Director's powers; delegation

Sec. 5. (a) The director may do the following: (1) Collect, compromise, adjust, or cancel claims and obligations arising out of or administered under: (A) this chapter; or (B) any mortgage, lease, contract, or agreement entered into or administered under this chapter. (2) If in the director's judgment it is necessary and advisable, pursue a claim or an obligation described in subdivision (1) to final collection in any court having jurisdiction. (3) Bid for and purchase at any execution, foreclosure, or other sale or otherwise acquire property: (A) on which the director has a lien by reason of a judgment or execution; or (B) that is pledged, mortgaged, or conveyed to secure or that otherwise secures any loan or other indebtedness owing to or acquired by the director under this chapter. (4) Accept title to any property purchased or acquired under this section, operate or lease the property for a period considered necessary to protect the investment in the property, and sell or dispose of the property in a manner consistent with this chapter. (b) The authority under this section shall be delegated by the director to the United States Secretary of Agriculture with respect to funds or assets authorized to be administered and used by the director under agreements entered into under section 3 of this chapter.