7 U.S.C. § 7286 | Commodity certificates

(a)

In general

1 So in original. Probably should not be capitalized.

7 U.S.C. 9031In making in-kind payments under subchapter III of this chapter, title I of the Farm Security and Rural Investment Act of 2002 [ et seq.], title I of the Food, Conservation, and Energy Act of 2008 [ et seq.], and Subtitle  B of title I of the Agricultural Act of 2014 [ et seq.], the Commodity Credit Corporation may—

(1)

acquire and use commodities that have been pledged to the Commodity Credit Corporation as collateral for loans made by the Corporation;

(2)

use other commodities owned by the Commodity Credit Corporation; and

(3)

redeem negotiable marketing certificates for cash under terms and conditions established by the Secretary.

(b)

Methods of payment

The Commodity Credit Corporation may make in-kind payments—

(1)

by delivery of the commodity at a warehouse or other similar facility;

(2)

by the transfer of negotiable warehouse receipts;

(3)

by the issuance of negotiable certificates, which the Commodity Credit Corporation shall exchange for a commodity owned or controlled by the Corporation in accordance with regulations promulgated by the Corporation; or

(4)

by such other methods as the Commodity Credit Corporation determines appropriate to promote the efficient, equitable, and expeditious receipt of the in-kind payments so that a person receiving the payments receives the same total return as if the payments had been made in cash.

(c)

Administration

(1)

Form

7 U.S.C. 7901 7 U.S.C. 8701¹7 U.S.C. 9031At the option of a producer, the Commodity Credit Corporation shall make negotiable certificates authorized under subsection (b)(3) available to the producer, in the form of program payments or by sale, in a manner that the Corporation determines will encourage the orderly marketing of commodities pledged as collateral for loans made to producers under subchapter III of this chapter, title I of the Farm Security and Rural Investment Act of 2002 [ et seq.], title I of the Food, Conservation, and Energy Act of 2008 [ et seq.], and Subtitle  B of title I of the Agricultural Act of 2014 [ et seq.].

(2)

Transfer

A negotiable certificate issued in accordance with this subsection may be transferred to another person in accordance with regulations promulgated by the Secretary.

(3)

Application of authority

7 U.S.C. 8731 7 U.S.C. 8701Beginning with the 2015 crop marketing year, the Secretary shall carry out paragraph (1) under the same terms and conditions as were in effect for the 2008 crop year for loans made to producers under subtitle B [ et seq.] of title I of the Food, Conservation, and Energy Act of 2008 ( et seq.).

Pub. L. 104–127, title I, § 166 Pub. L. 106–78, title VIII, § 812Oct. 22, 1999113 Stat. 1181 Pub. L. 107–171, title I, § 1608May 13, 2002116 Stat. 218 Pub. L. 110–234, title I, § 1607May 22, 2008122 Stat. 1018 Pub. L. 110–246, § 4(a)June 18, 2008122 Stat. 1664 Pub. L. 114–113, div. A, title VII, § 740Dec. 18, 2015129 Stat. 2281(, as added , , ; amended , , ; , , ; , title I, § 1607, , , 1746, , , .)

Editorial Notes

References in Text

Pub. L. 107–171May 13, 2002116 Stat. 134 section 7901 of this titleThe Farm Security and Rural Investment Act of 2002, referred to in subsecs. (a) and (c)(1), is , , . Title I of the Act is classified principally to chapter 106 (§ 7901 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Pub. L. 110–246June 18, 2008122 Stat. 1651 section 8701 of this titleThe Food, Conservation, and Energy Act of 2008, referred to in subsecs. (a) and (c)(1), (3), is , , . Title I of the Act is classified principally to chapter 113 (§ 8701 et seq.) of this title. Subtitle B of title I of the Act is classified generally to subchapter II (§ 8731 et seq.) of chapter 113 of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Pub. L. 113–79Feb. 7, 2014128 Stat. 649 section 9001 of this titleThe Agricultural Act of 2014, referred to in subsecs. (a) and (c)(1), is , , . Title I of the Act is classified principally to chapter 115 (§ 9001 et seq.) of this title. Subtitle B of title I of the Act is classified generally to subchapter II (§ 9031 et seq.) of chapter 115 of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Codification

Pub. L. 110–234 Pub. L. 110–246 Pub. L. 110–234 section 4(a) of Pub. L. 110–246 and made identical amendments to this section. The amendments by were repealed by .

Amendments

Pub. L. 114–113, § 740(1)2015—Subsecs. (a), (c)(1). , substituted “title I of the Food, Conservation, and Energy Act of 2008, and Subtitle B of title I of the Agricultural Act of 2014” for “and title I of the Food, Conservation, and Energy Act of 2008”.

Pub. L. 114–113, § 740(2)Subsec. (c)(3). , amended par. (3) generally. Prior to amendment, text read as follows: “The authority to carry out paragraph (1) terminates effective ending with the 2009 crop year.”

Pub. L. 110–246, § 1607(1)2008—Subsecs. (a), (c)(1). , substituted “, title I of the Farm Security and Rural Investment Act of 2002, and title I of the Food, Conservation, and Energy Act of 2008” for “and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002”.

Pub. L. 110–246, § 1607(2)Subsec. (c)(3). , added par. (3).

Pub. L. 107–1712002—Subsecs. (a), (c)(1). substituted “subchapter III of this chapter and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002” for “subchapter III of this chapter”.

Statutory Notes and Related Subsidiaries

Effective Date of 2008 Amendment

Pub. L. 110–234 Pub. L. 110–246May 22, 2008Pub. L. 110–234 section 4 of Pub. L. 110–246 section 8701 of this titleAmendment of this section and repeal of by effective , the date of enactment of , see , set out as an Effective Date note under .