(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.
Structure US Code
CHAPTER 50— AGRICULTURAL CREDIT
SUBCHAPTER IV— ADMINISTRATIVE PROVISIONS
§ 1981. Farmers Home Administration
§ 1981a. Loan moratorium and policy on foreclosures
§ 1981b. Farm loan interest rates
§ 1981c. Oil and gas royalty payments on loans
§ 1981d. Notice of loan service programs
§ 1981e. Planting and production history guidelines
§ 1981f. Underwriting forms and standards
§ 1982. Relief for mobilized military reservists from certain agricultural loan obligations
§ 1983. Special conditions and limitations on loans
§ 1983a. Prompt approval of loans and loan guarantees
§ 1983b. Beginning farmer and rancher individual development accounts pilot program
§ 1983c. Provision of information to borrowers
§ 1983d. Farmer loan pilot projects
§ 1986. Conflicts of interests
§ 1987. Debt adjustment and credit counseling; “summary period” defined; loan summary statements
§ 1990. Transfer of lands to Secretary
§ 1990a. Refinancing of certain rural hospital debt
§ 1993. Transition to private commercial or other sources of credit
§ 1994. Maximum amounts for loans authorized; long-term cost projections
§ 1996. Loans to resident aliens
§ 1997. Conservation easements
§ 1998. Guaranteed farm loan programs
§ 1999. Interest rate reduction program
§ 2001. Debt restructuring and loan servicing
§ 2001a. Debt restructuring and loan servicing for community facility loans
§ 2002. Transfer of inventory lands
§ 2003. Target participation rates
§ 2004. Expedited clearing of title to inventory property
§ 2005. Payment of losses on guaranteed loans
§ 2006. Waiver of mediation rights by borrowers
§ 2006e. Prohibition on use of loans for certain purposes
§ 2006f. Rural development certified lenders program
§§ 2007 to 2007e. Repealed. , ,
§ 2008. Rural development and farm loan program activities
§ 2008b. Socially disadvantaged farmers and ranchers; qualified beginning farmers and ranchers
§ 2008c. Rural Business-Cooperative Service programs technical assistance and training
§ 2008d. Recordkeeping of loans by borrower’s gender
§ 2008e. Prohibition under rural development programs
§ 2008f. Crop insurance requirement
§ 2008g. Payment of interest as condition of loan servicing for borrowers
§ 2008h. Loan and loan servicing limitations
§ 2008i. Short form certification of farm program borrower compliance
§ 2008k. Making and servicing of loans by personnel of State, county, or area committees
§ 2008l. Eligibility of employees of State, county, or area committee for loans and loan guarantees
§ 2008m. National Rural Development Partnership
§ 2008p. Grants for NOAA weather radio transmitters
§ 2008q–1. Grants to improve supply, stability, safety, and training of agricultural labor force
§ 2008s. Rural microentrepreneur assistance program
§ 2008v. Strategic economic and community development