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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5542 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5542

   To amend the Agricultural Act of 2014 to require the Secretary of 
 Agriculture to extend the term of a marketing assistance loan and the 
  deadline for repayment of a farm ownership, operating, or emergency 
 loan when the purchaser of the agricultural commodity subject to the 
marketing assistance loan declared bankruptcy before paying the farmer 
                           for the commodity.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 2014

Mr. Crawford (for himself, Mr. Griffin of Arkansas, Mr. Womack, and Mr. 
   Cotton) introduced the following bill; which was referred to the 
                        Committee on Agriculture

_______________________________________________________________________

                                 A BILL

 
   To amend the Agricultural Act of 2014 to require the Secretary of 
 Agriculture to extend the term of a marketing assistance loan and the 
  deadline for repayment of a farm ownership, operating, or emergency 
 loan when the purchaser of the agricultural commodity subject to the 
marketing assistance loan declared bankruptcy before paying the farmer 
                           for the commodity.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Farm Protection Act of 2014''.

SEC. 2. EXTENSION OF MARKETING ASSISTANCE LOANS AND DEADLINE FOR 
              REPAYMENT OF FARM OWNERSHIP, OPERATING, OR EMERGENCY 
              LOANS IN CERTAIN CASES OF BANKRUPTCY.

    Section 1203(b) of the Agricultural Act of 2014 (7 U.S.C. 9033(b)) 
is amended--
            (1) by striking ``The Secretary'' and inserting the 
        following:
            ``(1) In general.--Except as provided in paragraph (2), the 
        Secretary''; and
            (2) by adding at the end the following new paragraph:
            ``(2) Extension of certain loans in event of purchaser 
        bankruptcy.--
                    ``(A) In general.--This paragraph applies 
                whenever--
                            ``(i) the producers on a farm have a 
                        marketing assistance loan under section 1201 
                        for a loan commodity;
                            ``(ii) the producers have sold, 
                        transferred, or delivered the loan commodity 
                        subject to the loan to a purchaser; and
                            ``(iii) a case under any chapter of title 
                        11, United States Code (in this paragraph 
                        referred to as a `chapter 11 bankruptcy'), has 
                        been commenced in which the purchaser is the 
                        debtor.
                    ``(B) Extension for non-payment.--If a chapter 11 
                bankruptcy in which the purchaser of a loan commodity 
                is the debtor, as described in subparagraph (A), is 
                commenced before the purchaser pays the producers in 
                full for the loan commodity, the Secretary shall 
                extend, to a date that is not less than 180 days after 
                the date on which the chapter 11 bankruptcy is closed 
                or dismissed--
                            ``(i) the term and any due date for any 
                        payment or obligation pursuant to the marketing 
                        assistance loan of the producers; and
                            ``(ii) the due date for any payment or 
                        obligation pursuant to any ownership, 
                        operating, or emergency loan made to the 
                        producers under the Consolidated Farm and Rural 
                        Development Act (7 U.S.C. 1921 et seq.).
                    ``(C) Related suspensions.--
                            ``(i) Accrual of interest.--If the 
                        purchaser of the loan commodity has already 
                        taken possession of the loan commodity, the 
                        Secretary also shall suspend the accruing of 
                        interest on the loans described in subparagraph 
                        (B) during the period of the extension under 
                        such subparagraph.
                            ``(ii) Recovery actions.--If a trustee in 
                        the purchaser's chapter 11 bankruptcy seeks 
                        recovery of all or any portion of a purchase 
                        price paid to or on behalf of the producers for 
                        the loan commodity, the Secretary also shall 
                        suspend any efforts to collect from the 
                        producers any amounts related to such recovery 
                        or potential recovery until a date that is not 
                        less than 180 days after the final resolution 
                        of the action to recover all or any portion of 
                        the purchase price.''.
                                 <all>
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