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2026-07-06 09:52:37 -04:00

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LegalText 7 U.S.C. § 1981c Oil and gas royalty payments on loans us united_states_code code_section 7 AGRICULTURE 50 AGRICULTURAL CREDIT 1981c 7 U.S.C. § 1981c current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip /us/usc/t7/s1981c data/legal/raw/us/code/title-07/usc07.xml 9bf7526836cdb015af1151026e2e4eeca71cad8481c5ea25a1b746dd1a83b5f8 50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984 2ca801ea1b3658f105847d8c9883c5920f324178030ec4958bfe973d38a238e1 2026-07-04 official
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7 U.S.C. § 1981c - Oil and gas royalty payments on loans

Text

(a) The Secretary shall permit a borrower of a loan made or insured under this chapter to make a prospective payment on such loan with proceeds from—

(1) the leasing of oil, gas, or other mineral rights to real property used to secure such loan; or

(2) the sale of oil, gas, or other minerals removed from real property used to secure such loan, if the value of the rights to such oil, gas, or other minerals has not been used to secure such loan.

(b) Subsection (a) shall not apply to a borrower of a loan made or insured under this chapter with respect to which a liquidation or foreclosure proceeding is pending on December 23, 1985.

(Pub. L. 87128, title III, § 331C, as added Pub. L. 99198, title XIII, § 1310(a), Dec. 23, 1985, 99 Stat. 1523.)

Notes

Editorial Notes

References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.