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ative to the character and credit standing of applicants, recommendations of loan committees or other groups authorized to consider and/or act upon loan applications, etc.

Nothing in this section shall be deemed to prohibit access to information in the possession of the Farm Credit Administration or of a corporation under its supervision, where such access is officially requested by some department or independent office of the Government of the United States, for use in connection with the execution of the official duties of such department or office. (Sec. 6, 47 Stat. 14, sec. 17, 39 Stat. 375, sec. 2, 42 Stat. 1459, secs. 1-43, 48 Stat. 257 ff., as amended, sec. 4, 46 Stat. 13, sec. 201 (e), 47 Stat. 713, sec. 16, 48 Stat. 1221, sec. 6, 44 Stat. 803; 12 U.S.C. 665, 831, 1101, 1131-1138f, 1141b, 1148, 1766 and Sup., 7 U.S.C. 456) [FCA Order 96, May 15, 1935]

4.4 Prohibiting divulgence of information. Except upon prior approval of the Governor of the Farm Credit Administration, all employees of the Farm Credit Administration, acting pursuant to the Acts of Congress approved February 23, 1934 (48 Stat. 354); June 19, 1934 (48 Stat. 1055) and Executive Order 6747, June 23, 1934 (6 CFR 1.3); February 20, 1935 (49 Stat. 28); April 8, 1935 (49 Stat. 115) and Executive Order 7305, February 28, 1936 (6 CFR 1.4); January 29, 1937 (50 Stat. 5; 12 U.S.C., Sup., 10201); and the Joint Resolution of Congress approved February 4, 1938 (52 Stat. 26), in administering emergency crop and feed loans made pursuant thereto, are prohibited from disclosing or furnishing, to any person other than an employee of the Federal Government, any information contained in any report upon or in any application for a loan authorized as aforesaid, or from giving out any copies thereof in court or from appearing as witnesses in any litigation, except on behalf of the United States in connection with a case referred to a United States attorney by the Governor, for the purpose of testifying to any facts or knowledge secured by them through any such applications or reports. Whenever subpenas shall have been served on such employees, except subpenas issued at the request of a United States attorney in connection with a case referred to him by the Governor, they will appear in court in answer thereto and, except with the prior approval aforesaid, will respectfully decline to testify to matters herein referred to as confidential, or to produce records thereof, on the grounds that. the same are confidential, and they are prohibited from so doing. No copy of any application or report shall be furnished to any court of the United States or to any other court except on a rule of that court upon the Governor of the Farm Credit Administration requesting such a copy. Whenever such a rule of court shall have been obtained, employees of the Farm Credit Administration are directed to prepare carefully a copy of the application or report containing the information called for and to send it to the Director of the Emergency Crop and Feed Loan Section at Washington, D. C., whereupon (unless existing circumstances or conditions should make it necessary to decline, in the interests of public service, to furnish such a copy) it will be submitted to the Governor of the Farm Credit Administration with the request that it be authenticated under the seal of the Farm Credit

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Administration and transmitted to the judge of the court requesting it.

Also, no information of the character hereinabove described as confidential shall be released to an employee of the Federal Government, other than employees of the Emergency Crop and Feed Loan Section, except on the prior approval of the Director of the Emergency Crop and Feed Loan Section. (E.O. 6747, June 23, 1934, 6 CFR 1.3. 48 Stat. 354, 48 Stat. 1055) [FCA Order 75, Oct. 29, 1934] (49 Stat. 28) [FCA Order 91, Mar. 22, 1935] (E.O. 7305, Feb. 28, 1936, 6 CFR 1.4. 49 Stat. 115) [FCA Order 122, Mar. 7, 1936] (50 Stat. 5; 12 U.S.C., Sup., 1020i) [FCA Order 174, Feb. 5, 1937] (50 Stat. 5, 52 Stat. 26; 12 U.S.C., Sup., 1020i, 10200 note) [FCA Order 212, Feb. 4, 1938]

Subchapter B-Federal Land Banks, National Farm Loan Associations, Federal Farm Mortgage Corporation and Joint Stock Land Banks

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10.19

10.20

10.21

Owners of undivided interests
(including partners).
Husband and wife.

Aliens.

Individuals taking title from a
corporation (bona fide owner-
ship required).

10.22 Corporations.

10.23 Livestock corporations.

Definitions in connection with
loans for certain purposes

10.36 "Equipment" and "Improve

ment" defined.

Use of loan proceeds

10.47 Agreement as to use of loan proceeds.

Basis of appraisal

10.213 Normal agricultural value as basis of appraisal.

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Sec.

Farm unit

10.257 Farm unit; required area and
yield of farm.
Computing maximum

10.321

loanable

amount

Method of computing maximum amount loanable.

Special interest rates

10.330-50 Special interest rates on certain Federal land bank loans.

Insurance regulations

10.331 Buildings on which insurance must be maintained by mortgagor; amount and type of in

surance.

10.332 Additional insurance requirable. 10.333 Insurance to be maintained when full amount cannot be provided. 10.334 Reduced insurance to be maintained under certain other circumstances.

10.335 Acceptable insurers.

10.336 Losses to be made payable to
land bank.

10.337 Mortgagor's option to use loss
proceeds for reconstruction.
10.338 Subsequent owners.
10.339 Exercise of mortgagor's option to
use loss proceeds.

10.340 Reconstruction of improvements
in different form.
10.341 Evidence that mortgagor can
supply additional funds; mean-
ing of term "reconstruction".
10.342 Evidence required for disburse-
ment of loss proceeds.

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10.364 Interest.

10.365 Subscription to stock.

10.366 Stock held as collateral security.

Sec.

Lost, stolen, destroyed, mutilated, or defaced bonds and coupons

10.671 Bonds issued by individual Federal land banks.

10.672 Bonds issued by individual banks; indemnity by applicants for relief.

10.673 Consolidated Federal farm loan
bonds.

10.674 Proof required from applicants.
10.675 Affidavits of persons having
knowledge of facts.
10.676 Submission of application to

Land Bank Commissioner. 10.677 Recovery of original bond. 10.678 Immaterial defacements and mu tilations.

10.679 Affidavits.

10.680 Bonds of indemnity.

Acknowledgment of transfer of

bonds

eral land banks.

10.367 Cancelation of direct loan stock. 10.681 Bonds issued by individual Fed10.368 Receipt evidencing stock subscription.

Refinancing of acquired mort-
gages

10.382 Refinancing mortgages acquired
by Federal land banks.
Prepayment of loans

10.386 Payments in advance after five years.

10.387 Payment in full before five years.

10.682

Consolidated Federal farm loan bonds.

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Exempted securities under Securities Exchange Act of 1934 Exempted securities under Securities Exchange Act of 1934. Conditional payments by borrowers for subsequent credit Conditional payments by borrowers for subsequent credit upon indebtedness to land bank.

SPECIAL CLASSES OF APPLICANTS

Section 10.7 Executors and administrators. Loans may be made to executors and administrators (including temporary administrators) when (a) either some individual beneficiary of the decedent's estate, or the executor, administrator, or any coexecutor or coadministrator of the estate, independently of his representative capacity, is (1) eligible as a borrower, and (2) owns, or is about to become the owner of, an interest in the property on which the loan is sought, and (3) can and will incur personal liability for the loan and assume the obligations of national farm loan association membership; and (b) a valid lien can and will be given on the property on which the loan is sought. As used in this section, the term "eligible as a borrower" means a person who is engaged in farming operations, or

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who is shortly to become engaged in farming operations, or who derives the principal part of his income from farming operations.t (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 "Sixth", 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 "Sixth", and Sup.)

†In §§ 10.7 to 10.769, inclusive, the numbers to the right of the decimal point correspond with the respective section numbers in the Manual for Federal land banks, issued as of April 1, 1938, by the Land Bank Commissioner and approved by the Executive Committee of the Federal Farm Mortgage Corporation insofar as the Manual sections deal with matters relating to the Federal Farm Mortgage Corporation.

10.8 Heirs, devisees and grantees of a deceased owner of farm land. Loans may be made to heirs (including a sole heir taking without administration), devisees and grantees of a deceased owner of farm land under the same conditions as will permit a loan being made to any other owner of farm land.† (Sec. 6, 47 Stat. 14, sec. 12 "Sixth", 39 Stat. 371, as amended; 12 U.S.C., 665, 771 "Sixth", and Sup.)

10.9 Trustees. Loans may be made to trustees (whether appointed by will or deed inter vivos) when (a) the trustee in his fiduciary capacity is engaged, or shortly to become engaged, in farming operations, or the beneficiaries of the trust are engaged in farming operations or derive the principal part of their income from farming operations; and (b) a valid lien can and will be given on the property on which the loan is sought; and (c) the trustee, or any cotrustee, or some individual beneficiary of the trust can and will incur personal liability for the loan, and assume the obligations of national farm loan association membership.t (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 "Sixth", 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 "Sixth", and Sup.)

10.12 Guardians. Loans may be made to guardians when (a) the guardian in his fiduciary capacity is engaged, or shortly to become engaged, in farming operations, or the wards are engaged in farming operations or derive the principal part of their income from farming operations; and (b) a valid lien can and will be given on the property on which the loan is sought; and (c) the guardian, or any coguardian, independently of his fiduciary capacity owns an interest in the property, and can and will incur personal liability for the loan and assume the obligations of national farm loan association membership.† (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 "Sixth", 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 "Sixth", and Sup.)

10.13 Persons not sui juris (including infants, insane persons, and incompetents) when not represented by a guardian. Loans may not be made to persons not sui juris (including infants, insane persons, and incompetents) when not represented by a guardian; and property in which such a person, not represented by a guardian, owns an interest is ineligible as security for a loan.t (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 "Sixth", 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 "Sixth", and Sup.)

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For source citation, see note to § 10.7.

10.14 Landlords. Loans may be made to landlords when (a) the landlord has the right to and does exercise substantial control over the management of the farm on which the loan is sought; or (b) he is engaged, or shortly to become engaged, in farming operations, independently of his capacity as landlord of the farm on which the loan is sought; or (c) the principal part of his income is derived from farming operations. (Sec. 6, 47 Stat. 14, sec. 12 "Sixth", 39 Stat. 371, as amended; 12 U.S.C. 665, 771 "Sixth", and Sup.)

10.15 Owners of future interests. Loans may be made to owners of future interests when (a) all interests necessary to the creation of a fee simple estate in the land on which the loan is sought are included in the mortgage; and (b) the owner of the future interest is engaged, or shortly to become engaged, in farming operations independently of his capacity as owner of a future interest in the farm on which the loan is sought, or derives the principal part of his income from farming operations. (Sec. 6, 47 Stat. 14, secs. 2, 12 "First", "Sixth", 39 Stat. 360, 371, as amended; 12 U.S.C. 665, 642, 771 "First", "Sixth", and Sup.)

10.16 Tenants for years. Loans may not be made to tenants for years.t (Sec. 6, 47 Stat. 14, secs. 2, 12 "First", "Sixth", 39 Stat. 360, 371, as amended; 12 U.S.C. 665, 642, 771 "First", "Sixth", and Sup.)

10.17 Life tenants. Loans may be made to life tenants when (a) all interests necessary to the creation of a fee simple estate in the land on which the loan is sought are included in the mortgage; and (b) the life tenant, by reason of farming operations conducted by him on the land covered by his life interest, or otherwise, is eligible as a borrower. As used in this section, the term "eligible as a borrower" means a person who is engaged in farming operations, or who is shortly to become engaged in farming operations, or who derives the principal part of his income from farming operations.t (Sec. 6, 47 Stat. 14; secs. 2, 12 "First", "Sixth", 39 Stat. 360, 371, as amended; 12 U.S.C. 665, 642, 771 "First", "Sixth", and Sup.)

10.18 Owners of undivided interests (including partners). Loans may be made to owners of undivided interests (including partners) when (a) all interests are included in the mortgage; and (b) the owner who desires the loan is, by reason of farming operations conducted by him on land covered by his undivided interest, or otherwise, eligible as a borrower. As used in this section, the term "eligible as a borrower" means a person who is engaged in farming operations, or who is shortly to become engaged in farming operations, or who derives the principal part of his income from farming operations. (Sec. 6, 47 Stat. 14, secs. 2, 12 "First", "Sixth", 39 Stat. 360, 371, as amended; 12 U.S.C. 665, 642, 771 “First”, “Sixth", and Sup.)

10.19 Husband and wife. Husband and wife owning lands in severalty may borrow on their respective lands.t (Sec. 6, 47 Stat. 14, sec. 12 "Sixth", 39 Stat. 371, as amended; 12 U.S.C. 665, 771 "Sixth", and Sup.)

For source citation, see note to § 10.7.

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