Negligent Servicing [Agriculture] Law and Legal Definition
According to 7 CFR 761.2 [Title 7 – Agriculture, Subtitle B - Regulations of the Department of Agriculture, Chapter VII - Farm Service Agency, Department of Agriculture, Subchapter D - Special Programs, Part 761 - General Program Administration, Subpart A - General Provisions], negligent servicing is “servicing that fails to include those actions that are considered normal industry standards of loan management or comply with the lender's agreement or the guarantee. Negligent servicing includes failure to act or failure to act in a timely manner consistent with actions of a reasonable lender in loan making, servicing, and collection.”
Legal Definition list
Related Legal Terms
- 30-Year Contract [Agriculture]
- Abandoned Security Property [Agriculture]
- Acquisition and Cross-Servicing Agreement
- Actual Yield [Agriculture]
- Adjusted Yield [Agriculture]
- Advisory Committe of Department of Agriculture
- Agricultural Cooperative Agreement [Agriculture]
- Agriculture Acquisition Regulation [AGAR]
- Agriculture Conservation Experienced Services Program
- Agriculture Marketing Act
