§ 1981c. Oil and gas royalty payments on loans

209 words·~1 min read·/usc/title-7/section-1981c

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(a)The Secretary shall permit a borrower of a loan made or insured under this chapter to make a prospective payment on such loan with proceeds from—

(1)the leasing of oil, gas, or other mineral rights to real property used to secure such loan; or

(2)the sale of oil, gas, or other minerals removed from real property used to secure such loan, if the value of the rights to such oil, gas, or other minerals has not been used to secure such loan.

(b)Subsection

(a)shall not apply to a borrower of a loan made or insured under this chapter with respect to which a liquidation or foreclosure proceeding is pending on December 23, 1985.

(Pub. L. 87–128, title III, § 331C, as added Pub. L. 99–198, title XIII, § 1310(a), Dec. 23, 1985, 99 Stat. 1523.)

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statute-compilations

Sec. 331C
**[**[7 U.S.C. 1981c](/us/usc/t7/s1981c)**]**

statutes-at-large

Public Law 99–197
To designate certain national forest system lands in the State of Kentucky for inclusion in the National Wilderness Preservation System, to release other forest lands for multiple use management, and for other purposes

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U.S. Code

Congressional findings
§ 1921

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Pub. L. 87–128, title III, § 331C
Pub. L. 99–198, title XIII, § 1310(a)
99 Stat. 1523
Pub. L. 87–128
75 Stat. 307

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§ 1981c

Oil and gas royalty payments on loans

Stat. Comp.×1

Stat.×1

U.S.C.§ 1921

Pub. L.Pub. L. 87–128, title III, § 331C

Pub. L.Pub. L. 99–198, title XIII, § 1310(a)

Stat.99 Stat. 1523

Pub. L.Pub. L. 87–128

Stat.75 Stat. 307

Cites 6Cited by 2 across 2 sources