[1] The U.S. 73rd Congressional Senate bill S. 3580 was signed into law by the 32nd President of the United States Franklin Roosevelt.

[2] Between 1933 and 1936, the US Congress in conjunction with US President Franklin D. Roosevelt, passed several economic programs with the goals of giving work (relief) to the unemployed, reforming business and financial practices, and causing economic recovery during the Great Depression.

The Frazier–Lemke Farm Bankruptcy Act restricted the ability of banks to repossess farms,[1] amended the previously voluntary Section 75, and added subsection (s),[3] which delayed foreclosure of a bankrupt farmer's property for five years during which the farmer made rental payments.

The farmer could then buy back the property at its currently-appraised value over six years at 1% interest or remain in possession as a paying tenant.

[4][8] The Act was ruled unconstitutional because it deprived secured creditors of their property rights, in violation of the Fifth Amendment.