[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2815 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2815

   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.


_______________________________________________________________________


                   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.

    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 ``Farmer Flexibility Act of 2014''.

SEC. 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).''.
                                 <all>