7 CFR 1427.4 - Eligible producer.
(1) Be an individual, partnership, association, corporation, estate, trust, or other legal entity that produces cotton as a landowner, landlord, tenant, or sharecropper;
(2) Comply with all provisions of this part; and
(i)7 CFR part 12 - Highly Erodible Land and Wetland Conservation:
(iii)7 CFR part 1400 - Payment Limitation and Payment Eligibility;
(iv)7 CFR part 1403 - Debt Settlement Policies and Procedures; and
(v)7 CFR part 1405 - Loans, Purchases and Other Operations; and
(3) Have made an acreage certification with respect to all the cropland on the farm.
(b) A receiver or trustee of an insolvent or bankrupt debtor's estate, an executor or an administrator of a deceased person's estate, a guardian of an estate of a ward or an incompetent person, and trustees of a trust estate is considered to represent the insolvent or bankrupt debtor, the deceased person, the ward or incompetent, and the beneficiaries of a trust, respectively. The production of the receiver, executor, administrator, guardian, or trustee is considered to be the production of the person or estate represented by the receiver, executor, administrator, guardian, or trust. Loan and loan deficiency payment documents executed by any such person will be accepted by CCC only if they are legally valid and such person has the authority to sign the applicable documents.
(1) The right of majority has been conferred on the minor by court proceedings or by statute;
(1) If more than one producer executes a note and securityagreement with CCC, each such producer is jointly and severally liable for the violation of the terms and conditions of the note and the regulations in this part. Each such producer also remains liable for repayment of the entire MAL amount until the MAL is fully repaid without regard to such producer's claimed share in the commodity pledged as collateral for the MAL. In addition, such producer may not amend the note and securityagreement with respect to the producer's claimed share in such commodities, or loan proceeds, after execution of the note and securityagreement by CCC.
(e) A CMA may obtain MALs and LDPs on eligible cotton on behalf of its members who are eligible to receive loans or LDPs for a crop of cotton. For purposes of this subpart, the term “producer” includes a CMA.
(f) In case of death, incompetency, or disappearance of any producer who is entitled to the payment of any sum in settlement of a MAL or LDP, payment will, upon application to CCC, be made to the person(s) who would be entitled to the producer's payment under the regulations in part 707 of this title.
Title 7 published on 2015-08-22.
No entries appear in the Federal Register after this date, for 7 CFR Part 1427.