7 U.S. Code § 907 - Acquisition of property pledged for loans; disposition; sale of pledged property by borrower

The Secretary is authorized and empowered to bid for and purchase at any foreclosure or other sale, or otherwise to acquire, property pledged or mortgaged to secure any loan made pursuant to this chapter; to pay the purchase price and any costs and expenses incurred in connection therewith from the sums authorized in section 903 of this title; to accept title to any property so purchased or acquired in the name of the United States of America; to operate or lease such property for such period as may be deemed necessary or advisable to protect the investment therein, but not to exceed five years after the acquisition thereof; and to sell such property so purchased or acquired, upon such terms and for such consideration as the Secretary shall determine to be reasonable.
No borrower of funds under sections 904 or 922 of this title shall, without the approval of the Secretary, sell or dispose of its property, rights, or franchises, acquired under the provisions of this chapter, until any loan obtained from the Rural Electrification Administration, including all interest and charges, shall have been repaid.

Source

(May 20, 1936, ch. 432, title I, § 7,49 Stat. 1365; Oct. 28, 1949, ch. 776, §§ 2, 4 (f),63 Stat. 948; Pub. L. 103–354, title II, § 235(a)(13),Oct. 13, 1994, 108 Stat. 3221.)
Amendments

1994—Pub. L. 103–354substituted “Secretary” for “Administrator” wherever appearing.
1949—Act Oct. 28, 1949, inserted “or section 922” after “904” in second par., and inserted “title I,” in credit of act May 20, 1936.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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.


7 CFR - Agriculture

7 CFR Part 1700 - GENERAL INFORMATION

7 CFR Part 1703 - RURAL DEVELOPMENT

7 CFR Part 1709 - ASSISTANCE TO HIGH ENERGY COST COMMUNITIES

7 CFR Part 1710 - GENERAL AND PRE-LOAN POLICIES AND PROCEDURES COMMON TO ELECTRIC LOANS AND GUARANTEES

7 CFR Part 1714 - PRE-LOAN POLICIES AND PROCEDURES FOR INSURED ELECTRIC LOANS

7 CFR Part 1717 - POST-LOAN POLICIES AND PROCEDURES COMMON TO INSURED AND GUARANTEED ELECTRIC LOANS

7 CFR Part 1718 - LOAN SECURITY DOCUMENTS FOR ELECTRIC BORROWERS

7 CFR Part 1720 - GUARANTEES FOR BONDS AND NOTES ISSUED FOR ELECTRIFICATION OR TELEPHONE PURPOSES

7 CFR Part 1721 - POST-LOAN POLICIES AND PROCEDURES FOR INSURED ELECTRIC LOANS

7 CFR Part 1724 - ELECTRIC ENGINEERING, ARCHITECTURAL SERVICES AND DESIGN POLICIES AND PROCEDURES

7 CFR Part 1726 - ELECTRIC SYSTEM CONSTRUCTION POLICIES AND PROCEDURES

7 CFR Part 1728 - ELECTRIC STANDARDS AND SPECIFICATIONS FOR MATERIALS AND CONSTRUCTION

7 CFR Part 1730 - ELECTRIC SYSTEM OPERATIONS AND MAINTENANCE

7 CFR Part 1735 - GENERAL POLICIES, TYPES OF LOANS, LOAN REQUIREMENTS—TELECOMMUNICATIONS PROGRAM

7 CFR Part 1737 - PRE-LOAN POLICIES AND PROCEDURES COMMON TO INSURED AND GUARANTEED TELECOMMUNICATIONS LOANS

7 CFR Part 1738 - RURAL BROADBAND ACCESS LOANS AND LOAN GUARANTEES

7 CFR Part 1744 - POST-LOAN POLICIES AND PROCEDURES COMMON TO GUARANTEED AND INSURED TELEPHONE LOANS

7 CFR Part 1751 - TELECOMMUNICATIONS SYSTEM PLANNING AND DESIGN CRITERIA, AND PROCEDURES

7 CFR Part 1753 - TELECOMMUNICATIONS SYSTEM CONSTRUCTION POLICIES AND PROCEDURES

7 CFR Part 1755 - TELECOMMUNICATIONS POLICIES ON SPECIFICATIONS, ACCEPTABLE MATERIALS, AND STANDARD CONTRACT FORMS

7 CFR Part 1767 - ACCOUNTING REQUIREMENTS FOR RUS ELECTRIC BORROWERS

7 CFR Part 1770 - ACCOUNTING REQUIREMENTS FOR RUS TELECOMMUNICATIONS BORROWERS

7 CFR Part 1773 - POLICY ON AUDITS OF RUS BORROWERS

7 CFR Part 1785 - LOAN ACCOUNT COMPUTATIONS, PROCEDURES AND POLICIES FOR ELECTRIC AND TELEPHONE BORROWERS

7 CFR Part 1786 - PREPAYMENT OF RUS GUARANTEED AND INSURED LOANS TO ELECTRIC AND TELEPHONE BORROWERS

7 CFR Part 1787

7 CFR Part 1788 - RUS FIDELITY AND INSURANCE REQUIREMENTS FOR ELECTRIC AND TELECOMMUNICATIONS BORROWERS

7 CFR Part 1792 - COMPLIANCE WITH OTHER FEDERAL STATUTES, REGULATIONS, AND EXECUTIVE ORDERS

 

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