15E.207 - IOWA AGRICULTURAL INDUSTRY FINANCE CORPORATIONS -- GUIDING PRINCIPLES.
15E.207 IOWA AGRICULTURAL INDUSTRY FINANCE
CORPORATIONS -- GUIDING PRINCIPLES.
In carrying out its duties and exercising its powers under this
division, an Iowa agricultural industry finance corporation shall be
guided by the following principles:
1. a. The corporation must exercise diligence and care in the
selection of persons and projects to receive financing as provided in
section 15E.209. The corporation must apply customary and acceptable
business and lending standards and practices in selecting persons and
projects designated for financing and managing agreements under which
financing is provided.
b. In selecting projects to receive financing, it is the
intent of the general assembly that the corporation seek projects
with wage, benefit, and work safety plans which improve the quality
of employment in the state and which would not displace employees of
existing Iowa agricultural industry ventures.
2. Except as otherwise provided in this section, the corporation
shall not become an owner of real or depreciable property, including
agricultural land, as provided in section 9H.4. However, this
subsection shall not preclude the corporation from holding an
interest in real or depreciable property if any of the following
apply:
a. The corporation holds nonagricultural property for
purposes of carrying out the management of its corporate affairs,
including office space, furniture, and supplies.
b. The corporation holds an interest in real or depreciable
property on a temporary basis, and any of the following apply:
(1) The interest is a bona fide encumbrance taken for purposes of
security in connection with providing financing under section
15E.209.
(2) The interest is acquired by operation of law, including by
any of the following:
(a) Devise or bequest.
(b) Court order.
(c) Dissolution under chapter 490, division XIV.
(d) Order in bankruptcy.
(e) Pursuant to a proceeding to enforce a debt against real
property under chapter 654, to forfeit a contract to purchase real
property under chapter 656, to enforce a secured interest in real or
depreciable property under chapter 554, or to otherwise garnish, levy
on, execute on, seize, or attach real or depreciable property in the
collection of debts, or by any procedure for the enforcement of a
lien or claim.
(3) The interest is acquired in order to facilitate a transfer
between persons pursuant to a transaction authorized under this
division. Section History: Recent Form
98 Acts, ch 1207, §8; 2008 Acts, ch 1032, § 201
Referred to in §15E.208, 175.37