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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 7 - Agriculture |
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Subtitle B - Regulations of the Department of Agriculture |
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Chapter VII - Farm Service Agency, Department of Agriculture |
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SubChapter D - Special Programs |
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Part 763 - Land Contract Guarantee Program |
§ 763.3 - Full faith and credit.
Latest version.
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§ 763.3 Full faith and credit.
(a) The land contract guarantee constitutes an obligation supported by the full faith and credit of the United States. The Agency may contest the guarantee only in cases of fraud or misrepresentation by the seller, in which:
(1) The seller had actual knowledge of the fraud or misrepresentation at the time it because the seller, or
(2) The seller participated in or condoned the fraud or misrepresentation.
(b) Loss claims also may be reduced or denied to the extent that any negligence contributed to the loss under § 763.22.