7 CFR 1434.12 - Liens.
(a) CCC's security interest in the honey pledged as collateral is first and superior to all other security interests.
(b) The county office shall file or record, as required by State law, all financing statements needed to perfect a security interest in honey pledged as collateral for a loan. The cost of filing and recording shall be for the account of CCC.
(c) If there are any other security interests, liens, or encumbrances on the honey, CCC shall obtain waivers that fully protect the interest of CCC even though the security interests, liens, or encumbrances are satisfied from the loan proceeds. No additional security interests, liens, or encumbrances shall be placed on the honey after the loan is approved.
Title 7 published on 2014-01-01
no entries appear in the Federal Register after this date.