(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.