Title 7 — Agriculture
Chapter 100 — Agricultural Market Transition
§ 7233. Term of loans
Statutory text
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.
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.
Extensions prohibited
The Secretary may not extend the term of a marketing assistance loan for any loan commodity.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Agricultural Market Transition Act
Pub. L. 104–127 title I § 133 · 110 Stat. 888
Enacted · 7 U.S.C. § 7233
(Pub. L. 104–127, title I, § 133, Apr. 4, 1996, 110 Stat. 907.)
Source evidence
Code source credit
(Pub. L. 104–127, title I, § 133, Apr. 4, 1996, 110 Stat. 907.)Enacted provision · exact public law section
SEC. 133. 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 131 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.
1 of 1 references resolved to an enrolled provision