§ 7233. Term of loans

Latest version.

(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 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.
(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.

(Pub. L. 104–127, title I, § 133, Apr. 4, 1996, 110 Stat. 907.)

                    
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