CHAPTER 2. INDIANA RURAL REHABILITATION CORPORATION
IC 15-12-2
Chapter 2. Indiana Rural Rehabilitation Corporation
IC 15-12-2-1
"Director"
Sec. 1. As used in this chapter, "director" means the director of
the Indiana state department of agriculture.
As added by P.L.2-2008, SEC.3. Amended by P.L.120-2008, SEC.34.
IC 15-12-2-2
State official; trust assets of the rural rehabilitation corporation
Sec. 2. The director is designated as the state official to make
application to and receive from the United States Secretary of
Agriculture, or any other proper federal official, under and subject to
Public Law 499, 81st Congress, approved May 3, 1950, the trust
assets, either funds or property, held by the United States as trustee
on behalf of the Indiana rural rehabilitation corporation.
As added by P.L.2-2008, SEC.3.
IC 15-12-2-3
Agreements for federal administration
Sec. 3. (a) The director may enter into agreements with the United
States Secretary of Agriculture under Section 2(f) of Public Law 499,
81st Congress, upon the terms and conditions and for periods as may
be mutually agreeable, authorizing the United States Secretary of
Agriculture to accept, administer, expend, and use in Indiana all or
any part of the trust assets or any other funds of the state of Indiana
that may be appropriated to use in carrying out the purposes of Titles
1 and 2 of the Bankhead-Jones Farm Tenant Act, in accordance with
the applicable provisions of Title 4 of the Bankhead-Jones Farm
Tenant Act, as amended.
(b) The director shall provide in an agreement with the United
States Secretary of Agriculture under this section:
(1) that all of the funds shall be administered through the
Farmer's Home Administration;
(2) that only three percent (3%) of the book value of the assets
transferred may be used for administrative purposes; and
(3) that the Farmer's Home Administration may do any and all
things necessary to effectuate and carry out the purposes of
agreements under this section.
As added by P.L.2-2008, SEC.3.
IC 15-12-2-4
Deposit and expenditure of funds
Sec. 4. Notwithstanding any other law, funds and the proceeds of
the trust assets that are not authorized to be administered by the
United States Secretary of Agriculture under section 3 of this chapter
shall be received by the director under an application made under
section 2 of this chapter. The director shall deposit the funds with the
treasurer of state. The funds shall be held in a special fund for
expenditure on proper voucher and warrant by the director for
purposes of section 3 of this chapter.
As added by P.L.2-2008, SEC.3.
IC 15-12-2-5
Director's powers; delegation
Sec. 5. (a) The director may do the following:
(1) Collect, compromise, adjust, or cancel claims and
obligations arising out of or administered under:
(A) this chapter; or
(B) any mortgage, lease, contract, or agreement entered into
or administered under this chapter.
(2) If in the director's judgment it is necessary and advisable,
pursue a claim or an obligation described in subdivision (1) to
final collection in any court having jurisdiction.
(3) Bid for and purchase at any execution, foreclosure, or other
sale or otherwise acquire property:
(A) on which the director has a lien by reason of a judgment
or execution; or
(B) that is pledged, mortgaged, or conveyed to secure or that
otherwise secures any loan or other indebtedness owing to
or acquired by the director under this chapter.
(4) Accept title to any property purchased or acquired under this
section, operate or lease the property for a period considered
necessary to protect the investment in the property, and sell or
dispose of the property in a manner consistent with this chapter.
(b) The authority under this section shall be delegated by the
director to the United States Secretary of Agriculture with respect to
funds or assets authorized to be administered and used by the
director under agreements entered into under section 3 of this
chapter.
As added by P.L.2-2008, SEC.3.
IC 15-12-2-6
Exemption from liability
Sec. 6. The United States and the United States Secretary of
Agriculture may not be held liable for the transfer of assets to the
director under this chapter.
As added by P.L.2-2008, SEC.3.