Authorized loan purposes.

CFR · 2024-01-01 · US · Title 7

(a) (b) (1) Must be used to assist heirs with undivided ownership interests to resolve ownership and succession of a farm owned by multiple owners; (2) Must be sufficient to cover costs and fees associated with development and implementation of the succession plan, including closing costs (such as costs for preparing documents, appraisals, surveys, and title reports) and other associated legal services (such as fees incurred for mediation); and (3) May be used to purchase and consolidate fractional interests held by other heirs in jointly-owned property, and to purchase rights-of-way, water rights, easements, and other appurtenances that would normally pass with the property and are necessary for the proposed operation of the farm.

official document · source cfr-2024 · id 7:§ 769.154