Source: https://www.law.cornell.edu/uscode/text/7/1445k
Timestamp: 2018-03-23 01:52:56
Document Index: 10632234

Matched Legal Cases: ['§ 1445', '§ 1445', '§ 1445', '§\u202f1445', '§\u202f115', '§\u202f107', '§\u202f1005', '§\u202f115', '§\u202f1122', '§\u202f1531', '§\u202f5601', '§\u202f1122', '§\u202f1122']

7 U.S. Code § 1445k - Payments in commodities | US Law | LII / Legal Information Institute
U.S. Code › Title 7 › Chapter 35A › Subchapter II › § 1445k
7 U.S. Code § 1445k - Payments in commodities
§ 1445k.
Payments in commodities
(a) In-kind payments by SecretaryIn 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—
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
use other like commodities owned by the Commodity Credit Corporation.
(b) Methods of paymentsThe Secretary may make in-kind payments—
by delivery of the commodity to the producer at a warehouse or other similar facility, as determined by the Secretary;
by the transfer of negotiable warehouse receipts;
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
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.
(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.)
The Agricultural Trade Act of 1978, referred to in subsec. (c), is Pub. L. 95–501, Oct. 21, 1978, 92 Stat. 1685, as amended generally by Pub. L. 101–624, title XV, § 1531, Nov. 28, 1990, 104 Stat. 3668, which is classified generally to chapter 87 (§ 5601 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5601 of this title and Tables.
1990—Subsec. (c). Pub. L. 101–624, § 1122(a), added subsec. (c).
Pub. L. 101–624, title XI, § 1122(b), Nov. 28, 1990, 104 Stat. 3503, provided that:
A subsequent holder of a commodity certificate issued by the Commodity Credit Corporation shall be allowed to exchange the expired commodity certificate under the same rules that apply to an original holder of the certificate.
“(2)Application and redemption limitations.—
This subsection shall only apply during the 180-day period beginning on the date of enactment of this Act [Nov. 28, 1990]. No person may redeem more than $1,000 worth of certificates under this subsection.
“(3)Redemption limitations.—
In no event shall a person receive a payment from the Commodity Credit Corporation for a certificate that is redeemed under this subsection in an amount greater than the price paid for the certificate by the person. No expired certificate shall be exchanged under this section if the owner purchased the certificate after January 1, 1990.”