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7 U.S.C. § 1445kPayments in commodities

submitted 77 years ago by Pub. L. 99-198 to r/title-7-AGRICULTURE · 254 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section permits in-kind payments in annual programs for wheat, feed grains, upland cotton, and rice. It lists the commodities and payment methods that may be used and rules for certificates and delivery.

(a) In-kind payments by Secretary In making in-kind payments under any of the annual programs for wheat, feed grains, upland cotton, or rice (other than negotiable marketing certificates for upland cotton or rice), the Secretary may: (1) acquire and use like commodities that have been pledged to the Commodity Credit Corporation as security for price support loans, including loans made to producers under section 1445e of this title; and (2) use other like commodities owned by the Commodity Credit Corporation. (b) Methods of payments The Secretary may make in-kind payments: (1) by delivery of the commodity to the producer at a warehouse or other similar facility, as determined by the Secretary; (2) by the transfer of negotiable warehouse receipts; (3) by the issuance of negotiable certificates which the Commodity Credit Corporation must redeem for a commodity under regulations prescribed by the Secretary; or (4) by such other methods as the Secretary determines appropriate to enable the producer to receive payments in an efficient, equitable, and expeditious manner so as to ensure that the producer receives the same total return as if the payments had been made in cash. (c) Commodity certificates The Secretary must pay interest on the cash redemption of a commodity certificate issued by the Secretary to a producer who holds the certificate for at least 150 days. This subsection must not apply for commodity certificates issued in connection with the export enhancement program or the marketing promotion program established under the Agricultural Trade Act of 1978.
the actual law source: uscode.house.gov ↗public domain
(a) In-kind payments by Secretary

In making in-kind payments under any of the annual programs for wheat, feed grains, upland cotton, or rice (other than negotiable marketing certificates for upland cotton or rice), the Secretary may—

(1)

acquire and use like commodities that have been pledged to the Commodity Credit Corporation as security for price support loans, including loans made to producers under section 1445e of this title; and

(2)

use other like commodities owned by the Commodity Credit Corporation.

(b) Methods of payments

The Secretary may make in-kind payments—

(1)

by delivery of the commodity to the producer at a warehouse or other similar facility, as determined by the Secretary;

(2)

by the transfer of negotiable warehouse receipts;

(3)

by the issuance of negotiable certificates which the Commodity Credit Corporation shall redeem for a commodity in accordance with regulations prescribed by the Secretary; or

(4)

by such other methods as the Secretary determines appropriate to enable the producer to receive payments in an efficient, equitable, and expeditious manner so as to ensure that the producer receives the same total return as if the payments had been made in cash.

(c) Commodity certificates

The Secretary shall pay interest on the cash redemption of a commodity certificate issued by the Secretary to a producer who holds the certificate for at least 150 days. This subsection shall not apply with respect to commodity certificates issued in connection with the export enhancement program or the marketing promotion program established under the Agricultural Trade Act of 1978.

Source credit: (Oct. 31, 1949, ch. 792, title I, § 115, formerly § 107E, as added Pub. L. 99–198, title X, § 1005, Dec. 23, 1985, 99 Stat. 1448; renumbered § 115 and amended Pub. L. 101–624, title XI, §§ 1122(a), 1161(a)(1), Nov. 28, 1990, 104 Stat. 3503, 3520.)

history & why it existsrecord from the source credit
  • 1949Enacted · Pub. L. 99-198 · 99 Stat. 1448
  • 1990Amended · Pub. L. 101-624 · 104 Stat. 3503, 3520

A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-198 on 1949-10-31.

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