Farm Storage Facility Loan Program Regulations Law and Legal Definition
Farm storage facility loan program (FSFL) was established by the U.S. federal government to provide low-interest financing for producers to build and improve farm storage and handling facilities. Only certain commodities are eligible for storage facilities under the program. The most common commodities used after the program was adopted include:
1.Corn, grain sorghum, rice, soybeans, oats, peanuts, wheat, barley and other items harvested as whole grain or other-than-whole grain commodities;
2.Pulse crops ;
3.Hay;
4.Renewable biomass ;
5.Fruits needing cold storage
According to 7 CFR 1436.15, a borrower must maintain a loan collateral in a condition suitable for the storage of one or more of the facility loan commodities. The term "loan collateral" refers to any property of any kind that was built or improved, or acquired using a loan. However, a borrower will be liable for all damages to or destruction of the loan collateral.
Legal Definition list
- Farm Service Agency
- Farm Program Payment Yield
- Farm Products
- Farm Ownership Loan
- Farm Operation
- Farm Storage Facility Loan Program Regulations
- Farm-in
- Farm-Out (Oil and Gas)
- Farm-Related Taxpayer
- Farmed Wetland
- Farmed-Wetland Pasture
Related Legal Terms
- 2257 Regulations
- 8 A Program
- Ability One Program
- Abuse in Later Life Program [Department of Justice]
- Academic Competitiveness Grant (ACG) Program [Education]
- Accelerated Nursing Degree Program
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Adjustable Rate Mortgage Loan
