[Code of Federal Regulations]
[Title 7, Volume 14]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1965.21]

[Page 334]
 
                          TITLE 7--AGRICULTURE
 
   CHAPTER XVIII--RURAL HOUSING SERVICE, RURAL BUSINESS--COOPERATIVE 
SERVICE, RURAL UTILITIES SERVICE, AND FARM SERVICE AGENCY, DEPARTMENT OF 
                         AGRICULTURE (CONTINUED)
 
PART 1965--REAL PROPERTY--Table of Contents
 
  Subpart A--Servicing of Real Estate Security for Farm Loan Programs 
                    Loans and Certain Note-Only Cases
 
Sec.  1965.21  Assignment and release of Soil Conservation or similar program payments.

    The County Supervisor may take an assignment on income to be 
received under USDA Programs or similar contracts to protect the 
financial interest of the Government or to facilitate loan servicing. 
The assignments of all or a portion of the income from the assignment 
may be released to the borrower by the County Supervisor when not to the 
financial detriment of the Government, and when payments due on all FmHA 
or its successor agency under Public Law 103-354 loans have been made 
from other income or the assigned income is needed for family living and 
farm operating expenses. This income will not be shown on Form FmHA or 
its successor agency under Public Law 103-354 1962-1, ``Agreement for 
the Use of Proceeds/ Release of Chattel Security.'' The receipt of these 
proceeds and their planned use will be clearly identified on the current 
farm pan.