VIDEO: Right of First Refusal and When it Applies

Christy Myatt, attorney with Nexsen Pruet, discusses Right of First Refusal and When it Applies.

It is the right of a previous owner of the property, to be offered the first opportunity to lease or purchase the agricultural real estate, that a Farm Credit Assoc. acquires through foreclosure, bankruptcy, or voluntary conveyance such as deed in lieu or surrender agreement. ROFR applies only to agricultural loans. It does not apply to (1) real property sold by the Assoc. at public auction, (2) if the property was acquired by the Assoc as the result of a deficiency judgment, or (3) personal property such as equipment.

VIDEO: Right of First Refusal and When it Applies

Christy Myatt, attorney with Nexsen Pruet, discusses Right of First Refusal and When it Applies.

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