7 U.S. Code § 7233 - Term of loans

(a) Term of loan
In the case of each loan commodity (other than upland cotton or extra long staple cotton), a marketing assistance loan under section 7231 of this title shall have a term of 9 months beginning on the first day of the first month after the month in which the loan is made.
(b) Special rule for cotton
A marketing assistance loan for upland cotton or extra long staple cotton shall have a term of 10 months beginning on the first day of the month in which the loan is made.
(c) Extensions prohibited
The Secretary may not extend the term of a marketing assistance loan for any loan commodity.

Source

(Pub. L. 104–127, title I, § 133,Apr. 4, 1996, 110 Stat. 907.)

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7 CFR - Agriculture

7 CFR Part 1421 - GRAINS AND SIMILARLY HANDLED COMMODITIES—MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS FOR 2008 THROUGH 2012

7 CFR Part 1427 - COTTON

 

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