7 CFR 772.9 - Releases.

§ 772.9 Releases.
(a) Security. Minor Program liens may be released when:
(1) The debt is paid in full;
(2) Security property is sold for market value and sale proceeds are received and applied to the borrower's creditors according to lien priority; or
(3) An exchange in accordance with § 772.8 has been concluded.
(b) Borrower liability. The Agency may release a borrower from liability when the Minor Program loan, plus all administrative collection costs and charges are paid in full. IMP borrowers who have had previous debt forgiveness on a farm loan program loan as defined in 7 CFR part 761, however, cannot be released from liability by FSA until the previous loss to the Agency has been repaid with interest from the date of debt forgiveness. An AMP borrower may also be released in accordance with § 772.10 in conjunction with a transfer and assumption.
(c) Servicing of debt not satisfied through liquidation. Balances remaining after sale or liquidation of the security will be subject to administrative offset in accordance with 7 CFR part 3, Department of Treasury Offset Program (TOP) and Treasury Cross-Servicing regulations at 31 CFR part 285 and Federal Claims Collections Standards at 31 CFR parts 900-904. Thereafter the debt settlement provisions in 7 CFR part 1956, subpart B of chapter XVIII of the Code of Federal Regulations or successor regulation apply.
[68 FR 69949, Dec. 16, 2003, as amended at 69 FR 7679, Feb. 19, 2004; 72 FR 64121, Nov. 15, 2007]

Title 7 published on 2014-01-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


United States Code
U.S. Code: Title 7 - AGRICULTURE
U.S. Code: Title 25 - INDIANS

Title 7 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 7 CFR 772 after this date.

  • 2014-09-03; vol. 79 # 170 - Wednesday, September 3, 2014
    1. 79 FR 52239 - Environmental Policies and Procedures; Compliance with the National Environmental Policy Act and Related Authorities
      GPO FDSys XML | Text
      DEPARTMENT OF AGRICULTURE, Commodity Credit Corporation, Rural Business-Cooperative Service, Rural Utilities Service, Rural Housing Service, Farm Service Agency, and Farm Service Agency
      Proposed rule.
      We will consider comments that we receive by December 2, 2014.
      7 CFR Parts 761, 762, 763, 764, 765, 766, 767, 770, 772, 773, 774, and 799