{"identifier":"/us/usc/t7/s1981c","title_num":"7","num":"§ 1981c.","heading":"Oil and gas royalty payments on loans","status":null,"guid":"id07d91a2e-8c63-11e9-b85c-f2648b4e4a41","source_credit":"(Pub. L. 87–128, title III, § 331C, as added Pub. L. 99–198, title XIII, § 1310(a), Dec. 23, 1985, 99 Stat. 1523.)","seq_in_title":1355,"parent_identifier":"/us/usc/t7/ch50/schIV","ancestors":[{"identifier":"/us/usc/t7","level":"title","num":"Title 7—","heading":"AGRICULTURE","status":null,"is_section":false},{"identifier":"/us/usc/t7/ch50","level":"chapter","num":"CHAPTER 50—","heading":"AGRICULTURAL CREDIT","status":null,"is_section":false},{"identifier":"/us/usc/t7/ch50/schIV","level":"subchapter","num":"SUBCHAPTER IV—","heading":"ADMINISTRATIVE PROVISIONS","status":null,"is_section":false}],"xml":"<section xmlns=\"http://xml.house.gov/schemas/uslm/1.0\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\" xmlns:dc=\"http://purl.org/dc/elements/1.1/\" xmlns:dcterms=\"http://purl.org/dc/terms/\" style=\"-uslm-lc:I80\" id=\"id07d91a2e-8c63-11e9-b85c-f2648b4e4a41\" identifier=\"/us/usc/t7/s1981c\"><num value=\"1981c\">§ 1981c.</num><heading> Oil and gas royalty payments on loans</heading><subsection style=\"-uslm-lc:I11\" class=\"indent0\" id=\"id07d91a2f-8c63-11e9-b85c-f2648b4e4a41\" identifier=\"/us/usc/t7/s1981c/a\"><num value=\"a\">(a)</num><chapeau> 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—</chapeau><paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"id07d91a30-8c63-11e9-b85c-f2648b4e4a41\" identifier=\"/us/usc/t7/s1981c/a/1\"><num value=\"1\">(1)</num><content> the leasing of oil, gas, or other mineral rights to real property used to secure such loan; or</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"id07d91a31-8c63-11e9-b85c-f2648b4e4a41\" identifier=\"/us/usc/t7/s1981c/a/2\"><num value=\"2\">(2)</num><content> 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.</content>\n</paragraph>\n</subsection>\n<subsection style=\"-uslm-lc:I11\" class=\"indent0\" id=\"id07d91a32-8c63-11e9-b85c-f2648b4e4a41\" identifier=\"/us/usc/t7/s1981c/b\"><num value=\"b\">(b)</num><content> 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 <date date=\"1985-12-23\">December 23, 1985</date>.</content>\n</subsection>\n<sourceCredit id=\"id07d91a33-8c63-11e9-b85c-f2648b4e4a41\">(<ref href=\"/us/pl/87/128/tIII/s331C\">Pub. L. 87–128, title III, § 331C</ref>, as added <ref href=\"/us/pl/99/198/tXIII/s1310/a\">Pub. L. 99–198, title XIII, § 1310(a)</ref>, <date date=\"1985-12-23\">Dec. 23, 1985</date>, <ref href=\"/us/stat/99/1523\">99 Stat. 1523</ref>.)</sourceCredit>\n<notes type=\"uscNote\" id=\"id07d91a34-8c63-11e9-b85c-f2648b4e4a41\">\n<note style=\"-uslm-lc:I75\" topic=\"referencesInText\" id=\"id07d91a35-8c63-11e9-b85c-f2648b4e4a41\">\n<heading class=\"centered smallCaps\">References in Text</heading><p style=\"-uslm-lc:I21\" class=\"indent0\">This chapter, referred to in text, was in the original “this title”, meaning title III of <ref href=\"/us/pl/87/128\">Pub. L. 87–128</ref>, <date date=\"1961-08-08\">Aug. 8, 1961</date>, <ref href=\"/us/stat/75/307\">75 Stat. 307</ref>, 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 <ref href=\"/us/usc/t7/s1921\">section 1921 of this title</ref> and Tables.</p>\n</note>\n</notes>\n</section>","provision":null,"duplicates":[],"release":{"label":"116-20","currency_date":"2019-06-06","congress":116,"law_num":20,"excluded_laws":[],"update_num":null,"seq":175,"is_partial":false,"caveat":null,"titles_affected":["07","42"],"ingested_titles":[]},"served_from":{"label":"116-20","currency_date":"2019-06-06","congress":116,"law_num":20,"excluded_laws":[],"update_num":null,"seq":175,"is_partial":false,"caveat":null,"titles_affected":["07","42"],"ingested_titles":[]},"content_first_seen":{"label":"116-20","currency_date":"2019-06-06","congress":116,"law_num":20,"excluded_laws":[],"update_num":null,"seq":175,"is_partial":false,"caveat":null,"titles_affected":["07","42"],"ingested_titles":[]},"is_exact":true,"note":null}