[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1788.1]

[Page 1118-1119]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1788--RUS FIDELITY AND INSURANCE REQUIREMENTS FOR ELECTRIC AND TELECOMMUNICATIONS BORROWERS--Table of Contents
 
               Subpart A--Borrower Insurance Requirements
 
Sec. 1788.1  General and definitions.


    (a) The standard forms of documents covering loans made or 
guaranteed by

[[Page 1119]]

the Rural Utilities Service contain provisions regarding insurance and 
fidelity coverage to be maintained by each borrower. This part 
implements those provisions by setting forth the requirements to be met 
by all borrowers.
    (b) As used in this part:
    Borrower means any entity with any outstanding loan made or 
guaranteed by RUS.
    Irregularity has the meaning found in Sec. 1773.2.
    Loan documents means the loan agreement, notes, and mortgage 
evidencing or used in conjunction with an RUS loan.
    Mortgage means the mortgage, deed of trust, security agreement, or 
other security document securing an RUS loan.
    Mortgaged property means any property subject to the lien of a 
mortgage.
    RUS means the Rural Utilities Service and includes the Rural 
Telephone Bank.
    RUS loan means a loan made or guaranteed by RUS.
    (c) RUS may revise these requirements on a case by case basis for 
borrowers with unusual circumstances.