7 U.S.C. § 8739 — Availability of recourse loans for high moisture feed grains and seed cotton

submitted 18 years ago by Pub. L. 110-234 to r/title-7-AGRICULTURE · 461 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary must offer recourse loans for corn and grain sorghum harvested with high moisture content, and for seed cotton, from 2008 through 2012. Farmers must prove their harvest with certified scale tickets or field measurements. Repayment happens at the Secretary's loan rate plus interest.

(a) High moisture feed grains. (1) Definition of high moisture state. In this subsection, "high moisture state" means corn or grain sorghum with a moisture content above the Commodity Credit Corporation's standard for marketing assistance loans made under section 8731. (2) Recourse loans available. For each of the 2008 through 2012 corn and grain sorghum crops, the Secretary must make recourse loans available, on terms the Secretary sets, to farm producers who: (A) normally harvest all or part of their corn or grain sorghum crop in a high moisture state; (B) present either (i) certified scale tickets from an inspected, certified commercial scale — such as a licensed warehouse, feedlot, feed mill, or distillery approved under Secretary regulations — or (ii) field or other physical measurements of the crop, in regions the Secretary identifies as lacking a certified commercial scale nearby; (C) certify that they owned the feed grain when it was delivered, and that the loaned quantity was actually harvested on the farm and delivered to a feedlot, feed mill, commercial or on-farm high-moisture storage facility, or a facility used by high-moisture corn and grain sorghum users; and (D) meet the Secretary's deadlines for harvesting the crop and for applying for the loan. (3) Eligibility of acquired feed grains. A loan under this subsection covers a quantity of corn or grain sorghum found by multiplying (A) the acreage of high-moisture-state corn or grain sorghum harvested on the farm, by (B) whichever is lower — the farm's counter-cyclical payment yield, or the actual yield the Secretary determines on a similar field. (b) Recourse loans available for seed cotton. For each of the 2008 through 2012 upland cotton and extra long staple cotton crops, the Secretary must make recourse seed cotton loans available, on terms the Secretary sets, for any amount produced. (c) Repayment rates. A recourse loan under this section is repaid at the loan rate the Secretary sets for the commodity, plus interest figured under section 7283.

the actual law source: uscode.house.gov ↗public domain

(a) High moisture feed grains

(1) Definition of high moisture state

In this subsection, the term “high moisture state” means corn or grain sorghum having a moisture content in excess of Commodity Credit Corporation standards for marketing assistance loans made by the Secretary under section 8731 of this title.

(2) Recourse loans available

For each of the 2008 through 2012 crops of corn and grain sorghum, the Secretary shall make available recourse loans, as determined by the Secretary, to producers on a farm that—

(A)

normally harvest all or a portion of their crop of corn or grain sorghum in a high moisture state;

(B)

present—

(i)

certified scale tickets from an inspected, certified commercial scale, including a licensed warehouse, feedlot, feed mill, distillery, or other similar entity approved by the Secretary, pursuant to regulations issued by the Secretary; or

(ii)

field or other physical measurements of the standing or stored crop in regions of the United States, as determined by the Secretary, that do not have certified commercial scales from which certified scale tickets may be obtained within reasonable proximity of harvest operation;

(C)

certify that they were the owners of the feed grain at the time of delivery to, and that the quantity to be placed under loan under this subsection was in fact harvested on the farm and delivered to, a feedlot, feed mill, or commercial or on-farm high-moisture storage facility, or to a facility maintained by the users of corn and grain sorghum in a high moisture state; and

(D)

comply with deadlines established by the Secretary for harvesting the corn or grain sorghum and submit applications for loans under this subsection within deadlines established by the Secretary.

(3) Eligibility of acquired feed grains

A loan under this subsection shall be made on a quantity of corn or grain sorghum of the same crop acquired by the producer equivalent to a quantity determined by multiplying—

(A)

the acreage of the corn or grain sorghum in a high moisture state harvested on the producer’s farm; by

(B)

the lower of the farm program payment yield used to make counter-cyclical payments under subchapter I or the actual yield on a field, as determined by the Secretary, that is similar to the field from which the corn or grain sorghum was obtained.

(b) Recourse loans available for seed cotton

For each of the 2008 through 2012 crops of upland cotton and extra long staple cotton, the Secretary shall make available recourse seed cotton loans, as determined by the Secretary, on any production.

Repayment of a recourse loan made under this section shall be at the loan rate established for the commodity by the Secretary, plus interest (determined in accordance with section 7283 of this title).

Source credit: (Pub. L. 110–234, title I, § 1209, May 22, 2008, 122 Stat. 964; Pub. L. 110–246, § 4(a), title I, § 1209, June 18, 2008, 122 Stat. 1664, 1692.)

history & why it existsrecord from the source credit

2008Enacted · Pub. L. 110-234 · 122 Stat. 964
2008Amended · Pub. L. 110-246 · 122 Stat. 1664, 1692

A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-234 on 2008-05-22.

all 0 arguments · sorted by: best

no arguments yet — make the first case