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STE

EDERAL
VOLUME 15

1934
4 iJNtltO

NUMBER 70

Washington, Wednesday, Aprii 12, 1950

TITLE 6 AGRICULTURAL CREDIT
Chapter IH Farmers Home Adminis tration, Department of Agriculture Subchapter F Miscellaneous Regulations
P art
381D isaster L oan P rogram
MISCELLANEOUS AMENDMENTS

1. Section 381.5 e in Title 6, Code of Federal Regulations 14 F. R. 4897, is hereby revoked.
2. Section 381.7 in Title 6, Code of Fed eral Regulations 14 F. R. 4897, is re vised to read as follows:
381.7 Security requirements. Except as provided in this section disaster loans will be secured for the full amount of the loan by 1 a first lien on all live stock, farm machinery, and farm equip ment purchased with proceeds of the loan, 2 the best lien obtainable on crops growing or to be grown, and 3
the best lien obtainable on as much of the livestock, farm machinery, and farm equipment of security value owned by the applicant at the time the loan is made as the loan approving official de termines necessary to secure reasonably the disaster loan. Assignments of pro ceeds from crop insurance policies or from the sale of agricultural products may be taken as additional security for any disaster loan when necessary to pro tect the interest of the Government.
a Disaster loans made primarily for real estate repairs and improvements, including improvements to orchards and groves, which require longer periods for repayment than would be prudent to encumber livestock and equipment, should be secured only by real estate liens. However, applicants must have sufficient equity in the real estate to secure adequately the disaster loans.
b Loan approving officials shall re quire in individual cases that liens on real estate be taken as additional se curity in situations not covered by para graph a of this section when it is determined that the amount of the loan, the financial condition of the applicant, or other peculiar circumstances make such action advisable in order to secure adequately the loan to be made.
c When Disaster loans are to be se cured by liens on real estate under the policy contained in paragraphs a and b of this, section, the applicant will be required to provide, at his expense, mort
CONTENTS
gagees title insurance or an abstract of title. However, when the real estate f>age to be offered as security 1 is subject Agriculture Department to a lien securing an advance made by an See also Animal Industry Bureau;
Commodity Credit Corporation;
established real estate lending institu tion, or 2 has been transferred recently Farm Credit Administration;
by the Federal Government, the appli Farmers Home Administration;
cant may be permitted to furnish only Production and Marketing Ad a certificate of title prepared by a local ministration.
practicing attorney or by a title company. Notices;
Disaster areas, designation----- 2066
Such certificate of title should cover the period of time since the date of the en cumbrance or transfer and must show Air Force Department all later encumbrances against the prop Rules and regulations:
Reserve Forces:
erty. Any evidence of title presented Air Force Reserve personnel, pursuant to this paragraph will be ex retirement----- ------2058
amined by the representative of the Officers Reserve-------------- 2056
Office of the Solicitor to determine ade quacy of title and to prepare loan closing Alien Property, Office of instruction.
Notices:
3.
Section 381.9 d in Title 6, Code Vesting orders, etc.:
Cros, Roger__________ :--------. 2072
of Federal Regulations 14 F. R. 4897, is Homung, George J -------------- 2072
amended to add subparagraph 4 as Taylor, George Loomis--------- 2072
follows:
381.9 Loan forms and routines Animal Industry Bureau
Proposed rule making:
d Security instruments.
Anti-hog-cholera serum and 4
The applicant will obtain from the hog-cholera virus, handling;
landlord or other parties of interest, a approval of budget and fixing subordination agreement on Form FHAof rate of assessment, 1950 2060
32, Subordination Agreement, in con Commodity Credit Corporation nection with each disaster loan whenever required as provided in 342.5 a of this Rules and regulations:
Tobacco loan program, 1949----- 2055
chapter. In lieu of obtaining Form FHA-32 from the landlord, the subordi Defense Department nation may be obtained by inserting the following language which is included in See Air Force Department.
Form FHA-81, Standard Farm Lease, Farm Credit Administration in any lease agreement: In considera Notices:
tion of loans to be made by the National farm loan associations;
Farmers Home Administration, the land authorization to grant char lord hereby subordinates in favor of the ters and amendments to char Farmers Home Administration any in ters______
2066
terest or lien he now has or may acquire Farmers Home Administration in or on the livestock, farm equipment, and crops of the tenant during the term Rules and regulations:
Disaster loan program; miscel of the lease or any extension or renewal laneous amendments---.-
2053
thereof; except that this subordination does not apply to his interest in the crops Federal Power Commission grown in any year for current rent for that year, or to his interest, if any, in Notices:
Hearings, etc.:
livestock in any year for current rent for City of Carrollton, Ky--------- 2070
that year.
Tennessee Gas Transmission 4.
Section 381.9 in Title 6, Code of Co. et al_________________ 2069
Federal Regulations 14 F. R. 4897, is Federal Security Agency amended to add paragraph f as follows:
See Food and Drug Administra tion; Public Health Service.
Continued on next page 2053