[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: 7CFR1965.7]



[Page 287-288]

 

                          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.  1965.7  Definitions.



    As used in this subpart, the following definitions apply:

    (a) Borrower. When a loan is made to an individual, the individual 

is the borrower. When a loan is made to an entity, the cooperative, 

corporation, partnership, or joint operation is the borrower.

    (b) County Supervisor also includes Assistant County Supervisor who 

has written delegated authority to carry out purposes of this subpart.

    (c) District Director also includes Assistant District Director who 

has written delegated authority to carry out purposes of this subpart.

    (d) FmHA or its successor agency under Public Law 103-354 loans, 

FmHA or its successor agency under Public Law 103-354 accounts, FmHA or 

its successor agency under Public Law 103-354 interests, FmHA or its 

successor agency under Public Law 103-354 security, FmHA or its 

successor agency under Public Law 103-354 debts and similar terms apply 

to indebtedness owed to, or insured by, the United States of America 

acting through the FmHA or its successor agency under Public Law 103-

354, and to related security instruments.

    (e) Farmer Program loan includes only Farm Ownership (FO), Operating 

(OL), Soil and Water (SW), Economic Emergency (EE), Emergency (EM), 

Recreation (RL), Economic Opportunity (EO), Softwood Timber (ST) and 

Special Livestock (SL) loans, and/or Rural



[[Page 288]]



Housing Loans for farm service buildings (RHF).

    (f) Foreclosure sale. The act of selling security either under the 

``Power of Sale'' in the security instrument or through court 

proceedings.

    (g) Leasehold. A right to use farm property for a specific period of 

time under conditions provided for a lease agreement.

    (h) Mortgage. Any form of security interest or lien upon any rights 

or interest in real property of any kind. In Louisiana and Puerto Rico 

the term ``mortgage'' also refers to any security interest in chattel 

property.

    (i) Non-Program (NP) Loan. An NP loan results when credits are 

extended to ineligible applicants and/or transferees in connection with 

loan assumptions and sale of inventory properties.

    (j) Note includes any note, bond, assumption agreement or other 

evidence of indebtedness.

    (k) Security. Property of any kind subject to a real or personal 

property lien including, among other things, appurtenant rights of 

development, leasehold, grazing or other use privileges.

    (l) Servicing action includes, among other things, the cash sale or 

transfer of real estate and chattel property and the assumption of 

loans.



[51 FR 4140, Feb. 3, 1986, as amended at 52 FR 26138, July 13, 1987; 53 

FR 35794, Sept. 14, 1988]