In making in-kind payments under any of the annual programs for wheat, feed grains, upland cotton, or rice (other than negotiable marketing certificates for upland cotton or rice), the Secretary may—
(1) acquire and use like commodities that have been pledged to the Commodity Credit Corporation as security for price support loans, including loans made to producers under section 1445e of this title; and
(2) use other like commodities owned by the Commodity Credit Corporation.
The Secretary may make in-kind payments—
(1) by delivery of the commodity to the producer at a warehouse or other similar facility, as determined by the Secretary;
(2) by the transfer of negotiable warehouse receipts;
(3) by the issuance of negotiable certificates which the Commodity Credit Corporation shall redeem for a commodity in accordance with regulations prescribed by the Secretary; or
(4) by such other methods as the Secretary determines appropriate to enable the producer to receive payments in an efficient, equitable, and expeditious manner so as to ensure that the producer receives the same total return as if the payments had been made in cash.
The Secretary shall pay interest on the cash redemption of a commodity certificate issued by the Secretary to a producer who holds the certificate for at least 150 days. This subsection shall not apply with respect to commodity certificates issued in connection with the export enhancement program or the marketing promotion program established under the Agricultural Trade Act of 1978.
(Oct. 31, 1949, ch. 792, title I, §115, formerly §107E, as added Pub. L. 99–198, title X, §1005, Dec. 23, 1985, 99 Stat. 1448; renumbered §115 and amended Pub. L. 101–624, title XI, §§1122(a), 1161(a)(1), Nov. 28, 1990, 104 Stat. 3503, 3520.)
Sections: Previous 1445a 1445d 1445e 1445f 1445g 1445i 1445j 1445k 1446 1446a 1446a-1 1446b 1446c 1446c-1 1446c-2 Next
Last modified: October 26, 2015