Repossession, care, and sale of chattel security or EO property by the County Supervisor.

CFR · 2024-01-01 · US · Title 7

(a) (1) (i) When RD 455-4 has been executed. For EO property this form will be revised by placing a period after “interest” in the first sentence beginning “The Debtor” and deleting the remainder of that clause; deleting the words “collateral covered by the security instruments” in the second part of the sentence and inserting instead “property covered by the debtor's loan agreement which is referred to as the collateral.” (ii) When the borrower has abandoned the property. (iii) When peaceable possession can be obtained, but the borrower has not executed RD 455-4. (iv) When the property is delivered to the agency as a result of court action. (v) When Form RD 455-5, “Agreement of Secured Parties to Sale of SecurityProperty,” is executed by all prior lienholders. If prior lienholders will not agree to liquidate the property, their liens may be paid if their notes and liens are assigned to the agency on forms prepared or approved by OGC. When prior liens are paid, the payment will be made in accordance with RD Instruction 2024-A (available in any agency office) and charged to the borrower's account. (vi) When arrangements cannot be made with the borrower or a member of the borrower's family to sell EO property in accordance with the loan agreement. (2) (b) (1) (2) (3) (c) (1) (2) (3) (4) (i) The sale will be made within 60 days, unless a shorter period is indicated by a State supplement because of State law. Crops will be sold when the maximum return can be realized but not late

official document · source cfr-2024 · id 7:§ 1962.42