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e-CFR data is current as of July 1, 2020

Title 7Subtitle BChapter VIISubchapter DPart 767 → Subpart B


Title 7: Agriculture
PART 767—INVENTORY PROPERTY MANAGEMENT


Subpart B—Property Abandonment and Personal Property Removal


Contents
§767.51   Property abandonment.
§767.52   Disposition of personal property from real estate inventory property.
§§767.53-767.100   [Reserved]

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§767.51   Property abandonment.

The Agency will take actions necessary to secure, maintain, preserve, manage, and operate the abandoned security property, including marketing perishable security property on behalf of the borrower when such action is in the Agency's financial interest. If the security is in jeopardy, the Agency will take the above actions prior to completing servicing actions contained in 7 CFR part 766.

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§767.52   Disposition of personal property from real estate inventory property.

(a) Preparing to dispose of personal property. If, at the time of acquisition, personal property has been left on the real estate inventory property, the Agency will notify the former real estate owner and any known lienholders that the Agency will dispose of the personal property. Property of value may be sold at a public sale.

(b) Reclaiming personal property. The owner or lienholder may reclaim personal property at any time prior to the property's sale or disposal by paying all expenses incurred by the Agency in connection with the personal property.

(c) Use of proceeds from sale of personal property. Proceeds from the public sale of personal property will be distributed as follows:

(1) To lienholders in order of lien priority less a pro rata share of the sale expenses;

(2) To the inventory account up to the amount of expenses incurred by the Agency in connection with the sale of personal property;

(3) To the outstanding balance on the FLP loan; and

(4) To the borrower, if the borrower's whereabouts are known.

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§§767.53-767.100   [Reserved]

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