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FSA: Maintaining Loan Collateral is Important
Wisconsin Ag Connection - 10/17/2019

The Wisconsin Farm Service Agency is reminding producers that FSA loan contracts require borrowers to take care of all property used to secure a loan. In its latest newsletter, the agency noted that if a loan is secured by real estate, borrowers must follow all farm and ranch conservation, environmental or management plans.

"Do not change the use of the property--for example, from farmland to a quarry--or sell or allow removal of timber, sand, gravel, oil, gas, coal, or other minerals without the written consent of FSA," the memo stated. "If another lender has a lien on the property in addition to FSA, borrowers will need to obtain the other lender's approval as well."

In addition, forrowers must obtain approval of FSA to lease property that is part of FSA collateral. They must also pay all taxes on property securing an FSA loan.

If any other legal claim is filed against FSA collateral, borrowers may be in default on FSA loan agreements.


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