§ 1006b. Cancellation of entry or purchase upon loan default; entry or resale; conditions; satisfaction of indebtedness

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1949

   Pub. L. 81–697 § 2 · 63 Stat. 883

   Enacted · 7 U.S.C. § 1006b

   (Oct. 19, 1949, ch. 697, § 2, 63 Stat. 883.)

   Source evidence

   Code source credit
   (Oct. 19, 1949, ch. 697, § 2, 63 Stat. 883.)

   Enacted provision · exact public law section
   Sec. 2. Any entry or purchase contract land with respect to which Cancellation of contract. a loan is made under the authority of this Act shall be subject to cancellation by the Secretary of the Interior as provided by existing law or upon request of the Secretary of Agriculture whenever default occurs in the terms, conditions, covenants, or obligations contained in the mortgage. After cancellation or relinquishment of an entry Resale. or purchase contract, land on which there is a mortgage lien, pursuant to the provisions of this Act, shall thereafter, except as hereinafter provided, only be open to entry or resale to persons eligible for both an original entry or purchase contract and an original loan. Such entry or resale shall be subject to the outstanding balance of any amounts due the United States with respect to such land or such portion thereof as may be determined by the Secretary of Agriculture and the Secretary of the Interior, or their delegates, to be within the entryman’s or purchaser’s ability to pay on the basis of the longtime earning capacity of the land. If no entry or purchase is made Disposition of land by Secretary of Agriculture. within one year after the cancellation or relinquishment of a prior entry or purchase of land on which there is such a mortgage lien, the land shall be disposed of by the Secretary of Agriculture on terms 50 Stat. 530. 7 U. S. C. § 1017; Supp. II, § 1017 note. Ante, p. 144. consistent with the provisions of section 43 of the Bankhead-Jones Fann Tenant Act, as amended, for the satisfaction of the indebtedness secured by the mortgage, subject, however, to other outstanding charges on the land due the United States, and the purchaser of such land shall be entitled to the issuance of patent or deed upon the completion of all requirements with respect to the payment of such charges.

1 of 1 references resolved to an enrolled provision