§ 7286. Commodity certificates

Statutory text

In general

In making in-kind payments under subchapter III of this chapter, title I of the Farm Security and Rural Investment Act of 2002 [7 U.S.C. 7901 et seq.], title I of the Food, Conservation, and Energy Act of 2008 [7 U.S.C. 8701 et seq.], and Subtitle 1 B of title I of the Agricultural Act of 2014 [7 U.S.C. 9031 et seq.], the Commodity Credit Corporation may—

acquire and use commodities that have been pledged to the Commodity Credit Corporation as collateral for loans made by the Corporation;

use other commodities owned by the Commodity Credit Corporation; and

redeem negotiable marketing certificates for cash under terms and conditions established by the Secretary.

Methods of payment

The Commodity Credit Corporation may make in-kind payments—

by delivery of the commodity at a warehouse or other similar facility;

by the transfer of negotiable warehouse receipts;

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

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.

Administration

Form

At the option of a producer, the Commodity Credit Corporation shall make negotiable certificates authorized under subsection (b)(3) 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, title I of the Farm Security and Rural Investment Act of 2002 [7 U.S.C. 7901 et seq.], title I of the Food, Conservation, and Energy Act of 2008 [7 U.S.C. 8701 et seq.], and Subtitle ¹ B of title I of the Agricultural Act of 2014 [7 U.S.C. 9031 et seq.].

Transfer

A negotiable certificate issued in accordance with this subsection may be transferred to another person in accordance with regulations promulgated by the Secretary.

Application of authority

Beginning with the 2015 crop marketing year, the Secretary shall carry out paragraph (1) under the same terms and conditions as were in effect for the 2008 crop year for loans made to producers under subtitle B [7 U.S.C. 8731 et seq.] of title I of the Food, Conservation, and Energy Act of 2008 (7 U.S.C. 8701 et seq.).

Footnotes

1 So in original. Probably should not be capitalized.

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.

1999
Federal Agriculture Improvement and Reform Act of 1996
Pub. L. 104–127 title I § 166 · 110 Stat. 888
Enacted · 7 U.S.C. § 7286
Pub. L. 104–127, title I, § 166, as added Pub. L. 106–78, title VIII, § 812, Oct. 22, 1999, 113 Stat. 1181
Source evidence
Code source credit
Pub. L. 104–127, title I, § 166, as added Pub. L. 106–78, title VIII, § 812, Oct. 22, 1999, 113 Stat. 1181
2002
Pub. L. 107–171 title I § 1608 · 116 Stat. 134
Substituted · 7 U.S.C. § 7286(a); 7 U.S.C. § 7286(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”
Source evidence
Code amendment note
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”.
Enacted provision · exact public law section
SEC. 1608. EXTENSION OF EXISTING ADMINISTRATIVE AUTHORITY REGARDING LOANS. Section 166 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7286) is amended— (1) in subsection (a), by striking “subtitle C” and inserting “subtitle C of this title and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002”; and (2) in subsection (c)(1), by striking “subtitle C” and inserting “subtitle C of this title and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002”.
2015
Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2016
Pub. L. 114–113 § 740(1) · 129 Stat. 2242
Substituted · 7 U.S.C. § 7286(a); 7 U.S.C. § 7286(c)(1)
Pub. L. 114–113, § 740(1), substituted “title I of the Food, Conservation, and Energy Act of 2008, and Subtitle B of title I of the Agricultural Act of 2014” for “and title I of the Food, Conservation, and Energy Act of 2008”
Source evidence
Code amendment note
Subsecs. (a), (c)(1). Pub. L. 114–113, § 740(1), substituted “title I of the Food, Conservation, and Energy Act of 2008, and Subtitle B of title I of the Agricultural Act of 2014” for “and title I of the Food, Conservation, and Energy Act of 2008”.
Enacted provision · exact public law section
(1) by striking “and title I of the Food, Conservation, and Energy Act of 2008” both places it appears and inserting “title I of the Food, Conservation, and Energy Act of 2008, and Subtitle B of title I of the Agricultural Act of 2014”; and
2015
Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2016
Pub. L. 114–113 § 740(2) · 129 Stat. 2242
Amended · 7 U.S.C. § 7286(c)(3)
Pub. L. 114–113, § 740(2), amended par. (3) generally. Prior to amendment, text read as follows: “The authority to carry out paragraph (1) terminates effective ending with the 2009 crop year.”
Source evidence
Code amendment note
Subsec. (c)(3). Pub. L. 114–113, § 740(2), amended par. (3) generally. Prior to amendment, text read as follows: “The authority to carry out paragraph (1) terminates effective ending with the 2009 crop year.”
Enacted provision · exact public law section
(2) by amending paragraph (3) of subsection (c) to read as follows: “(3) Application of authority.— Beginning with the 2015 crop marketing year, the Secretary shall carry out paragraph (1) under the same terms and conditions as were in effect for the 2008 crop year for loans made to producers under subtitle B of title I of the Food, Conservation, and Energy Act of 2008 (7 U.S.C. 8701 et seq.).” .
2008
Food, Conservation, and Energy Act of 2008
Pub. L. 110–246 § 1607(1) · 122 Stat. 1651
Substituted · 7 U.S.C. § 7286(a); 7 U.S.C. § 7286(c)(1)
Pub. L. 110–246, § 1607(1), substituted “, title I of the Farm Security and Rural Investment Act of 2002, and title I of the Food, Conservation, and Energy Act of 2008” for “and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002”
Source evidence
Code amendment note
Subsecs. (a), (c)(1). Pub. L. 110–246, § 1607(1), substituted “, title I of the Farm Security and Rural Investment Act of 2002, and title I of the Food, Conservation, and Energy Act of 2008” for “and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002”.
Enacted provision · exact public law section
(1) by striking “and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002” each place it appears and inserting “, title I of the Farm Security and Rural Investment Act of 2002, and title I of the Food, Conservation, and Energy Act of 2008”; and
Effective date note
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
2008
Food, Conservation, and Energy Act of 2008
Pub. L. 110–246 § 1607(2) · 122 Stat. 1651
Added · 7 U.S.C. § 7286(c)(3)
Pub. L. 110–246, § 1607(2), added par. (3)
Source evidence
Code amendment note
Subsec. (c)(3). Pub. L. 110–246, § 1607(2), added par. (3).
Enacted provision · exact public law section
(2) in subsection (c), by adding at the end the following: “(3) Termination of authority.— The authority to carry out paragraph (1) terminates effective ending with the 2009 crop year.” .
Effective date note
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

5 of 6 references resolved to an enrolled provision · 1 partial

Editorial Notes

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. Title I of the Act is classified principally to chapter 106 (§ 7901 et seq.) 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.

The Food, Conservation, and Energy Act of 2008, referred to in subsecs. (a) and (c)(1), (3), is Pub. L. 110–246, June 18, 2008, 122 Stat. 1651. Title I of the Act is classified principally to chapter 113 (§ 8701 et seq.) of this title. Subtitle B of title I of the Act is classified generally to subchapter II (§ 8731 et seq.) of chapter 113 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 8701 of this title and Tables.

The Agricultural Act of 2014, referred to in subsecs. (a) and (c)(1), is Pub. L. 113–79, Feb. 7, 2014, 128 Stat. 649. Title I of the Act is classified principally to chapter 115 (§ 9001 et seq.) of this title. Subtitle B of title I of the Act is classified generally to subchapter II (§ 9031 et seq.) of chapter 115 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 9001 of this title and Tables.

Codification

Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.

Amendments2002–2015 · 3 rounds

2015

Subsecs. (a), (c)(1). Pub. L. 114–113, § 740(1), substituted “title I of the Food, Conservation, and Energy Act of 2008, and Subtitle B of title I of the Agricultural Act of 2014” for “and title I of the Food, Conservation, and Energy Act of 2008”.

Subsec. (c)(3). Pub. L. 114–113, § 740(2), amended par. (3) generally. Prior to amendment, text read as follows: “The authority to carry out paragraph (1) terminates effective ending with the 2009 crop year.”

2008

Subsecs. (a), (c)(1). Pub. L. 110–246, § 1607(1), substituted “, title I of the Farm Security and Rural Investment Act of 2002, and title I of the Food, Conservation, and Energy Act of 2008” for “and subtitle B and C of title I of the Farm Security and Rural Investment Act of 2002”.

Subsec. (c)(3). Pub. L. 110–246, § 1607(2), added par. (3).

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”.

Statutory Notes and Related Subsidiaries

Effective Date of 2008 Amendment

Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

Credits

1999–2008 · 4 acts

1999Pub. L. 104–127, title I, § 166, as added Pub. L. 106–78, title VIII, § 812, Oct. 22, 1999, 113 Stat. 1181
2002amended Pub. L. 107–171, title I, § 1608, May 13, 2002, 116 Stat. 218
2008Pub. L. 110–234, title I, § 1607, May 22, 2008, 122 Stat. 1018
2008Pub. L. 110–246, § 4(a), title I, § 1607, June 18, 2008, 122 Stat. 1664, 1746, Pub. L. 114–113, div. A, title VII, § 740, Dec. 18, 2015, 129 Stat. 2281.

Show as published

(Pub. L. 104–127, title I, § 166, as added Pub. L. 106–78, title VIII, § 812, Oct. 22, 1999, 113 Stat. 1181; amended Pub. L. 107–171, title I, § 1608, May 13, 2002, 116 Stat. 218; Pub. L. 110–234, title I, § 1607, May 22, 2008, 122 Stat. 1018; Pub. L. 110–246, § 4(a), title I, § 1607, June 18, 2008, 122 Stat. 1664, 1746, Pub. L. 114–113, div. A, title VII, § 740, Dec. 18, 2015, 129 Stat. 2281.)