§ 7286. — Commodity certificates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC7286]
TITLE 7--AGRICULTURE
CHAPTER 100--AGRICULTURAL MARKET TRANSITION
SUBCHAPTER V--ADMINISTRATION
Sec. 7286. Commodity certificates
(a) In general
In making in-kind payments under subchapter III of this chapter and
subtitle \1\ B and C of title I of the Farm Security and Rural
Investment Act of 2002 [7 U.S.C. 7931 et seq., 7951 et seq.], the
Commodity Credit Corporation may--
---------------------------------------------------------------------------
\1\ So in original. Probably should be ``subtitles''.
---------------------------------------------------------------------------
(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
At the option of a producer, the Commodity Credit Corporation
shall make negotiable certificates authorized under subsection
(b)(3) of this section 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 and subtitle \1\ B and C of title I of the Farm
Security and Rural Investment Act of 2002 [7 U.S.C. 7931 et seq.,
7951 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.
(Pub. L. 104-127, title I, Sec. 166, as added Pub. L. 106-78, title
VIII, Sec. 812, Oct. 22, 1999, 113 Stat. 1181; amended Pub. L. 107-171,
title I, Sec. 1608, May 13, 2002, 116 Stat. 218.)
References in Text
The Farm Security and Rural Investment Act of 2002, referred to in
subsecs. (a) and (c)(1), is Pub. L. 107-171, May 13, 2002, 116 Stat.
134. Subtitle B of title I of the Act is classified generally to
subchapter II (Sec. 7931 et seq.) of chapter 106 of this title. Subtitle
C of title I of the Act is classified principally to subchapter III
(Sec. 7951 et seq.) of chapter 106 of this title. For complete
classification of this Act to the Code, see Short Title note set out
under section 7901 of this title and Tables.
Amendments
2002--Subsecs. (a), (c)(1). Pub. L. 107-171 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''.
Section Referred to in Other Sections
This section is referred to in sections 7931, 7957 of this title.
