4-19-103. Department authorized to approve and make grants and loans, acquire property, and lease or operate property.
218 words·~1 min read·
/ut/title-4/chapter-19/4-19-103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 7/1/2017
4-19-103. Department authorized to approve and make grants and loans, acquire property, and lease or operate property.
The department, in conjunction with the administration of the rural rehabilitation program, may:
(1)approve and make a loan to a farm or agricultural cooperative association regulated under Title 3, Uniform Agricultural Cooperative Association Act , subject to Section 4-19-104 , including:
(a)taking security for the loan through a mortgage, trust deed, pledge, or other security device;
(b)purchasing a promissory note, real estate contract, mortgage, trust deed, or other instrument or evidence of indebtedness; and
(c)collecting, compromising, canceling, or adjusting a claim or obligation arising out of the administration of the rural rehabilitation program;
(2)purchase or otherwise obtain property in which the department has acquired an interest on account of a mortgage, trust deed, lien, pledge, assignment, judgment, or other means at any execution or foreclosure sale;
(3)operate or lease, if necessary to protect its investment, property in which it has an interest, or sell or otherwise dispose of the property; and
(4)approve and make an education loan or an education grant to an individual for the purpose of attending a vocational school, college, or university to obtain additional education, qualifications, or skills.
Renumbered and Amended by Chapter 345 , 2017 General Session