|
U.S. Code as of:
01/19/04
Section 1150. Compromise, adjustment, and cancellation of farm loans; conditions; delegation of powers and duties by Secretary of Agriculture
The Secretary of Agriculture, hereinafter referred to as the
Secretary, is authorized and directed to compromise, adjust, or
cancel indebtedness arising from loans and payments made or credit
extended to farmers under the provisions of the several Acts of
Congress or programs enumerated in section 1150a of this title:
Provided, That the Secretary finds, after such investigation as he
deems sufficient to establish the facts, that (1) said indebtedness
has been due and payable for five years or more; (2) the debtor is
unable to pay said indebtedness in full and has no reasonable
prospect of being able to do so; (3) the debtor has acted in good
faith in an effort to meet his obligation; and (4) the principal
amount of said indebtedness is not in excess of $1,000. The
Secretary is further authorized at his discretion to cancel and
discharge indebtedness arising under said Acts of Congress or
programs when the amount of said indebtedness is less than $10, or
the debtor is deceased and there is no reasonable prospect of
recovering from his estate, or his whereabouts has remained unknown
for two years and there is no reasonable prospect of obtaining
collection, or he has been discharged of the indebtedness in any
proceeding under the Bankruptcy Act or under title 11. The
compromises, adjustments, or cancelations (!1) authorized by this
section shall be effected through such agencies, upon such terms
and conditions, and subject to such regulations, as the Secretary
may prescribe, and the Secretary may delegate the exercise of any
such powers and functions to such officers or employees of the
Department of Agriculture as he may designate.
|
|