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4.3.502    OPERATING REQUIREMENTS

(1) Participation of operating loans shall give the department of agriculture a first lien position on all collateral listed on the subordination agreement.

(a) Operating loans will be for a one year maximum time frame.

(b) Operating loans may be made for 60% of the value of the mortgaged property.

(c) Insurance may be required on subordinated property at the discretion of the department of agriculture.

History: 80-2-106, MCA; IMP, 80-2-104, MCA; NEW, 1977 MAR p. 942, Eff. 11/26/77; AMD, 1978 MAR p. 152, Eff. 4/25/78.

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