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12 U.S.C. § 1150a — Farm loans to which chapter is applicable
Federal law — U.S. Code and appendices · legal_authorities
The provisions of this chapter shall apply to any indebtedness of farmers arising from loans or payments made or credit extended to them under any of the following Acts or programs: (a) July 1, 1918 (40 Stat. 635); March 3, 1921 (41 Stat. 1347); March 20, 1922 (42 Stat. 467); April 26, 1924 (43 Stat. 110); February 25, 1927 (44 Stat. 1245); February 28, 1927 (44 Stat., part II, 1251); February 25, 1929 (45 Stat. 1306), as amended May 17, 1929 (46 Stat. 3); March 3, 1930 (46 Stat. 78–79), as amended April 24, 1930 (46 Stat. 254); December 20, 1930 (46 Stat. 1032), as amended February 14, 1931 (46 Stat. 1160); February 23, 1931 (46 Stat. 1276); January 22, 1932 (47 Stat. 5); March 3, 1932 (47 Stat. 60); February 4, 1933 (47 Stat. 795); February 23, 1934 (48 Stat. 354); June 19, 1934 (48 Stat. 1056); February 20, 1935 (49 Stat. 28); March 21, 1935 (49 Stat. 50); April 8, 1935 (49 Stat. 115); (Executive Order Numbered 7305); January 29, 1937 (50 Stat. 5); and February 4, 1938 (52 Stat. 27); (b) Agricultural Adjustment Act (of 1933); Bankhead Cotton Act of April 21, 1934, on account of the several cotton tax-exemption certificate pools; Jones-Connally Cattle Act of April 7, 1934; Emergency Appropriation Act, fiscal year 1935, approved June 19, 1934; Kerr Tobacco Act of June 28, 1934, and Public Resolution Numbered 76, approved March 14, 1936; section 32 of the Act of August 24, 1935, and related legislation; Supplemental Appropriation Act, fiscal year 1936; sections 7 to 17 of the Soil Conservation and Domestic Allotment Act; Sugar Act of 1937; sections 303 and 381(a) of the Agricultural Adjustment Act of 1938 and related or subsequent legislation authorizing parity or price adjustment payments; title IV and title V of the Agricultural Adjustment Act of 1938 and related legi
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Source location: Title 12, Chapter 8, § 1150a; chapter-008-adjustment-and-cancellation-of-farm-loans.md
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The provisions of this chapter shall apply to any indebtedness of farmers arising from loans or payments made or credit extended to them under any of the following Acts or programs: (a) July 1, 1918 (40 Stat. 635); March 3, 1921 (41 Stat. 1347); March 20, 1922 (42 Stat. 467); April 26, 1924 (43 Stat. 110); February 25, 1927 (44 Stat. 1245); February 28, 1927 (44 Stat., part II, 1251); February 25, 1929 (45 Stat. 1306), as amended May 17, 1929 (46 Stat. 3); March 3, 1930 (46 Stat. 78–79), as amended April 24, 1930 (46 Stat. 254); December 20, 1930 (46 Stat. 1032), as amended February 14, 1931 (46 Stat. 1160); February 23, 1931 (46 Stat. 1276); January 22, 1932 (47 Stat. 5); March 3, 1932 (47 Stat. 60); February 4, 1933 (47 Stat. 795); February 23, 1934 (48 Stat. 354); June 19, 1934 (48 Stat. 1056); February 20, 1935 (49 Stat. 28); March 21, 1935 (49 Stat. 50); April 8, 1935 (49 Stat. 115); (Executive Order Numbered 7305); January 29, 1937 (50 Stat. 5); and February 4, 1938 (52 Stat. 27); (b) Agricultural Adjustment Act (of 1933); Bankhead Cotton Act of April 21, 1934, on account of the several cotton tax-exemption certificate pools; Jones-Connally Cattle Act of April 7, 1934; Emergency Appropriation Act, fiscal year 1935, approved June 19, 1934; Kerr Tobacco Act of June 28, 1934, and Public Resolution Numbered 76, approved March 14, 1936; section 32 of the Act of August 24, 1935, and related legislation; Supplemental Appropriation Act, fiscal year 1936; sections 7 to 17 of the Soil Conservation and Domestic Allotment Act; Sugar Act of 1937; sections 303 and 381(a) of the Agricultural Adjustment Act of 1938 and related or subsequent legislation authorizing parity or price adjustment payments; title IV and title V of the Agricultural Adjustment Act of 1938 and related legislation; any amendment to any of the foregoing Acts heretofore and any other Act of Congress heretofore enacted authorizing payments to farmers under programs administered through the Agricultural Adjustment Agency; (c) Loans made by or through the Resettlement Administration of the Farm Security Administration out of funds appropriated or made available by or pursuant to the following Acts; April 8, 1935 (49 Stat. 115); June 22, 1936 (49 Stat. 1608); February 9, 1937 (50 Stat. 8); June 29, 1937 (50 Stat. 352); The Bankhead-Jones Farm Tenant Act, July 22, 1937 (50 Stat. 522 et seq.); the Water Facilities Act of August 28, 1937 (50 Stat. 869 et seq.); March 2, 1938 (52 Stat. 83, Public Resolution Numbered 80); June 21, 1938 (52 Stat. 809); June 30, 1939 (53 Stat. 927); June 26, 1940 (Public Resolution Numbered 88); flood-restoration loans, Second Deficiency Appropriation Act, 1943 (57 Stat. 537, 542); and subsequent legislation appropriating or making available funds for such loans; commodity loan, purchase, sale, and other programs of the Commodity Credit Corporation; and crop-insurance programs formulated pursuant to title V of the Agricultural Adjustment Act of 1938 (the Federal Crop Insurance Act), and any amendment or supplement thereto heretofore or hereafter enacted. This chapter shall also apply to any indebtedness of farmers evidenced by notes or accounts receivable, title to which has been acquired in the liquidation of loans to cooperative associations made under the provisions of the Act of June 15, 1929 (46 Stat. 11).
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts May 12, 1933, ch. 25, title I, § 5, 48 Stat. 33; June 19, 1934, ch. 648, title II, § 1, 48 Stat. 1059, related to loans from Reconstruction Finance Corporation and warehouse receipts as collateral.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act Apr. 27, 1935, ch. 85, § 16, as added Feb. 29, 1936, ch. 104, § 1, 49 Stat. 1151; amended Aug. 7, 1956, ch. 1030, § 1, 70 Stat. 1115; Sept. 14, 1960, Pub. L. 86–793, § 1, 74 Stat. 1030; Mar. 22, 1961, Pub. L. 87–5, § 2, 75 Stat. 6; Aug. 8, 1961, Pub. L. 87–128, title I, § 132, title IV, § 401, 75 Stat. 302, 319; Mar. 30, 1962, Pub. L. 87–425, § 2, 76 Stat. 50; May 15, 1962, Pub. L. 87–451, § 4, 76 Stat. 70; Sept. 27, 1962, Pub. L. 87–703, title I, § 101(4), (5), title III, § 302, 76 Stat. 606, 607, 612; May 20, 1963, Pub. L. 88–26, § 3, 77 Stat. 45; Nov. 3, 1965, Pub. L. 89–321, title III, § 302, title VI, § 602(g), 79 Stat. 1190, 1208; Oct. 11, 1968, Pub. L. 90–559, § 1(1), 82 Stat. 996; Nov. 18, 1969, Pub. L. 91–118, §§ 1–3, 83 Stat. 194, 195; Nov. 30, 1970, Pub. L. 91–524, title VIII, § 801, 84 Stat. 1379; June 6, 1980, Pub. L. 96–263, § 1, 94 Stat. 438; Nov. 28, 1990, Pub. L. 101–624, title XIV, § 1455, 104 Stat. 3614; Nov. 2, 1994, Pub. L. 103–437, § 6(s), 108 Stat. 4587, related to limitation on obligations incurred for purpose of carrying out certain sections and Great Plains conservation program.
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Federal law — U.S. Code and appendices · legal_authorities
It is declared that the disruption of the orderly exchange of commodities in interstate commerce impairs the purchasing power of farmers and destroys the value of agricultural assets which support the national credit structure and that these conditions affect transactions in agricultural commodities with a national public interest, and burden and obstruct the normal channels of interstate commerce.
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Federal law — U.S. Code and appendices · legal_authorities
When authorized by appropriation or other law, funds of the Farmers’ Home Administration available for administrative expenses may be placed in a single account.
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Federal law — U.S. Code and appendices · legal_authorities
There is appropriated for each fiscal year beginning with the fiscal year ending June 30, 1936 an amount equal to 30 per centum of the gross receipts from duties collected under the customs laws during the period January 1 to December 31, both inclusive, preceding the beginning of each such fiscal year. Such sums shall be maintained in a separate fund and shall be used by the Secretary of Agriculture only to (1) encourage the exportation of agricultural commodities and products thereof by the payment of benefits in connection with the exportation thereof or of indemnities for losses incurred in connection with such exportation or by payments to producers in connection with the production of that part of any agricultural commodity required for domestic consumption; (2) encourage the domestic consumption of such commodities or products by diverting them, by the payment of benefits or indemnities or by other means, from the normal channels of trade and commerce or by increasing their utilization through benefits, indemnities, donations or by other means, among persons in low income groups as determined by the Secretary of Agriculture; and (3) reestablish farmers’ purchasing power by making payments in connection with the normal production of any agricultural commodity for domestic consumption. Determinations by the Secretary as to what constitutes diversion and what constitutes normal channels of trade and commerce and what constitutes normal production for domestic consumption shall be final. The sums appropriated under this section shall be expended for such one or more of the above-specified purposes, and at such times, in such manner, and in such amounts as the Secretary of Agriculture finds will effectuate substantial accomplishment of any one or more of the purposes
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Federal Crop Insurance Act”. Except as otherwise expressly provided the provisions in titles I to IV, inclusive, shall not apply with respect to this subchapter, and the term “Act” wherever it appears in such titles shall not be construed to include this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1150a&num=0&edition=prelim): 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 11 So in original. Probably should be “cancellations”. 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 m
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Federal law — U.S. Code and appendices · legal_authorities
Page 276
TITLE 12—BANKS AND BANKING
§ 1150a
§ 1150a. Farm loans to which chapter is applica-
ble
The provisions of this chapter shall apply to
any indebtedness of farmers arising from loans
or payments made or credit extended to them
under any of the following Acts or programs: (a)
July 1, 1918 (40 Stat. 635); March 3, 1921 (41 Stat.
1347); March 20, 1922 (42 Stat. 467); April 26, 1924
(43 Stat. 110); February 25, 1927 (44 Stat. 1245);
February 28, 1927 (44 Stat., part II, 1251); Feb-
ruary 25, 1929 (45 Stat. 1306), as amended May 17,
1929 (46 Stat. 3); March 3, 1930 (46 Stat. 78–79), as
amended April 24, 1930 (46 Stat. 254); December
20, 1930 (46 Stat. 1032), as amended February 14,
1931 (46 Stat. 1160); February 23, 1931 (46 Stat.
1276); January 22, 1932 (47 Stat. 5); March 3, 1932
(47 Stat. 60); February 4, 1933 (47 Stat. 795); Feb-
ruary 23, 1934 (48 Stat. 354); June 19, 1934 (48 Stat.
1056); February 20, 1935 (49 Stat. 28); March 21,
1935 (49 Stat. 50); April 8, 1935 (49 Stat. 115); (Ex-
ecutive Order Numbered 7305); January 29, 1937
(50 Stat. 5); and February 4, 1938 (52 Stat. 27); (b)
Agricultural Adjustment Act (of 1933); Bankhead
Cotton Act of April 21, 1934, on account of the
several cotton tax-exemption certificate pools;
Jones-Connally Cattle Act of April 7, 1934; Emer-
gency Appropriation Act, fiscal year 1935, ap-
proved June 19, 1934; Kerr Tobacco Act of June
28, 1934, and Public Resolution Numbered 76, ap-
proved March 14, 1936; section 32 of the Act of
August 24, 1935, and related legislation; Supple-
mental Appropriation Act, fiscal year 1936; sec-
tions 7 to 17 of the Soil Conservation and Do-
mestic Allotment Act; Sugar Act of 1937; sec-
tions 303 and 381(a) of the Agricultural Adjust-
ment Act of 1938 and related or subsequen
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