| (a) Except as otherwise provided by state law, by these
rules or by resolution of the board, the staff, with approval of the
commissioner of agriculture, the deputy commissioner of agriculture,
or the official of the department designated by the commissioner of
agriculture, shall have the authority to act on behalf of the Authority,
without specific board approval, in regard to the collection, settlement
and enforcement of each and every commitment under the program. Such
authority shall include, without limitation, the actions required
to be taken by the Authority under any loan agreement, any participation
agreement and any other agreement entered into by the Authority concerning
commitments provided by the Authority.
(b) The Authority shall make efforts to perfect and
preserve any security interest in collateral or other security pledge,
and exercise any and all remedies available in the event of a default
including possession, repossession and liquidation as appropriate
to recover losses and other costs, including any attorneys' fees and
court costs.
(c) Nothing in this section shall prevent the staff
or the commissioner of agriculture, the deputy commissioner of agriculture,
or the official of the department designated by the commissioner of
agriculture from submitting any matter to the board for its consideration
and approval.
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