Question

A Farm Loan Officer who has successfully completed the FLP training program may release proceeds from the sale of chattels by recording the action on an FSA-2045, Record of the Disposition of FSA Security/Release of Proceeds when this authority has been delegated by the FLM.

a) True
b) False

Answer 1

A Farm Loan Officer with necessary training and delegated authority can release proceeds from the sale of chattels by using the FSA-2045 form, which is true.

Step-by-step explanation:

A Farm Loan Officer who has completed the FLP training program can release proceeds from the sale of chattels with the delegated authority from the FLM by recording the action on an FSA-2045, Record of the Disposition of FSA Security/Release of Proceeds. The answer to the question is a) True. This process is critical in the management of loans and assets within the farming industry, and handling these matters properly ensures the financial operations are executed correctly and legally. This means that the loan officer has the authorization to release the funds after following the proper procedures.