TITLE 7 - US CODE - SUBCHAPTER I - TENANT PURCHASE LOANS AND MORTGAGE INSURANCE

1001 to 1006. Repealed. Pub. L. 87128, title III, 341(a), Aug. 8, 1961, 75 Stat. 318

Section 1001, acts July 22, 1937, ch. 517, title I, 1, 50 Stat. 522; Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; June 30, 1953, ch. 174, 2, 67 Stat. 132; Aug. 1, 1956, ch. 829, 1(a)(c), 70 Stat. 801; Sept. 2, 1958, Pub. L. 85–857, § 13(j), 72 Stat. 1265, related to power of Secretary of Agriculture, persons, eligible, preferences, and conditions for loan or mortgage. Section 1002, acts July 22, 1937, ch. 517, title I, 2, 50 Stat. 523; Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; Aug. 1, 1956, ch. 829, 1(d), 70 Stat. 801, related to examination, appraisal, and certification of loans and insurance by county committee. Section 1003, acts July 22, 1937, ch. 517, title I, 3, 50 Stat. 523; Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; June 19, 1948, ch. 551, 1, 62 Stat. 534; July 22, 1954, ch. 562, 1(a), (b), 68 Stat. 525; Aug. 1, 1956, ch. 829, 1(e), 70 Stat. 801, related to terms of loans. Section 1004, acts July 22, 1937, ch. 517, title I, 4, 50 Stat. 524; Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; Aug. 23, 1951, ch. 344, 1, 65 Stat. 197; Aug. 3, 1956, ch. 950, 9(a) 70 Stat. 1034, provided for equitable distribution of loans. Section 1005, acts July 22, 1937, ch. 517, title I, 5, 50 Stat. 524; Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072, authorized appropriations for carrying out provisions with respect to tenant-purchase loans and insured mortgages. Section 1005a, act July 22, 1937, ch. 517, title I, 11, as added Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; amended Aug. 30, 1954, ch. 1076, 1(5), 68 Stat. 966, created the farm tenant mortgage insurance fund, authorized appropriation for such fund, provided for disposition of excess and use of funds. Sections 1005b, act July 22, 1937, ch. 517, title I, 12, as added Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; amended June 19, 1948, ch. 551, 25, 62 Stat. 534; Aug. 23, 1951, ch. 344, 1, 65 Stat. 197; July 22, 1954, ch. 562. 1(c), 68 Stat. 525; Aug. 9, 1955, ch. 633, 2, 3, 69 Stat. 544; Aug. 1, 1956, ch. 829, 1(f), (g), 70 Stat. 802, authorized the Secretary to insure mortgages, provided for aggregate amount of mortgages, eligibility provisions, payment of initial fees and disposition thereof, collection of initial charge and disposition thereof, payment of sums to mortgagees, payment of full amount, repayment to fund, insurance contract as incontestable, release of mortgagor, assignment of mortgage, repurchase of insured mortgages, agreements and determination of value. Section 1005c, act July 22, 1937, ch. 517, title I, 13, as added Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; amended Aug. 9, 1955, ch. 633, 4, 69 Stat. 554; Aug. 25, 1958, Pub. L. 85–748, § 1(b), 72 Stat. 841, related to payment of insurance upon default, issuance of notes, purchase of notes by Treasury and assignment of mortgage. Section 1005d, act July 22, 1937, ch. 517, title I, 14, as added Aug. 14, 1946, ch. 964, 5, 60 Stat. 1072; amended June 19, 1948, ch. 551, 6, 7, 62 Stat. 536, related to procedure with respect to mortgages in default, disposition of realized amounts, and disbursements for preservation and protection. Section 1006, act July 22, 1937, ch. 517, title I, 6, 50 Stat. 524, related to authorization of appropriations and administrative expenses. For subject matter of sections 1001 to 1005d of this title, see section 1921 et seq. of this title.

7 USC 1006a - Loans to homestead or desertland entrymen and purchasers of lands in reclamation projects; security; first repayment installment

The Secretary of Agriculture is authorized to make a loan or loans for any purpose authorized by and in accordance with the terms of the Bankhead-Jones Farm Tenant Act, as amended, or the Act of August 28, 1937, as amended, to any person eligible for assistance under said Acts who has made or makes a homestead or desertland entry on public land or who has contracted for or contracts for the purchase of other land of the United States in a reclamation project pursuant to the applicable provisions of the homestead and reclamation laws. Any such loans required by the Secretary of Agriculture or by law to be secured by a real-estate mortgage may be secured by a mortgage contract which shall create a lien against the land in favor of the United States acting through the Secretary of Agriculture and any patent thereafter issued shall recite the existence of such lien. The first installment for the repayment of any such loan or any other loan made under the Bankhead-Jones Farm Tenant Act, as amended, or the Act of August 28, 1937, as amended, to the owner of a newly irrigated farm in a reclamation project or to an entryman under the desertland laws, may be deferred for a period of not to exceed two years from the date of the first advance under such loan.

7 USC 1006b - Cancellation of entry or purchase upon loan default; entry or resale; conditions; satisfaction of indebtedness

Any entry or purchase contract land with respect to which a loan is made under the authority of this section and section 1006a of this title shall be subject to cancellation by the Secretary of the Interior as provided by existing law or upon request of the Secretary of Agriculture whenever default occurs in the terms, conditions, covenants, or obligations contained in the mortgage. After cancellation or relinquishment of an entry or purchase contract, land on which there is a mortgage lien, pursuant to the provisions of said sections, shall thereafter, except as hereinafter provided, only be open to entry or resale to persons eligible for both an original entry or purchase contract and an original loan. Such entry or resale shall be subject to the outstanding balance of any amounts due the United States with respect to such land or such portion thereof as may be determined by the Secretary of Agriculture and the Secretary of the Interior, or their delegates, to be within the entrymans or purchasers ability to pay on the basis of the long-time earning capacity of the land. If no entry or purchase is made within one year after the cancellation or relinquishment of a prior entry or purchase of land on which there is such a mortgage lien, the land shall be disposed of by the Secretary of Agriculture on terms consistent with the provisions of section 10171 of this title, for the satisfaction of the indebtedness secured by the mortgage, subject, however, to other outstanding charges on the land due the United States, and the purchaser of such land shall be entitled to the issuance of patent or deed upon the completion of all requirements with respect to the payment of such charges.
[1] See References in Text note below.

1006c to 1006e. Repealed. Pub. L. 87128, title III, 341(a), Aug. 8, 1961, 75 Stat. 318

Section 1006c, act July 22, 1937, ch. 517, title I, 16, as added Aug. 9, 1955, ch. 633, 1, 69 Stat. 553; amended Aug. 1, 1956, ch. 829, 1(h), 70 Stat. 802, provided for additional insurance of loans, mortgages and other security, lien, definitions of mortgage, insured mortgage, mortgagor and mortgagee, conversion to insured loan and rights of holder of insured note. Section 1006d, act July 22, 1937, ch. 517, title I, 17, as added Aug. 1, 1956, ch. 829, 1(i), 70 Stat. 802; amended Sept. 21, 1959, Pub. L. 86–332, 73 Stat. 599, related to loans for refinancing indebtedness on farms of not more than family size and restrictions and limitations thereon. Section 1006e, act July 22, 1937, ch. 517, title I, 18, as added Aug. 25, 1958, Pub. L. 85–748, § 1(a), 72 Stat. 840, related to authorization of Secretary for execution, insurance and sale of loans, interest, insurance, appraisal and delinquency charges, computation of aggregate amount of principal obligations which may be insured, insurance of loans from funds advanced by lenders other than United States, provisions applicable to loans, conversion of loans to insured loans, expense funds, sale of loans on noninsured basis and assignment of loans. For subject matter of sections 1006c to 1006e of this title, see section 1921 et seq. of this title.