§ 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.)