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TITLE 7-AGRICULTURE

§ 1991 concerning loan servicing employed by prudent commercial or cooperative lenders. The

forded under this chapter, intends to engage Secretary shall, at least annually, monitor

in, fish farming. the performance of each preferred certified

(2) The term "farming" shall be deemed to lender to ensure that the conditions of such

include fish farming certification are being met.

(3) The term "owner-operator" shall include (4) Effect of preferred lender certification

in the State of Hawaii the lessee-operator of

real property in any case in which the SecreNotwithstanding any other provision of law,

tary determines that such real property the Secretary shall

cannot be acquired in fee simple by such (A) guarantee 80 percent of an approved

lessee-operator, that adequate security is proloan made by a certified lending institution

vided for the loan with respect to such real as described in this subsection, subject to property for which such lessee-operator apcounty committee certification that the plies under this chapter, and that there is a borrower meets the eligibility requirements reasonable probability of accomplishing the or such other criteria as may be applicable objectives and repayment of such loan. to loans guaranteed by the Secretary under (4) The word "insure" as used in this chapother provisions of this chapter;

ter includes guarantee, which means to guar. (B) permit certified lending institutions to antee the payment of a loan originated, held, make all decisions, with respect to loans to and serviced by a private financial agency or be guaranteed by the Secretary under this other lender approved by the Secretary. subsection relating to credit worthiness, the (5) The term “contract of insurance" inclosing, monitoring, collection and liquida

cludes a contract of guarantee. tion of loans, and to accept appropriate cer.

(6) The terms “United States" and "State" tifications, as provided by regulations issued

shall include each of the several States, the by the Secretary, that the borrower is in

Commonwealth of Puerto Rico, the Virgin Iscompliance with all requirements of law or

lands of the United States, Guam, American regulations promulgated by the Secretary;

Samoa, the Commonwealth of the Northern and

Mariana Islands, and, to the extent the Secre(C) be deemed to have guaranteed 80 per

tary determines it to be feasible and appropricent of a loan made by preferred certified

ate, the Trust Territory of the Pacific Islands. lending institution as described in para

(7) The term "joint operation” means a graph (1), if the Secretary fails to approve

joint farming operation in which two or more or reject the application of such institution

farmers work together sharing equally or unwithin 14 calendar days after the date that the lending institution presented the appli

equally land, labor, equipment, expenses, and

income. cation to the Secretary. If the Secretary re

(8) The term “beginning farmer or rancher" jects the application within the 14-day

means such term as defined by the Secretary. period, the Secretary shall state, in writing,

(9) The term “direct loan” means a loan the reasons the application was rejected.

made or insured from funds in the account (As amended Pub. L. 102-554, § 18, Oct. 28,

created by section 1929 of this title. 1992, 106 Stat. 4155.)

(10) The term "farmer program loan" REFERENCES IN TEXT

means a farm ownership loan (FO) under sec

tion 1923 of this title, operating loan (OL) For definition of “this chapter", referred to in text,

under section 1942 of this title, soil and water see note set out under section 1921 of this title.

loan (SW) under section 1924 of this title, AMENDMENTS

recreation loan (RL) under section 1924 of 1992-Pub. L. 102-554, inserted section catchline, this title,' emergency loan (EM) under secdesignated existing provisions as subsec. (a), inserted tion 1961 of this title, economic emergency heading, and added subsecs. (b) to (d).

loan (EE) under section 202 of the Emergency REGULATIONS

Agricultural Credit Adjustment Act (title II

of Public Law 95-334), economic opportunity Section 23 of Pub. L. 102-554 provided that:

loan (EO) under the Economic Opportunity "(a) INTERIM REGULATIONS.-Not later than 180 days after the date of enactment of this Act (Oct. 28, 1992), Act of 1961 (42 U.S.C. 2942), softwood timber the Secretary of Agriculture shall issue such interim loan (ST) under section 1254 of the Food Seregulations as are necessary to implement this Act curity Act of 1985, or rural housing loan for (see Short Title of 1992 Amendment note set out

farm service buildings (RHF) under section under section 1921 of this title) and the amendments

1472 of title 42. made by this Act.

(11) The term "qualified beginning farmer "(b) FINAL REGULATIONS.-Not later than October 1,

or rancher" means an applicant1993, the Secretary of Agriculture shall issue such final regulations as are necessary to implement this (A) who is eligible for assistance under Act and the amendments made by this Act.”

this chapter;

(B) who has not operated a farm or ranch, SECTION REFERRED TO IN OTHER SECTIONS

or who has operated a farm or ranch for This section is referred to in section 1983a of this

not more than 10 years; title.

(C) in the case of a cooperative, corpora8 1991. Definitions

tion, partnership, or joint operation, who

has members, stockholders, partners, or (a) As used in this chapter: (1) The term "farmer" includes a person

'See References in Text note below. who is engaged in, or who, with assistance af.

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joint operators who are all related to one (As amended Pub. L. 101-624, title XVIII, another by blood or marriage;

§ 1814, title XXIII, § 2388(h), Nov. 28, 1990, 104 (D)(i) in the case of an owner and opera- Stat. 3824, 4053; Pub. L. 102-237, title VII, tor of a farm or ranch, who

$ 702(h)(1), Dec. 13, 1991, 105 Stat. 1880; Pub. L. (I) in the case of a loan made to an indi- 102-554, $ 19, Oct. 28, 1992, 106 Stat. 4158.) vidual, individually or with the immediate family of the applicant

REFERENCES IN TEXT (aa) materially and substantially par- Recreation loan (RL) under section 1924 of this title, ticipates in the operation of the farm or referred to in subsec. (a)(10), is a reference to former ranch; and

subsec. (a) of section 1924 of this title which was re(bb) provides substantial day-to-day pealed by Pub. L. 102-237, title V, $ 501(a)(1), Dec. 13, labor and management of the farm or

1991, 105 Stat. 1866. ranch, consistent with the practices in

Section 202 of the Emergency Agricultural Credit the State or county in which the farm

Adjustment Act, referred to in subsec. (a)(10), is secor ranch is located; or

tion 202 of Pub. L. 95-334, title II, Aug. 4, 1978, 92

Stat. 429, as amended, which was set out in a note pre(II)(aa) in the case of a loan made to a

ceding section 1961 of this title prior to repeal by Pub. cooperative, corporation, partnership, or

L. 101-624, title XVIII, § 1851, 28, 1990, 104 Stat.

3837. joint operation, has members, stockhold

The Economic Opportunity Act of 1961, referred to ers, partners, or joint operators, material

in subsec. (a)(10), probably means the Economic Oply and substantially participate in the op- portunity Act of 1964, Pub. L. 88-452, Aug. 20, 1964, 78 eration of the farm or ranch; and

Stat. 508, as amended, which was classified generally (bb) in the case of a loan made to a cor- to chapter 34 ($ 2701 et seq.) of Title 42, The Public poration, has stockholders, all of whom Health and Welfare, prior to repeal, except for titles are qualified beginning farmers or ranch

VIII and X, by Pub. L. 97-35, title VI, 8 683(a), Aug. 13,

1981, 95 Stat. 519. Titles VIII and X of the Act are ers; and

classified generally to subchapters VIII ($ 2991 et seq.) (ii) in the case of an applicant seeking to and X ($ 2996 et seq.) of chapter 34 of Title 42. For own and operate a farm or ranch, who

complete classification of this Act to the Code, see (I) in the case of a loan made to an indi- Tables. vidual, individually or with the immediate

Section 1254 of the Food Security Act of 1985, refamily of the applicant, will

ferred to in subsec. (a)(10), is section 1254 of Pub. L. (aa) materially and substantially par

99-198, title XII, Dec. 23, 1985, 99 Stat. 1517, which

amended Pub. L. 98-258, $ 608, set out as a note under ticipate in the operation of the farm or

section 1981 of this title. ranch; and (bb) provide substantial day-to-day

AMENDMENTS labor and management of the farm or

1992–Subsec. (a). Pub. L. 102-554 substituted "this ranch, consistent with the practices in

chapter:" and par. (1) for “this chapter (1) the term the State or county in which the farm

‘farmers' shall be deemed to include persons who are or ranch is located; or

engaged in, or who, with assistance afforded under (II)(aa) in the case of a loan made to a

this chapter, intend to engage in, fish farming,", in cooperative, corporation, partnership, or

pars. (2) to (8), realigned margins and substituted

"The” for “the” first place appearing in each par. and joint operation, will have members, stock

a period for a comma at end of each par., in par. (9), holders, partners, or joint operators, ma- realigned margin and substituted “The" for "the" first terially and substantially participate in place appearing and a period for “, and" at end, in the operation of the farm or ranch; and par. (10), realigned margin and substituted "The" for (bb) in the case of a loan made to a cor- "the" first place appearing, and added par. (11).

1991–Subsec. (a)(1), (3). poration, has stockholders, all of whom

Pub. L. 102-237,

$ 702(2)(1)(A), (B), made technical amendment to diare qualified beginning farmers or ranch

rectory language of Pub. L. 101-624, § 2388(hX1), (2). ers;

See 1990 Amendment note below. (E) who agrees to participate in such loan Subsec. (a)(5). Pub. L. 102-237, 8702(h)(1)(C), reassessment, borrower training, and financial pealed Pub. L. 101-624, § 2388(h)(3). See 1990 Amend

ment note below. management programs as the Secretary

1990–Subsec. (a)(1), (3). Pub. L. 101-624, may require;

§ 2388(h)(1), (2), as amended by Pub. L. 102-237, (F) who does not own land or who, direct

§ 702(h)(1)(A), (B), struck out "and" after “fish farm. ly or through interests in family farm cor

ing," in par. (1), and "and" after “such loan," in par. porations, owns land, the aggregate acreage (3). of which does not exceed 15 percent of the Subsec. (a)(5). Pub. L. 101-624, $ 2388(h)(3), which median acreage of the farms or ranches, as directed substitution of " "contract of insurance'" for the case may be, in the county in which the “contract of insurance”, was repealed by Pub. L. farm or ranch operations of the applicant

102–237, $ 702(h)(1XC). See Construction of 1990

Amendment note below. are located, as reported in the most recent

Subsec. (a)(8) to (10). Pub. L. 101-624, § 1814, added census of agriculture taken under section

pars. (8) to (10). 142 of title 13; and (G) who demonstrates that the available

EFFECTIVE DATE OF 1991 AMENDMENT resources of the applicant and spouse (if

Amendment by Pub. L. 102-237 effective as if includany) of the applicant are not sufficient to

ed in the provision of the Food, Agriculture, Conservaenable the applicant to continue farming or

tion, and Trade Act of 1990, Pub. L. 101-624, to which ranching on a viable scale.

the amendment relates, see section 1101(b)(7) of Pub.

L. 102-237, set out as a note under section 1421 of this [See main edition for text of (6)]

title.

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TITLE 7-AGRICULTURE

8 1994

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CONSTRUCTION OF 1990 AMENDMENT Section 702(h)(2) of Pub. L. 102-237, as amended by Pub. L. 102-552, title V, $ 516(k), Oct. 28, 1992, 106 Stat. 4139, provided that: “The Consolidated Farm and Rural Development Act (see Short Title note set out under section 1921 of this title) shall be applied and administered as if the amendment made by section 2388(h)(3) of the Food, Agriculture, Conservation, and Trade Act of 1990 (Pub. L. 101-624, amending this section) had never been enacted."

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in section 1985 of this title; title 25 section 492.

$ 1994. Maximum amounts for loans authorized; longterm cost projections

(See main edition for text of (a)] (b) Maximum amounts for loans under Agricultural

Credit Insurance Fund for fiscal years 1991

through 1995 (1) For each of the fiscal years 1991 through 1995, real estate and operating loans may be insured, made to be sold and insured, or guaranteed in accordance with subchapters I and II of this chapter, respectively, from the Agricultural Credit Insurance Fund established under section 1929 of this title in amounts equal to the following levels:

(A) For fiscal year 1991, $4,175,000,000, of which not less than $827,000,000 shall be for farm ownership loans under subchapter I of this chapter.

(B) For fiscal year 1992, $4,343,000,000, of which not less than $861,000,000 shall be for farm ownership loans under subchapter I of this chapter.

(C) For fiscal year 1993, $4,516,000,000, of which not less than $895,000,000 shall be for farm ownership loans under subchapter I of this chapter.

(D) For fiscal year 1994, $4,697,000,000, of which not less than $931,000,000 shall be for farm ownership loans under subchapter I of this chapter.

(E) For fiscal year 1995, $4,885,000,000, of which not less than $968,000,000 shall be for farm ownership loans under subchapter I of this chapter.

(2) Subject to paragraph (3), such amounts set forth in paragraph (1) shall be apportioned as follows:

(A) For fiscal year 1991

(i) $1,019,000,000 for insured loans, of which not less than $83,000,000 shall be for farm ownership loans; and

(ii) $3,156,000,000 for guaranteed loans, of which not less than $744,000,000 shall be for guarantees of farm ownership loans. (B) For fiscal year 1992–

(i) $1,060,000,000 for insured loans, of which not less than $87,000,000 shall be for farm ownership loans; and

(ii) $3,283,000,000 for guaranteed loans, of which not less than $774,000,000 shall be for guarantees of farm ownership loans. (C) For fiscal year 1993—

(i) $1,102,000,000 for insured loans, of which not less than $90,000,000 shall be for farm ownership loans; and

(ii) $3,414,000,000 for guaranteed loans, of which not less than $805,000,000 shall be for guarantees of farm ownership loans. (D) For fiscal year 1994—

(i) $1,147,000,000 for insured loans, of which not less than $94,000,000 shall be for farm ownership loans; and

(ii) $3,550,000,000 for guaranteed loans, of which not less than $837,000,000 shall be for guarantees of farm ownership loans. (E) For fiscal year 1995—

(i) $1,192,000,000 for insured loans, of which not less than $97,000,000 shall be for farm ownership loans; and

(ii) $3,693,000,000 for guaranteed loans, of which not less than $871,000,000 shall be

for guarantees of farm ownership loans. Not less than 25 percent of the amounts appropriated for guarantees of farm ownership loans for each of the fiscal years 1994, 1995, 1996, and 1997 shall be reserved by the Secretary during the first 6 months of the respective fiscal year for guarantees of farm ownership loans to beginning farmers or ranchers.

(3) Notwithstanding any other provision of law:

(A) The Secretary shall

(i) reduce the amounts otherwise made available for insured loans by

(I) $482,000,000, for fiscal year 1991;
(II) $614,000,000, for fiscal year 1992;
(III) $760,000,000, for fiscal year 1993;

(IV) $859,000,000, for fiscal year 1994; and

(V) $907,000,000, for fiscal year 1995; and

(ii) use the funds made available from such reductions in each fiscal year to guarantee loans under section 1999 of this title.

(B) The total amount of insured loans shall bear the same ratio to the amount of insured farm ownership loans as the dollar amount specified in paragraph (2)(A)(i) for insured loans bears to the dollar amount specified therein for insured farm ownership loans.

(C) If more than 70 percent of the number of loans guaranteed under section 1999 of this title in a fiscal year have been guaranteed to persons to whom the Secretary had not previ. ously made an insured loan under this chapter, in lieu of the dollar amounts specified in subparagraph (A) for the immediately succeeding fiscal year, the dollar amounts which shall apply shall each be the product obtained by multiplying

(i) such dollar amount; by
(ii) the quotient of-

(I) the number of persons provided with guaranteed loans under section 1999 of this title in the fiscal year to whom the Secretary had not previously made an insured or a guaranteed loan under this chapter; divided by

(II) the total number of persons provided with guaranteed loans under section 1999 of this title in the fiscal year.

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tary may reserve not more than 50 percent of the funds available for the fiscal year to make insured operating loans to qualified be ginning farmers or ranchers.

(B) In each fiscal year described in subparagraph (A), with regard to the funds not reserved under subparagraph (A), a qualified be ginning farmer or rancher may apply for insured operating loans, but shall not receive any preference as a result of status as a qualified beginning farmer or rancher.

(6) Notwithstanding any other provision of this chapter, at the end of the third quarter of each fiscal year, the Secretary shall transfer, and use to carry out section 1935 of this title

, 75 percent of the amount that would otherwise be available for guaranteed operating loans.

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[See main edition for text of (c) and (d)] (As amended Pub. L, 101-508, title I, $ 1202(a), Nov. 5, 1990, 104 Stat. 1388-9; Pub. L. 101-624, title XXIII, § 2388(i), Nov. 28, 1990, 104 Stat. 4053; Pub. L. 102-237, title VII, 38 7010hX1XF), 702(i), Dec. 13, 1991, 105 Stat. 1880, 1881; Pub. L. 102-554, § 20, Oct. 28, 1992, 106 Stat. 4159.)

REFERENCES IN TEXT For definition of “this chapter", referred to in subsecs. (a), (b)(3)(C), (6), and (d)(2), see note set out under section 1921 of this title.

(D) To the extent that it is not inconsistent with an exercise of authority under section 2003 of this title, in expending funds available for insured farm ownership loans

(i) during fiscal year 1994, the Secretary shall reserve not less than 55 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers;

(ii) during fiscal year 1995, the Secretary shall reserve not more than 65 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers; and

(iii) during each of fiscal years 1996 and thereafter, the Secretary may reserve not less than 65 percent and not more than 70 percent of the funds available for the fiscal year to make insured farm ownership loans to qualified beginning farmers or ranchers.

(E) To the extent that it is not inconsistent with an exercise of authority under section 2003 of this title, the Secretary shall reserve not less than 60 percent of the amounts reserved for qualified beginning farmers or ranchers under subparagraph (D) for any fiscal year for down payment loans under section 1935 of this title.

(F) To the extent that it is not inconsistent with an exercise of authority under section 2003 of this title, to the maximum extent practicable, any funds reserved for down payment loans under section 1935 of this title for a fiscal year by reason of subparagraph (E) that are not obligated by the end of the second quarter of the fiscal year shall be available during the third quarter of the fiscal year for any type of insured farm own. ership loans to beginning farmers and ranchers.

(G) Not less than 40 percent of the amounts available for the interest rate reduction program under section 1999 of this title shall be reserved for the first 6 months of each fiscal year for assistance to beginning farmers or ranchers.

(4) Notwithstanding subsection (a) of this section, the Secretary shall, as soon as practicable after November 5, 1990, make, insure, or guarantee loans at the levels authorized by this subsection for each of the fiscal years 1991 through 1995.

(5)(A) In expending funds available for insured operating loans under subchapter II of this chapter, including loans made under section 1948 of this title

(i) during the first 6 months of fiscal year 1994, the Secretary shall reserve not less than 30 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning farmers or ranchers;

(ii) during the first 6 months of each of fiscal years 1995 and 1996, the Secretary shall reserve not less than 40 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning farmers or ranchers; and

(iii) during the first 6 months of each of fiscal years 1997 and thereafter, the Secre

CODIFICATION November 5, 1990, referred to

subsec. (b)(4), WES in the original “the date of enactment of this subsection", which was translated as meaning the date of enactment of Pub. L. 101-508, which amended subsec. (b) generally, to reflect the probable intent of Congress.

AMENDMENTS 1992–Subsec. (b)(2). Pub. L. 102-554, $ 20(b), inserted sentence at end.

Subsec. (bX3XD) to (G), Pub. L. 102-554, $ 20(c), (d), added subpars. (D) to (G).

Subsec. (b)(5), (6). Pub. L. 102-554, $ 20(a), (e), added pars. (5) and (6).

1991–Subsec. (b). Pub. L. 102-237, $ 702(1), repealed Pub. L. 101-624, $ 2388(i). See 1990 Amendment note below. Subsec. (b)(3)(C). Pub. L. 102-237, $ 701(h)(1XP)

, substituted "this chapter" for “this Act” in two places

. 1990-Subsec. (b), Pub. L. 101-624, $ 2388(1), which amended subsec. (b), in par. (1XB), by striking "sub paragraph (C)" and inserting "paragraph (3)"; in par. (1)(C), by striking "subparagraph (A)" and inserting "paragraph (1)”; by redesignating pars. (1XA), (B)

, (C), (D)(i), and (E) as (1), (2), (3), (4), and (5), respec tively; in par. (2), by redesignating cls. (1), (i)

, and (ii) as subpars. (A), (B), and (C), respectively, in subpars (A) to (C) of par. (2), by redesignating subcls. (I) and (II) as cls. (i) and (ii), respectively; and in par. (5), by redesignating cls. (i), (ii), and (ili) as subpars. (A), (B), and (C), respectively, was repealed by Pub. L. 102-237

, $ 702(i). See Construction of 1990 Amendment note below.

Pub. L. 101-508, $ 1202(a), amended subsec. (b) gen: erally, substituting present provisions for provisions relating to maximum amounts for loans under the AKricultural Credit Insurance Fund and the Rural Devel

: opment Insurance Fund for fiscal years 1986 through 1988.

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EFTECTIVE DATE OF 1991 AMENDMENT Amendment by section 701(h)(1/F) of Pub L 102-237 to any provision specified therein effective as

if included in act that added provision so specified at the time such act became law, and amendment by section 702(i) of Pub. L. 102-237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101-624, to which the amendment relates, see section 1101(b)(7), (c) of Pub. L. 102-237, set out as a note under section 1421 of this title.

EFFECTIVE DATE OF 1990 AMENDMENT Amendment by Pub. L. 101-508 effective Nov. 29, 1990, see section 1301 of Pub. L. 101-508, set out as a note under section 511r of this title.

CONSTRUCTION OF 1990 AMENDMENT Section 702(i) of Pub. L. 102-237 provided that: "Subsection (i) of section 2388 of the Food, Agricul. ture, Conservation, and Trade Act of 1990 (104 Stat. 4053) (Pub. L. 101-624, amending this section) is hereby repealed and the Consolidated Farm and Rural Development Act (see Short Title note set out under section 1921 of this title) shall be applied and administered as if the amendments made by such subsection had never been enacted."

loans under laws administered by the Farmers Home Administration, by canceling that part of the aggregate amount of such outstanding loans that bears the same ratio to such aggregate amount as the number of acres of the real property of the borrower that are subject to the easement bears to the aggregate number of acres securing such loans; or

(B) in any other case, by treating as prepaid that part of the principal amount of a new loan to the borrower issued and held by the Secretary under a law administered by the Farmers Home Administration that bears the same ratio to such principal amount as the number of acres of the real property of the borrower that are subject to the easement bears to the aggregate number of acres securing the new loan.

(2) The amount so canceled or treated as prepaid pursuant to paragraph (1) shall not exceed

(A) in the case of a delinquent loan, the value of the land on which the easement is acquired the difference between the amount of the outstanding loan secured by the land and the value of the land, whichever is greater; or

(B) in the case of a nondelinquent loan, 33 percent of the amount of the loan secured by the land.

8 1997. Conservation easements

or

[See main edition for text of u and (g)]

(h) Repealed. Pub. L. 101-624, title XVIII, 8 1815(9),

Nov. 28, 1990, 104 Stat. 3826 (As amended Pub. L. 101-624, title XVIII, $ 1815, title XXIII, § 2388(j), Nov. 28, 1990, 104 Stat. 3825, 4053.)

(a) Definitions
For purposes of this section:

(1) The term "governmental entity” means any agency of the United States, a State, or a unit of local government of a State.

(2) The terms "highly erodible land” and "wetland" have the meanings, respectively, that such terms are given in section 3801 of title 16.

(3) The term "wildlife" means fish or wildlife as defined in section 3371(a) of title 16.

(4) The term “recreational purposes" includes hunting.

(See main edition for text of (6)] (c) Property requirements

Such easement may be acquired or retained for real property if

(1) such property is wetland, upland, or highly erodible land;

(2) such property is determined by the Secretary to be suitable for the purposes involved;

(3)(A)(i) such property secures any loan made under any law administered by the Farmers Home Administration and held by the Secretary; and

(ii) such easement better enables a qualified borrower to repay the loan in a timely manner, as determined by the Secretary; or

(B) such property is administered under this chapter by the Secretary; and

(4) such property was (except in the case of wetland and other wildlife habitat) row cropped each year of the 3-year period ending on December 23, 1985.

AMENDMENTS 1990–Subsec. (a)(4), (5). Pub. L. 101-624, § 2388(j), redesignated par. (5) as (4).

Subsec. (c). Pub. L. 101-624, § 1815(1)(A)-(D), (F), (G), in introductory provision, struck out "such property" after “real property if", and inserted "such property" after par. (1), (2), (3)(A)(i), (3)B), and (4) designations.

Subsec. (c)(3)(A)(ii). Pub. L. 101-624, $ 1815(1)(E), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: "the borrower of such loan is unable, as determined by the Secretary, to repay such loan in a timely manner; or”.

Subsec. (e). Pub. L. 101-624, § 1815(2), amended subsec. (e) generally. Prior to amendment, subsec. (e) read as follows: "Any such easement acquired by the Secretary shall be purchased from the borrower involved by canceling that part of the aggregate amount of such outstanding loans of the borrower held by the Secretary under laws administered by the Farmers Home Administration that bears the same ratio to the aggregate amount of the outstanding loans of such borrower held by the Secretary under all such laws as the number of acres of the real property of such borrower that are subject to such easement bears to the aggregate number of acres securing such loans. In no case shall the amount so cancelled exceed the value of the land on which the easement is acquired or the difference between the amount of the outstanding loan secured by the land and the current value of the land, whichever is greater."

Subsec. (h). Pub. L. 101-624, $ 1815(9), struck out subsec. (h) which read as follows: "This section shall

[See main edition for text of (d)] (e) Purchase; limitation upon cancellation or prepay

ment (1) Subject to paragraph (2), the Secretary may purchase any such easement from the borrower

(A) in the case of a borrower to whom the Secretary has made one or more outstanding

75-801 O - 94 - 27 QL3

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