South Carolina Code 46-3-145. “Beneficiary class” defined; department involvement with loan programs
(1) "Beneficiary class" means:
Terms Used In South Carolina Code 46-3-145
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(a) farmers and farm families of low and moderate income;
(b) residents of the State who produce evidence satisfactory to the authority that they intend to become residents and begin farming within the State;
(c) farmers who shall use the agricultural land, agricultural improvements, or depreciable agricultural property proposed to be purchased for farming within the State;
(d) farmers who shall apply the proceeds of each mortgage loan to the acquisition by the farmer of agricultural land or agricultural improvements thereon, or depreciable agricultural property totaling no more than six hundred twenty-five thousand dollars in fair market value;
(e) farmers who demonstrate to the authority’s satisfaction that they can repay the loan from farming operations within the State;
(f) farmers who are creditworthy according to standards prescribed by the authority;
(g) farmers who, inclusive of amounts estimated to be received as a result of the acquisition of the agricultural land, agricultural improvements, or depreciable agricultural property to be financed with each mortgage loan or secured loan, receive at least sixty percent of the combined gross incomes of the farmer, his spouse, and dependents from farming operations within the State;
(h) farmers who have not received previously a mortgage loan or secured loan from an entity authorized to make loans under the provisions of this section. This restriction does not apply if the amount of the loan previously received for the property plus the amount of the loan sought does not exceed six hundred twenty-five thousand dollars for agricultural land or agricultural improvements or depreciable agricultural property;
(i) farmers who satisfy other criteria the department prescribes by regulation.
(B) The Department of Agriculture may participate in and cooperate with the programs of the Farmers Home Administration, the Federal Land Banks or its successors, and any other agency or instrumentality of the United States and sponsor or participate in programs with other entities, including nonprofit corporations which may make loans to farmers of the beneficiary class, and participate in and cooperate with a program of another agency of the State or a political subdivision in the administration of any of the programs authorized to make loans to farmers of the beneficiary class.