§ 617.7600. What are the definitions used in this subpart?
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/us/cfr/t12/s§ 617.7600·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the definitions in § 617.7000, the following definitions apply to this subpart. Acquired agricultural real estate or property means agricultural real estate acquired by a System institution as a result of a loan foreclosure or a voluntary conveyance by a borrower who, as determined by the institution, does not have the financial resources to avoid foreclosure. Previous owner means:
(1)The prior record owner who was a borrower from a System institution and did not have the financial resources, as determined by the institution, to avoid foreclosure on acquired agricultural real estate; or
(2)The prior record owner who is not a borrower and whose acquired agricultural real estate was used as collateral for a loan to a System borrower. System institution means a Farm Credit System institution, except a bank for cooperatives, which makes loans as defined in § 617.7000.