# 7 CFR § 1962.16: Accounting by County Supervisor

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.16

## Section

- **Citation:** 7 CFR § 1962.16
- **Heading:** Accounting by County Supervisor
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** September 22, 2026
- **Source:** Publisher's official text
- **Location:** Title 7—Agriculture > Subtitle B—Regulations of the Department of Agriculture > CHAPTER XVIII—RURAL HOUSING SERVICE, RURAL BUSINESS-COOPERATIVE SERVICE, AND RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE > SUBCHAPTER H—PROGRAM REGULATIONS > PART 1962—PERSONAL PROPERTY > Subpart A—Servicing and Liquidation of Chattel Security

## Text

The Agency will maintain a current record of each borrower's security. Whenever an inspection is performed, the borrower must advise the Agency of any changes in the security and will complete and sign Form RD 1962-1 in accordance with § 1924.56 if it has not been previously completed for the year.
(a) Agency responsibilities. Chattel security will be inspected annually except in cases where the Agency official has justified in assessment or analysis review that no undue risk exists. An FO borrower who has been current with the Agency and who has provided chattels as additional security is an example of a case where an inspection may not be needed. All inspections will be recorded in the running record of the borrower's file. More frequent inspections should be made for delinquent borrowers or borrowers that have been indebted for less then 1 full crop year. The Agency official will discuss the provisions of §§ 1962.17 and 1962.18 and assist the borrower in completing the form. If a borrower does not plan to dispose of any chattel security, the form should be completed to show this and should be signed. When the Agency official has other contacts with the borrower, the official should also check for dispositions and acquisitions of security. Changes will be recorded on the form, dated and initialed by the borrower and the agency official. The purpose of all inspections is to:
(1) Verify that the borrower possesses all the security,
(2) Determine security is properly maintained, and
(3) Supplement security instruments.
(b) Dispositions. The County Supervisor will record all dispositions of chattel security on Form RD or its successor agency under Form RD 1962-1, and on the file copy of the security agreement or chattel mortgage. The original security instrument must not be altered. Additional acquired chattel security should be entered on the file copy of the security agreement or chattel mortgage and must be described on subsequent security instruments.
(c) Unapproved dispositions. Unapproved dispositions of security will be handled in accordance with §§ 1962.18 and 1962.49 of this subpart.
[50 FR 45783, Nov. 1, 1985, as amended at 58 FR 46075, Sept. 1, 1993; 61 FR 35930, July 9, 1996]

## Nearby sections

- [7 CFR § 1962.1 § 1962.1 Purpose.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.1.md)
- [7 CFR § 1962.2 § 1962.2 Policy.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.2.md)
- [7 CFR § 1962.3 § 1962.3 Authorities and responsibilities.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.3.md)
- [7 CFR § 1962.4 § 1962.4 Definitions.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.4.md)
- [7 CFR § 1962.6 § 1962.6 Liens and assignments on chattel property.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.6.md)
- [7 CFR § 1962.7 § 1962.7 Securing unpaid balances on unsecured loans.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.7.md)
- [7 CFR § 1962.8 § 1962.8 Liens on real estate for additional security.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.8.md)
- [7 CFR § 1962.13 § 1962.13 Notification to potential purchasers.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.13.md)
- [7 CFR § 1962.14 § 1962.14 Account and security information in UCC cases.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.14.md)
- [7 CFR § 1962.16 § 1962.16 Accounting by County Supervisor.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.16.md)
- [7 CFR § 1962.17 § 1962.17 Disposal of chattel security, use of proceeds and release of lien.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.17.md)
- [7 CFR § 1962.18 § 1962.18 Unapproved disposition of chattel security.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.18.md)
- [7 CFR § 1962.19 § 1962.19 Claims against Commodity Credit Corporation (CCC).](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.19.md)
- [7 CFR § 1962.26 § 1962.26 Correcting errors in security instruments.](https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.26.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-7-1962.16. Check the current official text before relying on it. Not legal advice.