Sec. 2. Extension in certain cases of bankruptcy
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Section 1203 of the Agricultural Act of 2014 ( 7 U.S.C. 9033 ) is amended— by striking The Secretary and inserting the following: Except as provided in paragraph (2), the Secretary ; and by adding at the end the following: This paragraph applies in any case in which— the producers on a farm have a marketing assistance loan under section 1201 for a loan commodity; the producers have sold, transferred, or delivered the loan commodity subject to the loan to a purchaser; and prior to the purchaser paying the producers full payment for the loan commodity, a case under any chapter of title 11, United States Code, has been commenced in which the purchaser is the debtor.
In a case described in subparagraph (A), the Secretary shall— extend the term of the marketing assistance loan until the date on which the case under title 11, United States Code, is closed or dismissed to a date that is at least 180 days following the final resolution of the bankruptcy case; and extend the deadline for repayment of any installment of an ownership, operating, or emergency loan made under the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) until the date on which the case under title 11, United States Code, is closed or dismissed to a date that is at least 180 days following the final resolution of the bankruptcy case; and if the purchaser has taken possession of the loan commodity, suspend the accruing of interest during the period of any extension under clause (i). .
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