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Code of Federal Regulations Title 7. Agriculture § 7.1427.16 Movement and protection of warehouse-stored cotton

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) CCC may insure or reinsure stored cotton against any risk, or otherwise take an action it deems necessary to protect the interest therein of CCC.

(b) A producer may transfer cotton loan collateral subject to the following conditions:

(1) The cotton is represented by an electronic warehouse receipt;

(2) The request is submitted by a producer or a properly designated agent of the producer;

(3) The transfer is agreed to by the receiving warehouse operator;

(4) The CCC MAL that is secured by such cotton matures at least 30 days after the date on which the request for the transfer is submitted to CCC;  and

(5) Any charges, fees, costs, or expenses incident to the transfer of cotton loan collateral under this paragraph must be paid by the requestor of the transfer.

(c) CCC will exclude from the calculation of any storage credits payable under § 1427.19 the following periods:

(1) The period during which the cotton is in transit between warehouses;  and

(2) Any period beyond 75 days starting from the date of transfer from the shipping warehouse, unless the shipping warehouse is:

(i) Not in compliance with any of the terms of its Cotton Storage Agreement,

(ii) Storing cotton loan collateral outside, or

(iii) Under common ownership with the receiving warehouse.

(d), (e) [Reserved by 73 FR 65721]

(f) [Redesignated as subsection (c) by 73 FR 65721]

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.1427.16 Movement and protection of warehouse-stored cotton - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-1427-16/

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