12 U.S.C. § 1150 — Compromise, adjustment, and cancella-

Page 275 TITLE 12—BANKS AND BANKING § 1150 1 So in original. Probably should be ‘‘cancellations’’. CREDIT EMERGENCY LOANS: TERMINATION DATE Act Aug. 31, 1954, ch. 1145, 68 Stat. 999, as amended by acts June 30, 1955, ch. 249, 69 Stat. 223; July 7, 1955, ch. 278, § 3, 69 Stat. 263; Aug. 1, 1956, ch. 829, § 4, 70 Stat. 804, which authorized the Secretary of Agriculture to make emergency loans for any agricultural purpose until June 30, 1957, described persons eligible for such loans and provided for utilization of a revolving fund of the Farm Credit Administration for loans and administra- tive expenses and additions to such fund from liquida- tion of loans, was repealed effective one hundred and twenty days after Aug. 8, 1961, or such earlier date as the provisions of chapter 50 of Title 7, Agriculture, are made effective by regulations of Secretary of Agri- culture by provisions of section 341(a) of Pub. L. 87–128, set out as a note under section 1921 of Title 7. See sec- tion 1961 et seq. of Title 7. §§ 1148a–4 to 1148d. Repealed. Pub. L. 115–334, title V, § 5411(60)–(63), Dec. 20, 2018, 132 Stat. 4686 Section 1148a–4, act July 14, 1953, ch. 192, § 2, 67 Stat. 150, related to security for economic disaster and spe- cial livestock loans. Section 1148b, act Aug. 19, 1937, ch. 704, § 32, 50 Stat. 716; June 30, 1947, ch. 166, title II, § 206(s), 61 Stat. 209, set out additional powers of regional agricultural cred- it corporations. Section 1148c, act Aug. 19, 1937, ch. 704, § 33, 50 Stat. 717; June 30, 1947, ch. 166, title II, § 206(s), 61 Stat. 209, related to consolidation or merger of two or more re- gional agricultural credit corporations. Section 1148d, act Aug. 19, 1937, ch. 704, § 34, 50 Stat. 717, declared the rights and powers of regional agricul- tural credit corporations, the Farm Credit Administra- tion, or the Governor of the Administration to be unaf- fected by sections 1148b and 1148c of this title. CHAPTER 8—ADJUSTMENT AND CANCELLATION OF FARM LOANS Sec. 1150. Compromise, adjustment, and cancellation of farm loans; conditions; delegation of powers and duties by Secretary of Agriculture. 1150a. Farm loans to which chapter is applicable. 1150b. Authorization of appropriations. 1150c. Self-hauling of hay or other roughages under hay transportation assistance program; li- ability for or refund of excess payments; availability of funds for payments. Editorial Notes CODIFICATION For provisions similar to former chapter 8 of this title, relating to federal intermediate credit banks, see Part A (§ 2071 et seq.) of subchapter II of chapter 23 of this title. § 1150. Compromise, adjustment, and cancella- tion of farm loans; conditions; delegation of powers and duties by Secretary of Agri- culture The Secretary of Agriculture, hereinafter re- ferred to as the Secretary, is authorized and di- rected to compromise, adjust, or cancel indebt- edness arising from loans and payments made or credit extended to farmers under the provisions of the several Acts of Congress or programs enu- merated in section 1150a of this title: Provided, That the Secretary finds, after such investiga- tion 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 prin- cipal amount of said indebtedness is not in ex- cess of $1,000. The Secretary is further author- ized at his discretion to cancel and discharge in- debtedness arising under said Acts of Congress or programs when the amount of said indebted- ness is less than $10, or the debtor is deceased and there is no reasonable prospect of recov- ering from his estate, or his whereabouts has re- mained 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 regu- lations, as the Secretary may prescribe, and the Secretary may delegate the exercise of any such powers and functions to such officers or employ- ees of the Department of Agriculture as he may designate. (Dec. 20, 1944, ch. 623, § 1, 58 Stat. 836; Pub. L. 95–598, title III, § 305, Nov. 6, 1978, 92 Stat. 2674.) Editorial Notes REFERENCES IN TEXT The Bankruptcy Act, referred to in text, is act July 1, 1898, ch. 541, 30 Stat. 544, which was classified gen- erally to Title 11, Bankruptcy. The Act was repealed ef- fective Oct. 1, 1979, by Pub. L. 95–598, §§ 401(a), 402(a), Nov. 6, 1978, 92 Stat. 2682, section 101 of which enacted revised Title 11. AMENDMENTS 1978—Pub. L. 95–598 substituted ‘‘Bankruptcy Act or under title 11’’ for ‘‘Act entitled ‘An Act to establish a uniform system of bankruptcy throughout the United States’ ’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1978 AMENDMENT Amendment effective Oct. 1, 1979, see section 402(a) of Pub. L. 95–598, set out as an Effective Date note pre- ceding section 101 of Title 11, Bankruptcy. Executive Documents TRANSFER OF FUNCTIONS All functions of all officers, agencies, and employees of the Department of Agriculture were transferred, with certain exceptions, to the Secretary of Agri- culture by Reorg. Plan No. 2 of 1953, § 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Employees. EXCEPTIONS FROM TRANSFER OF FUNCTIONS Functions of Corporations of Department of Agri- culture, boards of directors and officers of such cor- porations, Advisory Board of Commodity Credit Cor- poration, and Farm Credit Administration or any agen- cy, officer, or entity of, under, or subject to supervision of said Administration excepted from functions of offi- cers, agencies, and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Employees. 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 subsequent legis- lation authorizing parity or price adjustment payments; title IV and title V of the Agricul- tural Adjustment Act of 1938 and related legisla- tion; 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 Adminis- tration 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); Feb- ruary 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 Fa- cilities Act of August 28, 1937 (50 Stat. 869 et seq.); March 2, 1938 (52 Stat. 83, Public Resolu- tion 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 ap- propriating or making available funds for such loans; commodity loan, purchase, sale, and other programs of the Commodity Credit Cor- poration; and crop-insurance programs formu- lated pursuant to title V of the Agricultural Ad- justment 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). (Dec. 20, 1944, ch. 623, § 2, 58 Stat. 836.) Editorial Notes REFERENCES IN TEXT Act of January 22, 1932 (47 Stat. 5), referred to in text, is act Jan. 22, 1932, ch. 8, 47 Stat. 5, known as the Re- construction Finance Corporation Act, which was for- merly classified to chapter 14 (§ 601 et seq.) of Title 15, Commerce and Trade, and which has been eliminated from the Code. For complete classification of this Act prior to its elimination from the Code, see Tables. Act of March 3, 1932 (47 Stat. 60), referred to in text, is act Mar. 3, 1932, ch. 70, 47 Stat. 60, which was for- merly classified to chapter 10 (§ 1401 et seq.) of this title, and which was repealed by Pub. L. 115–344, title V, § 5411(64), Dec. 20, 2018, 132 Stat. 4686. Act of April 8, 1935 (49 Stat. 115), and (Executive Order Numbered 7305), referred to in text, mean act Apr. 8, 1935, ch. 48, 49 Stat. 115, and Ex. Ord. No. 7305, Feb. 28, 1936, respectively, which were formerly classified to Chapter 16 (§ 721 et seq.) of Title 15, as legislation sup- plementary to the Federal Emergency Relief Act of 1933. Such provisions have been eliminated from the Code. Act of June 19, 1934 (48 Stat. 1056), referred to in text, probably means act June 19, 1934, ch. 648, title II, § 1, 48 Stat. 1056. See References in Text note for the Emer- gency Appropriation Act, fiscal year 1935, below. Act of January 29, 1937 (50 Stat. 5), referred to in text, is act Jan. 29, 1937, ch. 7, 50 Stat. 5, which was formerly classified to subchapter II–B (§ 1020i et seq.) of chapter 7 of this title, and which was repealed by act Aug. 14, 1946, ch. 964, § 2(a)(2), 60 Stat. 1062. The Agricultural Adjustment Act (of 1933), referred to in text, probably means title I of act May 12, 1933, ch. 25, 48 Stat. 31, known as the Agricultural Adjustment Act, which is classified generally to chapter 26 (§ 601 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 601 of Title 7 and Tables. The Bankhead Cotton Act of April 21, 1934, referred to in text, is act Apr. 21, 1934, ch. 157, 48 Stat. 598, which is classified generally to chapter 27 (§ 701 et seq.) of Title 7. The Bankhead Cotton Act was substantially re- pealed by act Feb. 10, 1936, ch. 42, 49 Stat. 1106. For complete classification of this Act to the Code, see Ta- bles. The Jones-Connally Cattle Act of April 7, 1934, re- ferred to in text, is act Apr. 7, 1934, ch. 103, 48 Stat. 528, which is classified to sections 608, 608b, 609, 611, 612, and 612a of Title 7. For complete classification of this Act to the Code, see Tables. Emergency Appropriation Act, fiscal year 1935, ap- proved June 19, 1934, referred to in text, is act June 19, 1934, ch. 648, title II, 48 Stat. 1055, relevant provisions of which were classified to sections 604 and 605 of Title 7, and section 59 of former Title 49, Transportation. Section 605 of Title 7 was repealed by act June 30, 1947, ch. 166, title II, § 206(d), 61 Stat. 208, and section 59 of former Title 49, was repealed by Pub. L. 95–473, § 4(b), Oct. 17, 1978, 92 Stat. 1466, the first section of which en- acted subtitle IV (§ 10101 et seq.) of Title 49, Transpor- tation. For complete classification of this Act to the Code, see Tables. The Kerr Tobacco Act of June 28, 1934, referred to in text, is act June 28, 1934, ch. 866, §§ 1 to 16, 48 Stat. 1275, which was formerly classified to chapter 28 (§ 751 et seq.) of Title 7, and which was repealed by act Feb. 10, 1936, ch. 42, 49 Stat. 1106. Section 32 of the Act of August 24, 1935, referred to in text, is classified to section 612c of Title 7. Supplemental Appropriation Act, fiscal year 1936, re- ferred to in text, is act Feb. 11, 1936, ch. 49, 49 Stat. 1134, provisions of which were formerly classified to chapter