060-7 Wyo. Code R. § 7-8
(a) Every loan shall be evidenced by a promissory note for the principal sum of the loan.
(b) Farm loans and Beginning Agricultural Producer loans shall be secured by a first mortgage upon farm or ranch land within Wyoming of sufficient value to secure the loan. Proof of merchantable title must be provided by the borrower in the form of title insurance naming the Board as beneficiary. Farm loans may not exceed 60% of appraised value and Beginning Agricultural Producer loans may not exceed 70% of appraised value.
(c) An appraisal shall be prepared for the Board. Appraisals shall reflect the current agricultural market value of the land to be mortgaged.
(d) The Board shall take a Uniform Commercial Code (UCC) security agreement on all irrigation equipment located on the lands being offered for security.
(e) The Board shall take security interests in secure leaseholds, reservoir company stock, and grazing association stock whenever necessary to protect the value of the lands being offered for security as an agricultural operation.
060-7 Wyo. Code R. § 7-8
Amended, Eff. 9/8/2017.