Loans secured by vacant land, except land known to be used or usable for agricultural purposes, such as crop and livestock production (which should be reported in Schedule RC-C, part I, item 1.b, below, as loans secured by farmland).
Last edited by mrogersfib; 06/27/19 08:26 PM.
I think that this distinction is important to note. Since the land is known to have been for ag purposes even though he isn't going to change it now it should be coded as ag because the property stands developed and ready to be used for ag. If the purpose of the loan were to develop the land into something else then we could no longer say that the land is capable of supporting ag. As for his speculative hopes for the property those are not tangible in our consideration.