Statutes, codes, and regulations
Wyoming Administrative Code
Agency 060 - Lands and Investments, Office ofSubagency 0003 - Loan and Investment Board
Chapter 7 - FARM LOANS
Section 7-15 - Sale of Acquired Lands

060-7 Wyo. Code R. § 7-15

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Current through April 27, 2019
Section 7-15 - Sale of Acquired Lands

(a) Decision to sell. The Board shall sell acquired lands upon determination that the sale of the property would be the best means of restoring loan funds.

(b) Advertisement. All sales of acquired lands shall be advertised at least once per week, for four consecutive weeks, in both a newspaper in the county in which the property is located and a newspaper of statewide circulation.

(c) Auctions. All sales shall be by public auction, conducted by the Director or his representative. The minimum bid shall be as set by the Board. The Board reserves the right to reject any and all bids. The successful bidder must tender at least thirty percent (30%) of the purchase price, in the form of a cashier's check, or a personal check with a letter of check guarantee, at the auction. Within ten (10) calendar days of the auction, the purchaser shall either pay the balance of the purchase price or if eligible enter into a sales contract pursuant to subsection (e) of this section.

(d) Title Insurance. The Office will order an open title insurance commitment. The purchaser of the property shall pay the cost of the commitment and title insurance.

(e) Sales Contracts.

  • (i) Amortized Sales Contracts, as described in this section, may be offered at the Board's discretion.
  • (ii) Eligibility. Any individual or legal entity that was the mortgagor when the land was acquired by the Board shall not be eligible to enter into a sales contract in the purchase of that acquired land.
  • (iii) Terms. Eligible purchasers may pay the balance of the purchase price pursuant to a sales contract with the following terms:
    • (A) The length of the contract shall not exceed thirty (30) years; and
    • (B) The contract interest rate shall be pursuant to Chapter 14 of the rules as established by the Board.

(f) Assignments of Sales Contracts.

  • (i) Sales contracts may be assigned with approval by the Board. The original purchaser of acquired land under a sales contract shall remain obligated to the Board for performance under the contract regardless of any assignments of the purchaser's rights under the contract.
  • (ii) Subject to approval by the Board as described under paragraph (i) of this subsection, upon receipt of written notice of the name, address, and tax identification number of an assignee of the purchaser's contract rights, the Office shall note this information for purposes of mailing payment notices and reporting interest paid on the contract to the United States Internal Revenue Service.

060-7 Wyo. Code R. § 7-15

Amended, Eff. 9/8/2017.