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x O N A U

FEDERAL

RESISTER
NUMBER 27

VOLUME 21
N lJ tO

Washington, Thursday, February 9, 1956

TITLE 6 AGRICULTURAL CREDIT
Chapter IIIFarmers Home Adminis tration, Department of Agriculture Subchapter C Production and Subsistence Loans F H A Instruction 441.2
P art 341 P o l ic i e s a n d A u t h o r i t ie s REFINANCING OF CERTAIN INDEBTEDNESS

In 341.3 a , Title 6, Code of Federal Regulations 20 F. R. 392, subparagraph 4 is revised and a new subparagraph 5 is added to provide for the payment of unsecured debts incurred for the ac quisition of livestock and farm equip ment and for annual operating expenses.
The present subparagraphs 5 through 13 in 341.3 a are hereby redesig nated as subparagraphs 6 through 14 . Subparagraph 4 is revised and subparagraph 5 is added to read as follows:
341.3 Use of loan funds, a
4 Paying debts secured by liens on livestock or farm equipment, but not in cluding household furnishings and household equipment, and paying unse cured debts incurred for the acquisition of livestock and farm equipment, when such action is necessary to enable the applicant to continue his farming opera tions on a sound basis, or when a split line of credit in connection with a basic livestock herd or flock is not feasible be cause of the difficulties in identifying se curity property and accounting for income, provided: i the property in volved is essential to the applicants farming operations and is of the type and quality needed; ii the amount refi nanced does not exceed the fair market value of the livestock and farm equip ment on which the indebtedness is owed as shown by a report on the appraisal of the livestock and farm equipment made hy county supervisory personnel and in cluded in the loan docket; and iii the loan is not made primarily for the pur pose of exchanging creditors, extending the time for payment, or obtaining a lower interest rate. W hen refinancing is Involved in a case, the creditor whose debt is being refinanced will be contacted y County Office officials to discuss the applicants credit needs and to determine Whether the refinancing is necessary and otherwise is in line with the requirements contained herein. Liens on livestock and farm equipment do not necessarily have
to be recorded with a Register of Deeds or similar recording official in order for the debt secured thereby to be eligible for refinancing. W hen the lien is not re corded, the County Supervisor must see the actual lien instrument in order to as sure that one does exist. W hen unse cured debts are to be refinanced as provided in this subparagraph, the ap plicant will be required to sign a state ment showing that the debt for which refinancing is requested was incurred to acquire the livestock or farm equipment described in subdivision ii of this subparagraph.
5 The payment of bills that were in curred for annual recurring operating expenses in connection with the produc tion of livestock, livestock products, and crops that are to be harvested or m ar keted during the crop year for which the loan is being made. This does not au thorize the payment of bills incurred in connection with crops or livestock that have been lost, destroyed, or disposed of prior to loan approval.
Sec. 41 i , 60 Stat. 1066; 7 U. S. C. 1015 1.
Interprets or applies sec. 21, 60 Stat. 1072, 65
Stat. 197, sec. 44 b , 60 Stat. 1069; 7 U. S. C.
1007.1018 b

Dated: February 3,1956.
R. B . M c L e a is h , Administrator, Farmers Home Administration.

seal
F . R. Doc. 56-1002; Filed, Feb. 8, 1956;
8:46 a. m.

CONTENTS
Page
Agriculture Department See Farmers Home Administra tion; Forest Service; Rural Electrification Administration.

Civil Aeronautics Board Notices:
Pan American W orld Airways, Inc.; notice of oral argument relative to acquisition of Lineas Aereas Costariccenses, S. A __________________________
Rules and regulations:
Pilot certificates; miscellaneous certificates___________________

915
888

Civil Service Commission Rules and regulations:
Exceptions from competitive service:
Federal Mediation and Con ciliation Service___________
Railroad Retirement Board. _

888
887

Coast Guard Rules and regulations:
Artificial islands and fixed structures on the outer con tinental shelf; safety equip ment and other matters re lating to promotion of safety of life and property______ ___

900

Farmers Home Administration Rules and regulations:
Refinancing of certain indebt edness; use of loan funds____

887

Federal Power Commission
TITLE 5 ADMINISTRATIVE
PERSONNEL

Notices:
Hearings, etc.:
City of Franklin, G a _________
Trahan, J. C., et al___________

Chapter I Civil Service Commission
Forest Service
P art 6 E x c e p t io n s F r o m C o m p e t it iv e S e r v ic e
Notices:
North Dakota; removal of tres passing horses________________

RAILROAD RETIREMENT BOARD

Effective
upon
publication
in
F ed er al R e g is t e r , paragraphs a

the and
b of 6.136 are revoked.
R. S. 1753, sec. 2, 22 Stat. 403, 5 U. S. C. 631, 633, E. O. 10440, March 31, 1953, 18 F. R. 1823, 3 CFR 1953 Supp.

seal
U n it e d S tates C i v i l S er v ic e C o m m i s s i o n , W m . C. H u l l ,
Executive Assistant.
F. R. Doc. 56-1013; Filed, Feb. 8, 1956;
8:48 a. m.J

915
915

917

Health, Education, and Welfare Department See Public Health Service.

Indian Affairs Bureau Rules and regulations:
Fort Belknap Indian Irrigation Project, Mont.; operation and maintenance charges_________

Interior Department See Indian Affairs Bureau; Land Management Bureau; Reclama tion Bureau.
887

900