7 U.S.C. § 7235
Except as provided in subsection (d), the Secretary may make loan deficiency payments available to-
A loan deficiency payment under this section shall be computed by multiplying-
For purposes of this section, the loan payment rate shall be the amount by which-
This section shall not apply with respect to extra long staple cotton.
A payment to a producer eligible for a payment under subsection (a)(2) that harvested a commodity on or before the date that is 30 days after the promulgation of the regulations implementing subsection (a)(2) shall be determined as the date the producer lost beneficial interest in the commodity, as determined by the Secretary.
Subject to subsection (e), a producer shall be eligible for a payment under this section only if the producer has a beneficial interest in the commodity, as determined by the Secretary.
For the 2001 crop year, the Secretary shall determine the amount of the loan deficiency payment to be made under this section to the producers on a farm with respect to a quantity of a loan commodity using the payment rate in effect under subsection (c) as of the earlier of the following:
7 U.S.C. § 7235
EDITORIAL NOTES
AMENDMENTS2002-Subsec. (a)(2). Pub. L. 107-171, §1205(f)(2)(A), substituted "2000 and 2001 crop years" for "2000 crop year". Subsec. (g). Pub. L. 107-171, §1205(f)(2)(B), added subsec. (g). 2000-Subsec. (a). Pub. L. 106-224, §206(a), designated existing provisions as par. (1) and added par. (2). Subsec. (b)(2). Pub. L. 106-224, §206(b), substituted "produced by the eligible producers, excluding any quantity for which the producers obtain a loan under section 7231 of this title." for "that the producers on a farm are eligible to place under loan but for which the producers forgo obtaining the loan in return for payments under this section." Subsecs. (e), (f). Pub. L. 106-224, §206(c), added subsecs. (e) and (f).
- Secretary
- The term "Secretary" means the Secretary of Agriculture.
- contract commodity
- The term "contract commodity" means wheat, corn, grain sorghum, barley, oats, upland cotton, and rice.
- extra long staple cotton
- The term "extra long staple cotton" means cotton that-(A) is produced from pure strain varieties of the Barbadense species or any hybrid thereof, or other similar types of extra long staple cotton, designated by the Secretary, having characteristics needed for various end uses for which United States upland cotton is not suitable and grown in irrigated cotton-growing regions of the United States designated by the Secretary or other areas designated by the Secretary as suitable for the production of the varieties or types; and(B) is ginned on a roller-type gin or, if authorized by the Secretary, ginned on another type gin for experimental purposes.
- loan commodity
- The term "loan commodity" means each contract commodity, extra long staple cotton, and oilseed.
- producer
- The term "producer" means an owner, operator, landlord, tenant, or sharecropper who shares in the risk of producing a crop and who is entitled to share in the crop available for marketing from the farm, or would have shared had the crop been produced. In determining whether a grower of hybrid seed is a producer, the Secretary shall not take into consideration the existence of a hybrid seed contract.