Source: https://www.federalregister.gov/documents/2006/10/13/E6-16944/grains-and-similarly-handled-commodities-marketing-assistance-loans-and-loan-deficiency-payments-for
Timestamp: 2018-02-21 11:39:44
Document Index: 286050909

Matched Legal Cases: ['art 1427', 'art 1421', 'art 1427', 'art 1421', '§\u20091421', 'art 1427', 'art 1425', 'art 1425']

A Rule by the Commodity Credit Corporation on 10/13/2006
https://www.federalregister.gov/d/E6-16944 https://www.federalregister.gov/d/E6-16944
This rule corrects the final rule published in the Federal Register on June 6, 2006 (71 FR 32415) that amended the regulations governing the Marketing Assistance Loan (MAL) and Loan Deficiency Payment (LDP) Program of the Commodity Credit Corporation (CCC). The final rule, among other things, revised section 1427.5 of 7 CFR part 1427 and, in doing so, removed the provisions formerly contained in section 1427.5(e)(3) regarding beneficial interest in cotton used as collateral for a marketing assistance loan as it relates to loans made available to cotton producers through Cooperative Marketing Associations. An attempt was made to correct this error in the CCC final rule published on August 30, 2006 by adding provisions dealing with beneficial interest into 7 CFR part 1421 as section 1421.6(j). However, the correction was supposed to have been made in part 1427, which governs marketing assistance loans for cotton, since part 1421 applies only to grains and similar commodities, not cotton. Further, the new section 1421.6(j) is redundant and simply repeats, verbatim, section 1421.6(f). This document corrects the regulatory text that was amended erroneously and makes the correct revision.
2. Amend § 1421.6 by removing paragraph (j).
3. The authority citation for part 1427 continues to read as follows:
4. Amend section 1427.5 by adding paragraph (o) to read as follows:
(o) If marketing assistance loans or loan deficiency payments are made available to producers through a CMA under part 1425 of this chapter, the beneficial interest in the cotton must always have been held by the producer-member who delivered the cotton to the CMA or its member, except as otherwise provided in this section. Cotton delivered to such a CMA shall not be eligible to receive a marketing assistance loan or a loan deficiency payment if the producer-member who delivered the cotton does not retain the right to share in the proceeds from the marketing of the cotton as provided in part 1425 of this chapter.
Signed in Washington, DC, on October 6, 2006.
[FR Doc. E6-16944 Filed 10-12-06; 8:45 am]