 72 Stat. 966 ; Pub. L. 103–355, title II, §2051(a)(4), (5), (d), Oct. 13, 1994, 108 Stat. 3304 .