South Carolina CONVERTING PROPERTY PLEDGED TO FARM CREDIT AGENCIES is a process by which property pledged as security for a loan from a farm credit agency is converted into cash. The process is used by borrowers when they are unable to repay the loan and the agency must take possession of the pledged property. In South Carolina, there are two types of converting property pledged to farm credit agencies: forced sale and non-forced sale. In a forced sale, the property is sold by the agency or by an auctioneer to the highest bidder. In a non-forced sale, the property is sold by the agency directly to an approved buyer. In both cases, the proceeds from the sale are used to repay the loan.
South Carolina CONVERTING PROPERTY PLEDGED TO FARM CREDIT AGENCIES
State:
South Carolina
Control #:
SC-FEDDC-JURY-18-658-CR
Format:
Word
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Official Pattern Jury Instructions for Criminal Cases in Federal District Court of South Carolina. All converted to Word format. Please see the official site for addional information. http://www.scd.uscourts.gov/pji/
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FAQ
You must provide your South Carolina Agriculture Tax Exemption (SCATE) card to show proof of exemption. The SCATE card can be applied for through the South Carolina Department of Agriculture (SCDA). Submit your application to the SCDA. Retailers cannot accept the ST-8F as proof of exemption.
The Farm Credit Act of 1933 was part of President Franklin D. Roosevelt's New Deal, to help farmers refinance mortgages over a longer time at below-market interest rates at regional and national banks. This helped farmers recover from the Dust Bowl.
(A) For purposes of this chapter, "agricultural facility" includes, but is not limited to, any land, building, structure, pond, impoundment appurtenance, machinery, or equipment which is used for the commercial production or processing of crops, trees, livestock, animals, poultry, honeybees, honeybee products,
The tract is owned in combination with non-timberland tracts that qualify as agricultural real property. Non-timberland (cropland) tracts must be at least 10 acres.
To get started, the farmer should contact the appropriate Environmental Affairs (EA) Regional Office and complete the request for a preliminary site inspection form . A list of the agricultural contacts for the EA Regional Offices to determine who to contact is included in the application packet.
The tract is under the same management system as another qualifying timberland tract. The tract is owned in combination with non-timberland tracts that qualify as agricultural real property. Non-timberland (cropland) tracts must be at least 10 acres.
(A) For purposes of this chapter, "agricultural facility" includes, but is not limited to, any land, building, structure, pond, impoundment appurtenance, machinery, or equipment which is used for the commercial production or processing of crops, trees, livestock, animals, poultry, honeybees, honeybee products,
Farmer Mac is designated by statute as an FCS institution but is different from other FCS institutions in several respects. In general, most FCS institutions are primary lenders to farmers and ranchers and other borrowers in rural America.
More info
Searchable text of the 18 USC 658 - Property mortgaged or pledged to farm credit agencies (US Code), including Notes, Amendments, and Table of Authorities. Property mortgaged or pledged to farm credit agencies.Whoever, with intent to defraud, knowingly conceals, removes, disposes of, or converts to his. Public money, property or records. Section 658 - Property mortgaged or pledged to farm credit agencies. Than farmers or ranchers in amounts exceeding 15 percent of the total of all loans outstanding in such bank. The term of the loan is 20 years. The interest rate is 4 percent below the direct FO rate, but not lower than 1. Farm Credit Services of America, a customer-owned financial cooperative, finances farmers and ranchers in Iowa, Nebraska, South Dakota and Wyoming. You also have the option to convert your LOC to a term loan.