Finance and Credit

 

contentphoto_farmcreditOverview

Farmers must often borrow large amounts of capital and incur sizeable debts in order to operate and maintain their farming operations. Therefore, the complex network of state and federal statutes, regulations, case law, and lending institutions that comprise the area of farm credit is of increasing significance to those involved in all aspects agricultural production. Read the full overview.

 

Note: Recently added resources are posted at the top of the applicable sections.



Major Statutes

American Rescue Plan Act (ARP)
Paycheck Protection Flexibility Act
CARES Act
Consolidated Appropriations Act (CCA)
Agricultural Credit, 7 U.S.C. §§ 1921—2009ee-3
Farm Credit System, 12 U.S.C. §§ 2001—2279cc
Consolidated Farm and Rural Development Act, 7 U.S.C. §§ 1921–2009dd-7
State Agricultural Loan Mediation Programs, 7 U.S.C. §§ 5101–5106
Adjustment and Cancellation of Farm Loans, 12 U.S.C. §§ 1150–1150c
Agricultural Marketing Act, 12 U.S.C. §§ 1141–1141j
Regional Agricultural Credit Corporations, 12 U.S.C. §§ 1148–1148d
Equal Credit Opportunity Act  (ECOA), 15 U.S.C. §§ 1691–1691f
Uniform Commercial Code
States’ Alternative Dispute Resolution (ADR) Statutes
Updated Compilation of States’ Statutory Agricultural Lien Charts

Regulations

Coronavirus Food Assistance Program, 7 C.F.R. pt. 9
National Appeals Division, 7 C.F.R. pt. 11
Federal Crop Insurance Corporation, 7 C.F.R. pt. 400-499
Guaranteed Farm Loans, 7 C.F.R. pt. 762
Direct Loan Making, 7 C.F.R. pt. 764
Farm Loan Programs Relending Programs, 7 C.F.R. pt. 769
Commodity Credit Corporation, 7 C.F.R. pt. 1400–1499
Direct Operating Loans, 7 C.F.R. pt. 1941
Direct Farm Ownership Loans, 7 C.F.R. pt. 1943
Servicing and Collections, 7 C.F.R. pt. 1951
Property Management, 7 C.F.R. pt. 1955
Debt Settlement, 7 C.F.R. pt. 1956
Personal Property, 7 C.F.R. pt. 1962
Farm Credit Administration, 12 C.F.R. pts. 600-655
Farm Credit System Insurance Corporation, 12 C.F.R. pts. 1400-1403; 1408; 1410-1411
Federal Register Rules Open for Comment

Case Law

Case Law Index for Finance and Credit

Center Research Publications

Figuring the Federal Farm Products Rule (Brown, 2022)
Financing the Farm: A Law Bulleting Series on Legal Arrangements for Farm Financing (Kirk Hall & Bachelor, 2019)
Updated Statutory Agricultural Lien Charts (Springsteen & Fiser, 2009)
U.C.C. Forms and Filing Information (Springsteen, 2009)
2005 Commercial Law Update (Meyer, 2006)
The Farmer’s Legal Guide to Producer Marketing Associations (O’Brien, Hamilton & Luedeman, 2006)
Rabobank Offer to Purchase FCS of America (O’Brien, 2004)
Chapter 12 Bankruptcy: On Again, Off Again (Schneider, 2003)
Husband and Wife Farmers in Ag Bankruptcy: The “Tools of the Trade” Exemption (Pittman, 2002)
Enforcement of Money Judgments Across Indian Reservation Boundaries (Laurence, 2002)
Statutory Ag Liens Under Revised Article 9 (Schneider, 2002)

Congressional Research Service Reports

Reports– published and made available by CRS beginning in 2017
Subjects- published by CRS and made available by NALC until 2018:

Finance and Credit
Federal Loan Programs

Agricultural Law Bibliography

Introduction   |   Keyword Search   |   Browse Categories

Legal publications on Finance & Credit:

Bankruptcy
Federal Loan Programs (Farmers Home Administration/Farm Service Agency)
Finance and Credit
Land Sales/Real Estate Finance, Mortgages/Foreclosures
Leases, Landlord-Tenant
Uniform Commercial Code

Reference Resources

Farm Credit System

Farm Credit Services
Farm Credit: Community Engagement
AgEd
Young and Beginning Farmers
Farmer Veterans
Local and Regional Food Systems
Opportunity in Ag
Rural Communities
Federal Farm Credit Banks Funding Corporation

Farm Service Agency (FSA)

Farm Service Agency Farm Loans Program Homepage
FSA Direct Loan Program Information Sheet
Guaranteed Loans
FSA Guaranteed Loan Program Information Sheet
Lender Types
Fact Sheet: Socially Disadvantaged Farmers and Ranchers
Beginning Farmer and Rancher Loans
Fact Sheet: Loans for Beginning Farmers and Ranchers
FSA Handbook for Farm Loan Programs
General Program Administration
Guaranteed Loan Making and Servicing
Direct Loanmaking
Regular Direct Loan Servicing
Direct Loan Servicing – Special and Inventory Property Management
Special Programs
Farm Loan Analysis Group
Sign Up for Notices

Economic Research Service (ERS)

Topics: Risk Management
Agricultural Income and Finance Situation and Outlook
Climate Change and Agricultural Risk Management into the 21st Century (2019)
Publication: The Debt Finance Landscape for U.S. Farming and Farm Businesses (Harris et al., 2009)
Credit in Rural America (1997)
Issues in Agricultural and Rural Finance (1998)

Other Federal Resources

American Rescue Plan

USDA Fact Sheet
Debt Payments
FAQs on ARP Debt Relief for Socially Disadvantaged Borrowers
ARP Section 1005 Litigation FAQs

Farm Ownership Loans
Farmers.gov

Loan Options
Farm Loan Discovery Tool
Heirs’ Property Relending Program

IRS

Agricultural Employer’s Tax Guide
Farmer’s Tax Guide

Pandemic Livestock Indemnity Program
Small Business Administration
USDA COVID-19 Farmer Resources 
Farm Credit Administration
Federal Reserve AgLetter
Farmer Mac (Federal Agricultural Mortgage Corporation)
Farm Credit Administration Office of General Counsel Legal Opinion Summaries
Office of Civil Rights

Publications

What’s in the American Rescue Plan for Agriculture? (Farm Bureau, 2021)
Navigating COVID Relief for Farmers (FLAG, 2021)
CCA: Highlights of Tax Issues Impacting Farm Businesses (Ward, 2021)
Survival Analysis of Farm Bankruptcy Filings (Dinterman & Katchova, 2020)
Congress Revises Paycheck Protection Program to Assist Borrowers (Tidgren, 2020)
SBA Issues Guidance and Forgiveness Applications to Conform with PPP Flexibility Act (Tidgren, 2020)
Farm Legal Series (U. MN Ext., 2020)
Review of Credit Conditions: Report from Agricultural Lenders (House Agricultural Committee, 2019)
Section 1631 and the Farm Products Exception to the UCC Exception (Schumm, 2019)
Chapter 12 Bankruptcy Basics (US Courts)
Financing the Community Supported Farm (UVM Ext.)
Overview: Farm Bill Programs & Grants (NSAC)
A Guide to Borrower Litigation Against the FCS and the Rights of FCS Borrowers (1990)
Agricultural Lending- Version 1.3 (Office of the Comptroller of the Currency, Updated 2020)
2017 Annual Report on the Farm Credit System (FCS, 2018)
Overview of Financial Systems for New and Beginning Farmers (Virginia Tech, 2016)
Leverage of U.S. Farmers: A Deeper Perspective (Ellinger et al., 2016)
Farm Debt Use by Farms with Crop Insurance (Ifft et al., 2013)
Debt, Income, and Farm Financial Stress (Federal Reserve Bank of Kansas City, 2010)
The Farm Credit System (American Bankers Association, Ely 2019)
Trends in Agricultural Finance (Kaiser & Ormison, 2016)
Ag Bankruptcies (Massouh, 2016)
Update on the Sec. 1031 AND Sec. 1033 Like Kind Exchanges in Agriculture (Rattikin, 2017)
Farmer’s Guide to the Farm Service Agency Microloan Program (FLAG, 2014)
Agricultural Handbook, ch. 3 (FDIC 2014)
A Quick Guide to Understanding “Farm Filings” (CSC 2014)
Farmer’s Guide to Disaster Assistance (FLAG, 2008)
Managing Debt to Prepare for Farm Transfer (FLAG, 2006)
Bankruptcy Reform: Changes to Chapter 12 – Family Farmer Reorganization (FLAG, 2005)
Making the Most of Your Milk Check: What Dairy Farmers Need to know About Assignments (FLAG, 2005)
Rights of Farmers in Failed Grain Elevators (McEowen & Harl, 2000)
Farm Collateral Under the UCC: “Those Some Mighty Tall Silos, Ain’t They Fella?” (Miller, 1975)

Additional Resources

AgDocket: Perspective on Agricultural Law and Taxation (IA State U.)
Agricultural Banking (American Bankers Association)
Agricultural Business Management News (U. MN Ext.)
Agricultural Law and Taxation Blog
COVID-19 Guide (FLAG)
Financial Security & Infrastructure (NASDA)
Issue Reports (Farm Foundation)
Market Intel (Farm Bureau)
National Council of State Agricultural Finance Programs
Risk Management Education Blog (U. MD)
Topic: Credit (FLAG)
Finance & Credit Posts (Ag & Food Law Blog)
Farmdoc – Finance (U. IL – Urbana)
American Bankers Association Agricultural and Rural Bankers Committee
How Does the New Tax Law Act Impact Equipment Trades? (Tidgren, 2018)
Top 100 Farm Lenders Ranked by Dollar Volume (FDIC, 2021)
5 C’s of Credit (Walls, 2017)
Ten Tips for Tough Times in Farming (MSU, 2017)
2017 Farm Bank Performance Report (American Bankers Association)
Ag Risk + Farm Management Library (U. MN.)