### Question
How is the term qualified loan defined?


### Answer
The term **qualified loan** is defined in *12 U.S.C. § 2279aa* as the following:

> an obligation—


(A)(i) that is secured by a fee-simple or leasehold mortgage with status as a first lien, on agricultural real estate located in the United States that is not subject to any legal or equitable claims deriving from a preceding fee-simple or leasehold mortgage

#### Citation:
  - *12 U.S.C. § 2279aa*
  - Heading: **CHAPTER 23-FARM CREDIT SYSTEM > SUBCHAPTER VIII-AGRICULTURAL MORTGAGE SECONDARY MARKET**

