12 CFR § 617.7600 - What are the definitions used in this subpart?

---
identifier: "/us/cfr/t12/s617.7600"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 617.7600 - What are the definitions used in this subpart?"
title_number: 12
title_name: "Banks and Banking"
section_number: "617.7600"
section_name: "What are the definitions used in this subpart?"
chapter_name: "FARM CREDIT ADMINISTRATION"
subchapter_number: "B"
subchapter_name: "FARM CREDIT SYSTEM"
part_number: "617"
part_name: "BORROWER RIGHTS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "Secs. 4.13, 4.13A, 4.13B, 4.14, 4.14A, 4.14C, 4.14D, 4.14E, 4.36, 5.9, 5.17 of the Farm Credit Act (12 U.S.C. 2199, 2200, 2201, 2202, 2202a, 2202c, 2202d, 2202e, 2219a, 2243, 2252)."
regulatory_source: "69 FR 10907, 10908, Mar. 9, 2004, unless otherwise noted."
cfr_part: "617"
---


# 617.7600 What are the definitions used in this subpart?

In addition to the definitions in § 617.7000, the following definitions apply to this subpart.

*Acquired agricultural real estate or property* means agricultural real estate acquired by a System institution as a result of a loan foreclosure or a voluntary conveyance by a borrower who, as determined by the institution, does not have the financial resources to avoid foreclosure.

*Previous owner* means:

(1) The prior record owner who was a borrower from a System institution and did not have the financial resources, as determined by the institution, to avoid foreclosure on acquired agricultural real estate; or

(2) The prior record owner who is not a borrower and whose acquired agricultural real estate was used as collateral for a loan to a System borrower.

*System institution* means a Farm Credit System institution, except a bank for cooperatives, which makes loans as defined in § 617.7000.