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FEDERAL
VOLUME 2 4

REGISTER
1934

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t/A/ITEO

NUMBER 45

Washington, Friday, March 6, 1959
part with respect to Special Livestock loans. Sections 371.12 a , b , and c and 371.14 also apply to real estate secur ity instruments securing -Operating, Emergency, Special Livestock, and other Chapter III Farmers Home Adminis production type loans and direct Water Facilities loans coded J or 13F. This tration, Department of Agriculture subpart does not apply to the servicing Administration Letter 630451
of Soil and Water Conservation loans made to associations or loans made to SUBCHAPTER E ACCOUNT SERVICING
other cooperative associations., After accounts have been approved for liquida PART 366 PAYMENT-IN-FULL
tion, security property will be disposed SUBCHAPTER F SECURITY SERVICING AND
of and the proceeds will be used and ac LIQUIDATIONS
counted for in accordance with the pro visions of Subpart B of this part. Bor PART 371 CHATTEL SECURITY
rowers must account to the Government Delegation of Authority To Satisfy for all property mortgaged to secure Real Estate Security Instruments Farmers Home Administration loans.
The purpose of these revisions is to R.S. 161, sec. 41, 50 S tat. 528, as amended;
delegate authority to County Supervisors 5 U.S.C. 22, 7 U.S.C. 1015
to satisfy real estate security instru 3. Section 371.12 a and b in Title ments securing Operating, Emergency, 6, Code of Federal Regulations 23 F.R.
Special Livestock, and other production 4310, is amended to read:
type loans and direct Water Facilities loans coded J or 13F, and to provide the 371.12 Satisfaction o f security instru ments.
manner and the conditions for the ex ercise of that authority.
a Satisfaction upon receipt of fully 1. Section 366.21 in Title 6, Code of paid notes. County Supervisors are au Federal Regulations 23 F.R. 333, is thorized to satisfy mortgages, deeds of amended to read:
trust, assignments, severance agreements, and other security instruments 366.21 General.
covering chattels and crops and real This subpart prescribes the authorities, estate security instruments securing policies, and procedures for processing Operating, Emergency, Special Livestock, final payment on insured and direct Soil and other production type loans and and Water Conservation loans made pur direct Water Facilities loans coded J or suant to the Act of August 28, 1937, as 13F by the execution of Form FHA-77, amended by Public Law 597, 83d Con Satisfaction, or other approved form gress. Final payments on direct Water after all notes secured by such instru Facilities loans coded J or 13F will be ments have been paid in full or satisfied handled in accordance with 361.9 of by debt settlement action, or when there this chapter, and satisfactions of real is no record of the indebtedness. The estate security instruments securing original will be delivered to the borrower nose loans may be executed by the recording or filing except, when State County Supervisors in the manner and for laws require recording or filing by the upon the conditions stated in 371.12 mortgagee, the original will be recorded a, b, and c and 371.14 of this or filed by the County Supervisor. When chapter.
State statutes provide th at satisfactions Sec. 6, 50 Stat. 870; 16 U.S.C. 590w may be accomplished by marginal entry 2. Section 371.1 in Title 6, Code of on the records .of the recording office, or Federal Regulations 23 F.R. 4305 is when Form FHA-77 is not legally suf ficient because special circumstances re amended to read:
quire some other form of satisfaction, 371.1 General.
County Supervisors are authorized to This subpart covers the servicing of make such satisfaction in accordance wop and chattel security for Farmers with instructions from the State
ome Administration loans, except as Director.
otherwise provided in Subpart C of this Continued on next page
Title 6 AGRICULTURAL
CREDIT

CONTENTS
Agricultural Marketing Service
Page
Proposed rule making:
Milk; in St. Louis, Mo., market ing area______________ - 1685
Oranges, navel; grown in Ari zona and designated part of California________________ 1685
Rules and regulations:
Donation of food commodities for use in United States for school lunch programs, sum mer camps for children, relief purposes and in State correc tional institutions for minors;
eligible recipient agencies___ 1677
Succotash, frozen U.S. stand ards for grades; miscellaneous amendments______________ 1677
Agriculture Department
See Agricultural Marketing Serv ice; Farmers Home Adminis tration.
Alien Property Office
Notices:
Vested property; intention to return:
Capitani Film_____ ______ 1695
Flammarion & Cie--------------- 1695
Oderbolz, Mrs. Ruth Eugenie- 1695
Societ Mediterranea Film__ 1695
Civil Aeronautics Board
Notices :
Hearings, etc. :
Accident involving aircraft occurring near La Guardia Airport, New York______ 1686
Bonanza Air Lines, Inc., v.
Pacific Air Lines, Inc_____ 1687
Trans-Pacific route case____ 1687
Commerce Department
See Foreign-Trade Zones Board.
Customs Bureau
Rules and regulations:
Liquidation of duties; wool tops from Uruguay____________ 1684
Farmers Home Administration
Rules and regulations :
Account servicing; delegation of authority to satisfy real estate security instruments_______ 1675
Federal Aviation Agency
Rules and regulations:
Minimum en route 3FR alti tudes; miscellaneous amend ments_________________ i 1677
1675