Author: Robert T. StephanPublisher:
ISBN:
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Languages : en
Pages :
Book Description
1986 Senate Bill No. 696, which would enact the Family Farm Rehabilitation Act, does not constitute a "taking" of property which must be compensated under the Due Process Clause of the Fourteenth Amendment to the United States Constitution. A lender's security interest is preserved under the bill, and a farmer seeking to invoke the bill's protection from foreclosure must annually pay an amount which is equivalent to that which the lender would receive if the land were sold at its present fair market value and the proceeds invested at current rates. Given decisions of the United States Supreme Court which permit such action by a state in the exercise of its police powers during a time of distress in the agricultural economy, in our opinion 1986 Senate Bill No. 696 is constitutional. Cited herein: 1986 Senate Bill No. 696; 1986 House Bill No. 2691; U.S. Const., Fourteenth Amend.
