Saltzman v. Farm Credit Services of Mid-America

Flaum, Circuit Judge. This is a case of first impression in this Circuit. The sole issue on appeal is whether an implied private right of action is available for alleged violations of the Agricultural Credit Act of 1987 (the Act), 12 U.S.C. §§ 2001 to 2279aa-14 (1988). Following decisions in the Eighth, Ninth, and Tenth Circuits, the district court found no implied private right of action under the Act and granted defendant's motion to dismiss. We now join these circuits and affirm the decision of the district court. Jon and Paul Saltzman, owners of a farm in Indiana, sought to restructure their farm loans with Farm Credit Services of Mid-America (the lender). Both the lender and its farm credit review committee denied the application for restructuring and eventually the Saltzmans lost their farm through foreclosure. The Saltzmans here assert that, in denying their application, the lender failed to comply with borrowers' rights provisions in the Act that give farmers certain protections. Thus, they seek to enforce the Act by private right of action.