4.14.314 ASSUMPTION OF LOANS, SUBSTITUTION OF COLLATERAL AND TRANSFER OF PROPERTY
(1) Loans may not be assumed without the prior
approval of the authority and then only if the person assuming the loan is
an eligible beginning farmer/rancher. Equipment and other depreciable
property may be exchanged or traded in on similar property, substituted as
collateral at the discretion of the financial institution without the prior
approval of the authority . The benefits of the loan made at the tax-free
rate from the proceeds of an authority bond
must remain with the qualified beginning farmer/rancher, and no person to whom
the property is traded or otherwise transferred may obtain the benefits of the authority loan.
History: 80-12-103, MCA; IMP, 80-12-103 and 80-12-201, MCA; NEW, 1984 MAR p. 363, Eff. 3/1/84; AMD, 2001 MAR p. 1723, Eff. 9/7/01.