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. Authorizing statute(s): 80-2-106 , MCA Implementing statute(s): 80-2-104 , MCA History: NEW, 1977 MAR p. 942, Eff. 11/26/77; AMD, 1978 MAR p. 152, Eff. 4/25/78.