
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC1006b]

 
                          TITLE 7--AGRICULTURE
 
                        CHAPTER 33--FARM TENANCY
 
       SUBCHAPTER I--TENANT PURCHASE LOANS AND MORTGAGE INSURANCE
 
Sec. 1006b. Cancellation of entry or purchase upon loan default; 
        entry or resale; conditions; satisfaction of indebtedness
        
    Any entry or purchase contract land with respect to which a loan is 
made under the authority of this section and section 1006a of this title 
shall be subject to cancellation by the Secretary of the Interior as 
provided by existing law or upon request of the Secretary of Agriculture 
whenever default occurs in the terms, conditions, covenants, or 
obligations contained in the mortgage. After cancellation or 
relinquishment of an entry or purchase contract, land on which there is 
a mortgage lien, pursuant to the provisions of said sections, shall 
thereafter, except as hereinafter provided, only be open to entry or 
resale to persons eligible for both an original entry or purchase 
contract and an original loan. Such entry or resale shall be subject to 
the outstanding balance of any amounts due the United States with 
respect to such land or such portion thereof as may be determined by the 
Secretary of Agriculture and the Secretary of the Interior, or their 
delegates, to be within the entryman's or purchaser's ability to pay on 
the basis of the long-time earning capacity of the land. If no entry or 
purchase is made within one year after the cancellation or 
relinquishment of a prior entry or purchase of land on which there is 
such a mortgage lien, the land shall be disposed of by the Secretary of 
Agriculture on terms consistent with the provisions of section 1017 \1\ 
of this title, for the satisfaction of the indebtedness secured by the 
mortgage, subject, however, to other outstanding charges on the land due 
the United States, and the purchaser of such land shall be entitled to 
the issuance of patent or deed upon the completion of all requirements 
with respect to the payment of such charges.
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    \1\ See References in Text note below.
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(Oct. 19, 1949, ch. 697, Sec. 2, 63 Stat. 883.)

                       References in Text

    Section 1017 of this title, referred to in text, was repealed by 
Pub. L. 87-128, title III, Sec. 341(a), Aug. 8, 1961, 75 Stat. 318.

                          Codification

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

                  Section Referred to in Other Sections

    This section is referred to in title 43 section 451f.
