4-19-2. Department authorized to approve and make grants and loans, acquire
property, or 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, General Provisions Relating to Agricultural Associations, subject to Section
4-19-3, 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.
Amended by Chapter 260, 2009 General Session
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Last revised: Thursday, May 28, 2009