Iowa Code 16.76 – Loans to beginning farmers
Current as of: 2023 | Check for updates
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1. As used in this section, “loan” includes but is not limited to mortgage or secured loans; loans insured, guaranteed, or otherwise secured by the federal government or a federal governmental agency or instrumentality, or a state agency or private mortgage insurers; and financing pursuant to an installment contract or contract for purchase arrangement.
Terms Used In Iowa Code 16.76
- Authority: means the Iowa finance authority created in section 16. See Iowa Code 16.1
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions acceptable to the authority, on a fee interest in real property which includes completed housing located within this state, or on a leasehold on such a fee interest which has a remaining term at the time of computation that exceeds by not less than ten years the maturity date of the mortgage loan. See Iowa Code 16.1
- Note: means a bond anticipation note or a housing development fund note issued by the authority pursuant to this chapter. See Iowa Code 16.1
- property: includes personal and real property. See Iowa Code 4.1
- State agency: means any board, commission, department, public officer, or other agency of the state of Iowa. See Iowa Code 16.1
2. The authority may make loans to beginning farmers to provide financing for agricultural land and agricultural improvements or depreciable agricultural property.
3. A loan shall contain terms and provisions, including interest rates, and be in a form established by rules of the authority. The authority may require a beginning farmer to execute a note, loan, or financing agreement, or other evidence of indebtedness, and to furnish additional assurances and guaranties, including insurance, reasonably related to protecting the security of the loan, as the authority deems necessary.