United States Code (Last Updated: May 24, 2014) |
Title 7. AGRICULTURE |
Chapter 100. AGRICULTURAL MARKET TRANSITION |
SubChapter III. NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS |
§ 7233. Term of loans
Latest version.
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(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.