The director of agriculture is authorized and empowered to:

1. (a) Collect, compromise, adjust or cancel claims and obligations arising out of or administered under this act or under any mortgage, lease, contract or agreement entered into or administered pursuant to this act and, if in his judgment, necessary and advisable, pursue the same to final collection in any court having jurisdiction.
2. (b) Bid for and purchase at any execution, foreclosure or other sale, or otherwise to acquire property upon which the director has a lien by reason of a judgment or execution, or which is pledged, mortgaged, conveyed or which otherwise secures any loan or other indebtedness owing to or acquired by the director under this act, and

3. (c) Accept title to any property so purchased or acquired; to operate or lease such property for such period as may be deemed necessary to protect the investment therein; and to sell or otherwise dispose of such property in a manner consistent with the provisions of this act.

   The authority herein contained shall be delegated to the secretary of agriculture of the United States with respect to funds or assets authorized to be administered and used by him under agreements entered into pursuant to section 57-1403, Idaho Code.

[57-1405, added 1961, ch. 304, sec. 5, p. 565; am. 1974, ch. 18, sec. 230, p. 364.]