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7 U.S.C. § 1981c

Oil and gas royalty payments on loans

Ch. 50 — AGRICULTURAL CREDIT
Title 7 U.S.C. ● ACTIVE Primary Source Ch. 50
Statutory Text

7 U.S.C. § 1981c — Oil and gas royalty payments on loans

U.S.C. Title 7 - AGRICULTURE 7 U.S.C. United States Code, 2023 Edition Title 7 - AGRICULTURE CHAPTER 50 - AGRICULTURAL CREDIT SUBCHAPTER IV - ADMINISTRATIVE PROVISIONS Sec. 1981c - Oil and gas royalty payments on loans From the U.S. Government Publishing Office, www.gpo.gov

§1981c. Oil and gas royalty payments on loans

(a) The Secretary shall permit a borrower of a loan made or insured under this chapter to make a prospective payment on such loan with proceeds from— (1) the leasing of oil, gas, or other mineral rights to real property used to secure such loan; or (2) the sale of oil, gas, or other minerals removed from real property used to secure such loan, if the value of the rights to such oil, gas, or other minerals has not been used to secure such loan.

(b) Subsection (a) shall not apply to a borrower of a loan made or insured under this chapter with respect to which a liquidation or foreclosure proceeding is pending on December 23, 1985.

(Pub. L. 87–128, title III, §331C, as added Pub. L. 99–198, title XIII, §1310(a), Dec. 23, 1985, 99 Stat. 1523.)

Editorial Notes

References in Text This chapter, referred to in text, was in the original "this title", meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.

Source: uscode.house.gov — public domain Official Source ↗
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The statutory text of 7 U.S.C. § 1981c is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 7 U.S.C. § 1981b 7 U.S.C. § 1981d →
Ch. 50 — AGRICULTURAL CREDIT
7 U.S.C. § 19217 U.S.C. § 19227 U.S.C. § 19237 U.S.C. § 19247 U.S.C. § 19257 U.S.C. § 19267 U.S.C. § 192617 U.S.C. § 1926a7 U.S.C. § 1926b7 U.S.C. § 1926c7 U.S.C. § 1926d7 U.S.C. § 1926e7 U.S.C. § 1926f7 U.S.C. § 19277 U.S.C. § 1927a7 U.S.C. § 19287 U.S.C. § 19297 U.S.C. § 192917 U.S.C. § 1929a7 U.S.C. § 1929b7 U.S.C. § 19307 U.S.C. § 19317 U.S.C. § 19327 U.S.C. § 19337 U.S.C. § 19347 U.S.C. § 19357 U.S.C. § 19367 U.S.C. § 1936a7 U.S.C. § 1936b7 U.S.C. § 1936c
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