Sale of chattel security or EO property by borrowers.

CFR · 2024-01-01 · US · Title 7

Borrowers who are liquidating voluntarily and who have not been sent exhibit A and attachments 1 and 2 or 1, 3 and 4 of subpart S of part 1951 of this chapter will be processed in accordance with paragraph (a)(1) of § 1962.40 of this subpart before any sale occurs. (a) (b) (1)(i) The borrower has ready purchasers and can sell (ii) The property is perishable; or (iii) The property is of a type customarily sold on a recognized market; or (iv) The property consists of items of small value or a limited number of items which do not justify public sale. (2) Form RD 1962-1 may be used to approve liquidation of such security. The County Supervisor will document in the running case record the reasons that a public sale was not justified. (3) Form RD 455-3 is completed before the sale. (c) (d) (e)

official document · source cfr-2024 · id 7:§ 1962.41