Transfer of land.

CFR · 2024-01-01 · US · Title 7

(a)(1) If a new owner or operator purchases or obtains the right and interest in, or right to occupancy of, land subject to a BCAP contract, such new owner or operator, upon the approval (2) For the transferred land, if the new owner or operator becomes a successor to the existing BCAP contract, the new owner or operator will assume all obligations of the BCAP contract of the previous participant. (3) If the new owner or operator is approved as a successor to a BCAP contract with CCC, then, except as otherwise determined by the Deputy Administrator: (i) Establishment payments will be made to the past or present participant who established the practice; and (ii) Annual payments to be paid during the fiscal year when the land was transferred will be divided between the new participant and the previous participant in the manner specified in § 1450.214(c). (b) If a participant transfers all or part of the right and interest in, or right to occupancy of, land subject to a BCAP contract and the new owner or operator does not become a successor to such contract within 60 days of such transfer, or such other time as CCC determines to be appropriate, such contract will be terminated with respect to the affected portion of such land, and the original participant: (1) Forfeits all rights to any future payments for that acreage; (2) Must refund all previous payments received under the contract by the participant or prior participants, plus interest, except as otherwise specified by CCC.

official document · source cfr-2024 · id 7:§ 1450.215