[Code of Federal Regulations]

[Title 7, Volume 14]

[Revised as of January 1, 2007]

From the U.S. Government Printing Office via GPO Access

[CITE: 7CFR1965.21]



[Page 299]

 

                          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.