7 U.S. Code § 7237 - Availability of recourse loans for high moisture feed grains and seed cotton and other fibers
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(a) High moisture feed grains
(1) Recourse loans available
For each of the 1996 through 2002 crops of corn and grain sorghum, the Secretary shall make available recourse loans, as determined by the Secretary, to producers on a farm containing eligible cropland covered by a production flexibility contract who—
(A) normally harvest all or a portion of their crop of corn or grain sorghum in a high moisture state;
(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
(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
(2) 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
(3) “High moisture state” defined
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 7231 of this title.
(b) Recourse loans available for seed cotton
(1) Upland cotton
For each of the 1996 through 2002 crops of upland cotton, the Secretary shall make available recourse seed cotton loans, as determined by the Secretary, to producers on a farm containing eligible cropland covered by a production flexibility contract.
(c) Recourse loans available for mohair
(1) Recourse loans available
Notwithstanding any other provision of law, during fiscal year 1999, the Secretary shall make available recourse loans, as determined by the Secretary, to producers of mohair produced during or before that fiscal year.
(3) Term of loan
A loan under paragraph (1) shall have a term of 1 year beginning on the first day of the first month after the month in which the loan is made.
Source(Pub. L. 104–127, title I, § 137,Apr. 4, 1996, 110 Stat. 912; Pub. L. 105–277, div. A, § 101(a) [title XI, § 1126], Oct. 21, 1998, 112 Stat. 2681, 2681–46.)
1998—Pub. L. 105–277, § 101(a) [title XI, § 1126(1)], inserted “and other fibers” after “seed cotton” in section catchline.
Subsecs. (c), (d). Pub. L. 105–277, § 101(a) [title XI, § 1126(2), (3)], added subsec. (c) and redesignated former subsec. (c) as (d).