Collapse to view only § 2219a. Right of first refusal
- § 2219. Limitation on separate sale
- § 2219a. Right of first refusal
- § 2219b. Application of uninsured accounts
- § 2219c. Affirmative action
- § 2219d. Encouragement of conservation practices
- § 2219e. Liability for making criminal referrals
§ 2219. Limitation on separate sale
If real property is acquired by any institution of the Farm Credit System through foreclosure, no institution of the Farm Credit System shall sell the surface rights to that real property to any person unless the institution also sells all mineral rights to that real property to that person.
(Pub. L. 92–181, title IV, § 4.35, as added Pub. L. 99–205, title III, § 306, Dec. 23, 1985, 99 Stat. 1709.)
§ 2219a. Right of first refusal
(a) General rule
(b) Application of right of first refusal to sale of property
(1) Election to sell and notification
Within 15 days after an institution of the System first elects to sell acquired real estate, or any portion of such real estate, the institution shall notify the previous owner by certified mail of the owner’s right—
(A) to purchase the property at the appraised fair market value of the property, as established by an accredited appraiser; or
(B) to offer to purchase the property at a price less than the appraised value.
(2) Eligibility to purchase
(3) Mandatory sale
(4) Permissive sale
(5) Rejection of offer of previous owner
(A) Duties of institution
An institution of the System that rejects an offer from the previous owner to purchase the property at a price less than the appraised value may not sell the property to any other person—
(i) at a price equal to, or less than, that offered by the previous owner; or
(ii) on different terms and conditions than those that were extended to the previous owner,
without first affording the previous owner an opportunity to purchase the property at such price or under such terms and conditions.
(B) Notice
(c) Application of right of first refusal to leasing of property
(1) Election to lease and notification
Within 15 days after an institution of the System first elects to lease acquired real estate, or any portion of such real estate, the institution shall notify the previous owner by certified mail of the owner’s right—
(A) to lease the property at a rate equivalent to the appraised rental value of the property, as established by an accredited appraiser; or
(B) to offer to lease the property at a rate that is less than the appraised rental value of the property.
(2) Eligibility to lease
(3) Mandatory lease
An institution of the System receiving an offer from the previous owner to lease the property at a rate equivalent to the appraised rental value of the property shall, within 15 days after the receipt of such offer, accept such offer and lease the property to the previous owner unless the institution determines that the previous owner—
(A) does not have the resources available to conduct a successful farming or ranching operation; or
(B) cannot meet all of the payments, terms, and conditions of such lease.
(4) Permissive lease
(5) Notice to previous owner
(6) Rejection of offer of previous owner
(A) Duties of institution
An institution of the System rejecting an offer from the previous owner to lease the property at a rate less than the appraised rental value of the property may not lease the property to any other person—
(i) at a rate equal to or less than that offered by the previous owner; or
(ii) on different terms and conditions than those that were extended to the previous owner,
without first affording the previous owner an opportunity to lease the property at such rate or under such terms and conditions.
(B) Notice
(d) Public offerings
(1) Notification of previous owner
(2) Priority
(3) Nondiscrimination
(e) Term or condition
(f) Financing
(g) Mailing of notice
(h) State laws
(i) Applicability
(Pub. L. 92–181, title IV, § 4.36, as added Pub. L. 99–205, title III, § 306, Dec. 23, 1985, 99 Stat. 1709; amended Pub. L. 100–233, title I, § 108, Jan. 6, 1988, 101 Stat. 1582; Pub. L. 100–399, title I, § 104, Aug. 17, 1988, 102 Stat. 990.)
§ 2219b. Application of uninsured accounts
(a) In general
(b) Regulations
The Farm Credit Administration shall promulgate regulations—
(1) that define the term “uninsured voluntary or involuntary account”; and
(2) to otherwise effectively carry out this section.
(Pub. L. 92–181, title IV, § 4.37, as added Pub. L. 100–233, title I, § 110, Jan. 6, 1988, 101 Stat. 1585.)
§ 2219c. Affirmative action
All institutions of the Farm Credit System with more than 20 employees shall establish and maintain an affirmative action program plan that applies the affirmative action standards otherwise applied to contractors of the Federal Government.
(Pub. L. 92–181, title IV, § 4.38, formerly § 4.37, as added Pub. L. 100–233, title IV, § 427, Jan. 6, 1988, 101 Stat. 1657; renumbered § 4.38, Pub. L. 100–399, title IV, § 413, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 115–334, title V, § 5411(26), Dec. 20, 2018, 132 Stat. 4682.)
§ 2219d. Encouragement of conservation practices
At the time a System institution or an agricultural mortgage loan originator (as defined in section 2279aa of this title) approves a loan made to a borrower that, in the opinion of the institution or originator, would be ineligible for a loan made, insured, or guaranteed under the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) by reason of subtitle B or C of title XII of the Food Security Act of 1985 (16 U.S.C. 3811 et seq.), the institution or originator, as the case may be, shall encourage the borrower to contact the Department of Agriculture Soil Conservation Service to obtain information about soil conservation methods and practices.
(Pub. L. 92–181, title IV, § 4.39, formerly § 4.38, as added Pub. L. 100–233, title IV, § 428, Jan. 6, 1988, 101 Stat. 1658; renumbered § 4.39, Pub. L. 100–399, title IV, § 413, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 115–334, title V, § 5411(27), Dec. 20, 2018, 132 Stat. 4682.)
§ 2219e. Liability for making criminal referrals
(a) In general
Any institution of the Farm Credit System, or any director, officer, employee, or agent of a Farm Credit System institution, that discloses to a Government authority information proffered in good faith that may be relevant to a possible violation of any law or regulation shall not be liable to any person under any law of the United States or any State—
(1) for the disclosure; or
(2) for any failure to notify the person involved in the possible violation.
(b) No prohibition on disclosure
(Pub. L. 104–105, title II, § 221, Feb. 10, 1996, 110 Stat. 184.)