3.2-603 - Further powers of Commissioner; delegation to Secretary of Agriculture. - Virginia Statutes

§ 3.2-603. Further powers of Commissioner; delegation to Secretary ofAgriculture.

The Commissioner may:

1. Collect, compromise, adjust, or cancel claims and obligations arising outof or administered under this chapter or under any mortgage, lease, contract,or agreement entered into or administered pursuant to this chapter and, if inhis judgment necessary and advisable, pursue the same to final collection inany appropriate court;

2. Bid for and purchase at any execution, foreclosure, or other sale, orotherwise to acquire property where the Commissioner has a lien by reason ofjudgment or execution, or that is pledged, mortgaged, conveyed, or otherwisesecures any loan or other indebtedness owing to or acquired by theCommissioner under this chapter; and

3. Accept title to any property so purchased or acquired; to operate or leasesuch property for such period as may be deemed necessary to protect theinvestment therein; and to sell or otherwise dispose of such property in amanner consistent with the provisions of this chapter.

The authority herein contained may be delegated to the U.S. Department ofAgriculture with respect to funds or assets authorized to be administered andused by him under agreements entered into pursuant to § 3.2-601.

(Code 1950, § 3-27.4; 1952, c. 118; 1966, c. 702, § 3.1-26; 2008, c. 860.)