CHAPTER 2. INDIANA RURAL REHABILITATION CORPORATION

IC 15-12-2
    Chapter 2. Indiana Rural Rehabilitation Corporation

IC 15-12-2-1
"Director"
    Sec. 1. As used in this chapter, "director" means the director ofthe Indiana state department of agriculture.
As added by P.L.2-2008, SEC.3. Amended by P.L.120-2008, SEC.34.

IC 15-12-2-2
State official; trust assets of the rural rehabilitation corporation
    Sec. 2. The director is designated as the state official to makeapplication to and receive from the United States Secretary ofAgriculture, or any other proper federal official, under and subject toPublic Law 499, 81st Congress, approved May 3, 1950, the trustassets, either funds or property, held by the United States as trusteeon behalf of the Indiana rural rehabilitation corporation.
As added by P.L.2-2008, SEC.3.

IC 15-12-2-3
Agreements for federal administration
    Sec. 3. (a) The director may enter into agreements with the UnitedStates Secretary of Agriculture under Section 2(f) of Public Law 499,81st Congress, upon the terms and conditions and for periods as maybe mutually agreeable, authorizing the United States Secretary ofAgriculture to accept, administer, expend, and use in Indiana all orany part of the trust assets or any other funds of the state of Indianathat may be appropriated to use in carrying out the purposes of Titles1 and 2 of the Bankhead-Jones Farm Tenant Act, in accordance withthe applicable provisions of Title 4 of the Bankhead-Jones FarmTenant Act, as amended.
    (b) The director shall provide in an agreement with the UnitedStates Secretary of Agriculture under this section:
        (1) that all of the funds shall be administered through theFarmer's Home Administration;
        (2) that only three percent (3%) of the book value of the assetstransferred may be used for administrative purposes; and
        (3) that the Farmer's Home Administration may do any and allthings necessary to effectuate and carry out the purposes ofagreements under this section.
As added by P.L.2-2008, SEC.3.

IC 15-12-2-4
Deposit and expenditure of funds
    Sec. 4. Notwithstanding any other law, funds and the proceeds ofthe trust assets that are not authorized to be administered by theUnited States Secretary of Agriculture under section 3 of this chaptershall be received by the director under an application made undersection 2 of this chapter. The director shall deposit the funds with thetreasurer of state. The funds shall be held in a special fund for

expenditure on proper voucher and warrant by the director forpurposes of section 3 of this chapter.
As added by P.L.2-2008, SEC.3.

IC 15-12-2-5
Director's powers; delegation
    Sec. 5. (a) The director may do the following:
        (1) Collect, compromise, adjust, or cancel claims andobligations arising out of or administered under:
            (A) this chapter; or
            (B) any mortgage, lease, contract, or agreement entered intoor administered under this chapter.
        (2) If in the director's judgment it is necessary and advisable,pursue a claim or an obligation described in subdivision (1) tofinal collection in any court having jurisdiction.
        (3) Bid for and purchase at any execution, foreclosure, or othersale or otherwise acquire property:
            (A) on which the director has a lien by reason of a judgmentor execution; or
            (B) that is pledged, mortgaged, or conveyed to secure or thatotherwise secures any loan or other indebtedness owing toor acquired by the director under this chapter.
        (4) Accept title to any property purchased or acquired under thissection, operate or lease the property for a period considerednecessary to protect the investment in the property, and sell ordispose of the property in a manner consistent with this chapter.
    (b) The authority under this section shall be delegated by thedirector to the United States Secretary of Agriculture with respect tofunds or assets authorized to be administered and used by thedirector under agreements entered into under section 3 of thischapter.
As added by P.L.2-2008, SEC.3.

IC 15-12-2-6
Exemption from liability
    Sec. 6. The United States and the United States Secretary ofAgriculture may not be held liable for the transfer of assets to thedirector under this chapter.
As added by P.L.2-2008, SEC.3.