Loans to homestead or desertland entrymen and purchasers of lands in reclamation projects; security; first repayment installment

7 U.S.C. § 1006a

• Title: 7 — Agriculture
• Chapter: SUBCHAPTER I—TENANT PURCHASE LOANS AND MORTGAGE INSURANCE

Text

The Secretary of Agriculture is authorized to make a loan or loans for any purpose authorized by and in accordance with the terms of the Bankhead-Jones Farm Tenant Act, as amended, or the Act of August 28, 1937, as amended, to any person eligible for assistance under said Acts who has made or makes a homestead or desertland entry on public land or who has contracted for or contracts for the purchase of other land of the United States in a reclamation project pursuant to the applicable provisions of the homestead and reclamation laws. Any such loans required by the Secretary of Agriculture or by law to be secured by a real-estate mortgage may be secured by a mortgage contract which shall create a lien against the land in favor of the United States acting through the Secretary of Agriculture and any patent thereafter issued shall recite the existence of such lien. The first installment for the repayment of any such loan or any other loan made under the Bankhead-Jones Farm Tenant Act, as amended, or the Act of August 28, 1937, as amended, to the owner of a newly irrigated farm in a reclamation project or to an entryman under the desertland laws, may be deferred for a period of not to exceed two years from the date of the first advance under such loan.

History

(Oct. 19, 1949, ch. 697, §1, 63 Stat. 883; Pub. L. 92–419, title VI, §602, Aug. 30, 1972, 86 Stat. 675.)

Editorial Notes

Editorial Notes

References in Text
The Bankhead-Jones Farm Tenant Act, referred to in text, is act July 22, 1937, ch. 517, 50 Stat. 522, which is classified generally to this chapter (§1000 et seq.). For complete classification of this Act to the Code, see section 1000 of this title and Tables.
Act of August 28, 1937, referred to in text, was classified to sections 590r to 590x–4 of Title 16, Conservation, and was repealed by Pub. L. 87–128, title III, §341(a), Aug. 8, 1961, 75 Stat. 318. See section 921 et seq. of this title.

Codification
Section was not enacted as part of the Bankhead-Jones Farm Tenant Act, which constitutes a major part of this chapter.

Amendments
1972—Pub. L. 92–419 authorized loans to desertland entrymen and provided for first repayment installment of a loan to an entryman under the desertland laws.