Farmer Flexibility Act of 2014

Bill: 113-s-2815
Sponsor: full_name: Sen. Pryor, Mark L. [D-AR]
Introduced: 2014-09-16
Policy area: Agriculture and Food
Subjects: Agricultural marketing and promotion

Agricultural prices, subsidies, credit

Bankruptcy

Interest, dividends, interest rates
Latest action: action_date: 2014-09-16
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2014-09-16
action_desc: Introduced in Senate
text: <p>Farmer Flexibility Act of 2014 - Amends the Agricultural Act of 2014 to require the Secretary of Agriculture (USDA) to extend the terms of marketing assistance loans in cases where a farmer has sold, transferred, or delivered the commodity subject to the loan to a purchaser who has filed for bankruptcy prior to payment. Provides that the extension shall last until after the bankruptcy case is closed or dismissed. Suspends the accrual of interest on the loan during the extension period. </p>

tv_txt: II 113th CONGRESS 2d Session S. 2815 IN THE SENATE OF THE UNITED STATES September 16, 2014 Mr. Pryor (for himself and Mr. Boozman ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Agricultural Act of 2014 to require the Secretary of Agriculture to extend the term of marketing assistance loans in cases in which a purchaser has bought the loan commodity subject to the loan and declared bankruptcy prior to paying for the loan commodity.

1. Short title This Act may be cited as the Farmer Flexibility Act of 2014 . 2. Extension in certain cases of bankruptcy Section 1203 of the Agricultural Act of 2014 ( 7 U.S.C. 9033 ) 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: (2) Extension in certain cases of bankruptcy (A) In general This paragraph applies in any case in which— (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) prior to the purchaser paying the producers full payment for the loan commodity, a case under any chapter of title 11, United States Code, has been commenced in which the purchaser is the debtor. (B) Extension In a case described in subparagraph (A), the Secretary shall— (i) (I) extend the term of the marketing assistance loan until the date on which the case under title 11, United States Code, is closed or dismissed to a date that is at least 180 days following the final resolution of the bankruptcy case; and (II) extend the deadline for repayment of any installment of an ownership, operating, or emergency loan made under the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) until the date on which the case under title 11, United States Code, is closed or dismissed to a date that is at least 180 days following the final resolution of the bankruptcy case; and (ii) if the purchaser has taken possession of the loan commodity, suspend the accruing of interest during the period of any extension under clause (i). .