Applicants must follow the recommendations of the loan committee to the best of their ability.
Borrowers will identify livestock by brand or other approved identification. All cattle projects must have a registered brand (registered to the applicant through the Montana Department of Livestock.)
Applicants will cooperate fully with project supervisors using the best management and record-keeping practices.
Applicants must allow the project supervisor and representatives of the Montana Department of Agriculture to inspect and observe the project at any reasonable time.
Loans will be secured by liens on all livestock, commodities, or other assets involved in the project.
When any secured property is sold, the check must be made payable to both the borrower and the Montana Department of Agriculture. In the event that all secured property is sold during the loan term, the balance owed to the Montana Department of Agriculture shall become immediately due and payable in full.
Secured property is to be kept on premises owned and/or occupied by the applicant as identified in the loan application and loan agreement. All livestock must be confined behind adequate fences at all times. Permission must be received from the Montana Department of Agriculture before any secured property is moved to another county or state.
The loan funds will be advanced to the applicant by check.
Applicants will request a local lending institution officer to assist with loan closing procedures.
A supervised bank account may be established between the borrower and the project supervisor (acting for the Department of Agriculture) for disbursement of funds and deposit of income or proceeds from the project.
At the time of their annual payment, applicants will be required to include a written summary of their project.
Applicants and parents or guardians will sign all required forms in a manner as approved by the Montana Department of Agriculture.
Rural Development Bureau
Montana Department of Agriculture
P.O. Box 200201
Helena, MT 59620-0202
Phone: (406) 444-2402
Fax: (406) 444-9442
Published: Tue Oct 04 15:15:00 MDT 2011.
Last Modified: Thu Feb 16 10:56:12 MST 2012