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FEDERAL
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VOLUME 23

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9 3 4 y A / T E D %

NUMBER 116

Washington, Friday, June 13, 1958

TITLE 6 AGRICULTURAL CREDIT
Chapter III Farmers Home Adminis tration, Department of Agriculture Subchapter F Security Servicing and Liquidations FHA Instruction 462.1-and Adm. Letter 452 462

P art 371 C hattel S e c u r it y SUBPART A SERVICING

- The heading of Part 371 of Title 6, Code of Federal Regulations, is hereby amended as set forth above and Sub part A of that part 19 F. R. 3987, 6021, 7451; 20 F. R. 3247; 3673; 21 F. R. 1067, 2609, 5341 is hereby revised to read as follows:
; > Sec.
371.1
371.2
871.3
371.4
371.5
371.6
371.7
371.8

371.9

R7ii 71.11
io 13
,,ii.

rvi
71.14

General.
Taking additional security and keep ing security instruments current.
Furnishing lists of borrowers to pu r chasers.
Using Form FHA-14 and Form F H A 197A as a basis for exercising au
thority to release chattel security.
Releasing security property.
Accounting for security property.
Releases and suspensions of assign ments.
Waivers of crop liens for borrowers receiving loans under the Com modity Credit Corporation Pro gram, other than on wool and mohair.

Executing releases of liens on wool and mohair marketed by consign ment.
Subordination of security.
Correcting errors in security instru ments.
Satisfaction of security instruments.
Assignment of notes and security Instruments.
Fees.

71.15 Special authority to alter regulations.
Authority: 371.1 to 371.15 issued under 41 50 stat- 528, as amended, 10
870, sec- 4> 64 Stat. 100, sec.
16TT8 Stat. 735; 5 U. S. C. 22, 7 U. S. G. 1015, teror?
590w 590x3- 40 U. S. C. 442. I n 530 Mi apply secs- 21 44, 51, 50 Stat. 524, 87o m o 88 amended. secs. 1-7, 50 Stat. 869, as secs 53 Stat. 1418, 1419, amendpfed SecSi 1_12> 54 Stat. 1119-1125, as 62 stat inlo? 2 60 Stat 1062 as amended, 63 Stat no8, Sec 2 63 stat. 44, as amended, sec n V V ? 2 64 stat- 98, 67 Stat. 150, 68 stnt no? 668, as amended, secs. 8-10,
735 secs. 1-3, 68 Stat. 999, as
amended, secs. 8 , 9, 70 Stat. 1090; 7 U. S. C.
1001 Note, 1007,1018, 1025,12 U. S. C. 1148al Note, 1148a-2, 1148a-4, 16 U. S. C. 590aa, 590bb, 590r to x-3, 590y to z-10, 1006a, 1006b, 1007, 40 U. S. C. 440.

371.1 General. This subpart covers the servicing of crop and chattel security for Farmers Home Administration loans, except as otherwise provided in Subpart C of this part with respect to special live stock loans. This subpart does not apply to the servicing of soil and water con servation loans made to associations or loans made to other cooperative associa tions. A fter accounts have been ap proved for liquidation, security property will be disposed of and the proceeds will be used and accounted for in accordance with the provisions of Subpart B of this part. Borrowers must account to the Government for all property mortgaged to secure Farmers Home Administration loans.

CONTENTS
Agricultural Marketing Service Notices:

Shults Sale Yard, Grand Junc tion, Colo.; proposed posting of stockyards. ___________ ___
Proposed rule making:
Mjilk; in Shreveport, La., mar keting area__________________
Rules and regulations:
Milk; in upstate Michigan mar keting area; order suspend ing certain provision________
Peaches, Elberta; gVown in Cali fornia; regulation of ship ments__________ _____ _______

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Agriculture Department See Agricultural Marketing Serv ice; Farmers Home Administra tion.

Atomic Energy Commission
371.2 Taking additional security and Notices:
Massachusetts I n s t i t u t e of keeping security instruments current.
Technology; issuance of facil County Supervisors are responsible for ity license_______ ____________
maintaining security instruments which will properly identify all security prop Civil Aeronautics Administra-V
erty, including replacements and in tion creases, and for obtaining additional Rules and regulations:
security, as needed, including crop liens.
Restricted areas; alterations___
a Chattels, crops, and assignments.Civil Aeronautics Board When additional chattel and crop secu Notices:
rity not presently covered by a Farmers Stewart Air Service; postpone Home Administration lien is available ment of hearing____________
and needed to protect the Governments interest, County Supervisors will obtain Commerce Department liens on such property and will obtain See also Civil Aeronautics Ad ministration-; Federal Maritime assignments of the proceeds from the Board.
sale of agricultural products or of other income to be received by the borrower, Notices:
Statements of change in finan except that crop liens will not be taken cial interests:

as additional security for soil and water Larson, L. Keville__________
conservation loans. When a new secu . Rankin, Wesley O_______ ____
rity instrument is taken, all existing security items will be described thereon Farmers Home Administration except small equipment, tools, and so Rules and regulations:
forth, on which a lien would not be Chattel security; servicing_____
required under current loan making in Federal Maritime Board structions. This, however, will not re lieve the borrower of the responsibility Notices:
Agreements filed for approval:
for accounting for these items of security American Mail Line, Ltd., et which are omitted from the latest mort al_________________________
gage. Ordinarily, when taking addi Flynn Forwarding Co., Inc., tional chattel or crop security for one and American Oceanic For Continued on next page warding Co_________ ,______
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