Utah Code 4-19-103. Department authorized to approve and make grants and loans, acquire property, and lease or operate property

The department, in conjunction with the administration of the rural rehabilitation program, may:

(1)

approve and make a loan to a farm or agricultural cooperative association regulated under Title 3, Uniform Agricultural Cooperative Association Act, subject to Section 4-19-104, including:

Contract: A legal written agreement that becomes binding when signed.
Deed: The legal instrument used to transfer title in real property from one person to another.
Department: means the Department of Agriculture and Food created in Chapter 2, Administration. See Utah Code 4-1-109
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.
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
Lien: A claim against real or personal property in satisfaction of a debt.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Property: includes both real and personal property. See Utah Code 68-3-12.5

(a)	taking security for the loan through a mortgage, trust deed, pledge, or other security device;

(b)	purchasing a promissory note, real estate contract, mortgage, trust deed, or other instrument or evidence of indebtedness; and

(c)	collecting, compromising, canceling, or adjusting a claim or obligation arising out of the administration of the rural rehabilitation program;

(2)	purchase or otherwise obtain property in which the department has acquired an interest on account of a mortgage, trust deed, lien, pledge, assignment, judgment, or other means at any execution or foreclosure sale;

(3)	operate or lease, if necessary to protect its investment, property in which it has an interest, or sell or otherwise dispose of the property; and

(4)	approve and make an education loan or an education grant to an individual for the purpose of attending a vocational school, college, or university to obtain additional education, qualifications, or skills.

Renumbered and Amended by Chapter 345, 2017 General Session