[Code of Federal Regulations]
[Title 7, Volume 1]
[Revised as of January 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR3.2]

[Page 260-261]
 
                          TITLE 7--AGRICULTURE
 
PART 3_DEBT MANAGEMENT--Table of Contents
 
               Subpart A_Settlement of Small or Old Debts
 
Sec. 3.2  Definitions.

    (a) Department means Department of Agriculture.
    (b) Indebtedness with respect to any person, means a debt to the 
Government under each of the acts and programs listed in Sec. 3.10.
    (c) Compromise means final liquidation of the indebtedness through 
the immediate payment of a portion thereof, and acceptance by the United 
States of such payment in full satisfaction of the indebtedness.
    (d) Adjustment means the scaling down of the amount of the 
indebtedness including interest, conditioned upon the payment of the 
adjusted amount at some specified future time or times; such adjustment 
is not to be considered as effective as a settlement under this act 
until the provisions of the adjustment arrangement have been carried 
out.

[[Page 261]]

    (e) Cancellation means the complete discharge, without payment, of 
the indebtedness and the debtor.

[10 FR 807, Jan. 23, 1945, as amended at 11 FR 11984, Oct. 15, 1946. 
Redesignated at 13 FR 6903, Nov. 24, 1948; 55 FR 38662, Sept. 20, 1990]