113 S2815 IS: Farmer Flexibility Act of 2014 U.S. Senate 2014-09-16 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 113th CONGRESS2d 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)..