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(a)
APPLICATION FOR RELIEF- A servicemember may, during military service
or within 180 days of termination of or release from military service,
apply to a court for relief--
(1) from any obligation or liability incurred by the servicemember
before the servicemember's military service; or
(2) from a tax or assessment falling due before or during the servicemember's
military service.
(b) TAX LIABILITY OR ASSESSMENT- In a case covered by subsection (a),
the court may, if the ability of the servicemember to comply with the
terms of such obligation or liability or pay such tax or assessment has
been materially affected by reason of military service, after appropriate
notice and hearing, grant the following relief:
(1) STAY OF ENFORCEMENT OF REAL ESTATE CONTRACTS-
(A) In the case of an obligation payable in installments under a contract
for the purchase of real estate, or secured by a mortgage or other instrument
in the nature of a mortgage upon real estate, the court may grant a stay
of the enforcement of the obligation--
(i) during the servicemember's period of military service; and
(ii) from the date of termination of or release from military service,
or from the date of application if made after termination of or release
from military service.
(B) Any stay under this paragraph shall be--
(i) for a period equal to the remaining life of the installment contract
or other instrument, plus a period of time equal to the period of military
service of the servicemember, or any part of such combined period; and
(ii) subject to payment of the balance of the principal and accumulated
interest due and unpaid at the date of termination or release from the
applicant's military service or from the date of application in equal
installments during the combined period at the rate of interest on the
unpaid balance prescribed in the contract or other instrument evidencing
the obligation, and subject to other terms as may be equitable.
(2) STAY OF ENFORCEMENT OF OTHER CONTRACTS-
(A) In the case of any other obligation, liability, tax, or assessment,
the court may grant a stay of enforcement--
(i) during the servicemember's military service; and
(ii) from the date of termination of or release from military service,
or from the date of application if made after termination or release
from military service.
(B) Any stay under this paragraph shall be--
(i) for a period of time equal to the period of the servicemember's
military service or any part of such period; and
(ii) subject to payment of the balance of principal and accumulated
interest due and unpaid at the date of termination or release from military
service, or the date of application, in equal periodic installments during
this extended period at the rate of interest as may be prescribed for
this obligation, liability, tax, or assessment, if paid when due, and
subject to other terms as may be equitable.
(c) AFFECT OF STAY ON FINE OR PENALTY- When a court grants a stay under
this section, a fine or penalty shall not accrue on the obligation, liability,
tax, or assessment for the period of compliance with the terms and conditions
of the stay.
Next page > Section
702 - Power
of attorney
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