4-19-2 - Department authorized to approve and make grants and loans, acquire property, or lease or operate property.
4-19-2. Department authorized to approve and make grants and loans, acquireproperty, or lease or operate property.
The department, in conjunction with the administration of the rural rehabilitationprogram, may:
(1) approve and make a loan to a farm or agricultural cooperative association regulatedunder Title 3, Uniform Agricultural Cooperative Association Act, subject to Section 4-19-3,including:
(a) taking security for the loan through a mortgage, trust deed, pledge, or other securitydevice;
(b) purchasing a promissory note, real estate contract, mortgage, trust deed, or otherinstrument or evidence of indebtedness; and
(c) collecting, compromising, canceling, or adjusting a claim or obligation arising out ofthe administration of the rural rehabilitation program;
(2) purchase or otherwise obtain property in which the department has acquired aninterest on account of a mortgage, trust deed, lien, pledge, assignment, judgment, or other meansat any execution or foreclosure sale;
(3) operate or lease, if necessary to protect its investment, property in which it has aninterest or sell or otherwise dispose of the property; and
(4) approve and make an education loan or an education grant to an individual for thepurpose of attending a vocational school, college, or university to obtain additional education,qualifications, or skills.
Amended by Chapter 324, 2010 General Session