§ 7233. — Term of loans.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC7233]
TITLE 7--AGRICULTURE
CHAPTER 100--AGRICULTURAL MARKET TRANSITION
SUBCHAPTER III--NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN
DEFICIENCY PAYMENTS
Sec. 7233. Term of loans
(a) Term of loan
In the case of each loan commodity (other than upland cotton or
extra long staple cotton), a marketing assistance loan under section
7231 of this title shall have a term of 9 months beginning on the first
day of the first month after the month in which the loan is made.
(b) Special rule for cotton
A marketing assistance loan for upland cotton or extra long staple
cotton shall have a term of 10 months beginning on the first day of the
month in which the loan is made.
(c) Extensions prohibited
The Secretary may not extend the term of a marketing assistance loan
for any loan commodity.
(Pub. L. 104-127, title I, Sec. 133, Apr. 4, 1996, 110 Stat. 907.)
