[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1421.3]

[Page 427-428]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1421_GRAINS AND SIMILARLY HANDLED COMMODITIES_MARKETING ASSISTANCE LOANS 
 
                            Subpart A_General
 
Sec.  1421.3  Definitions.

    The definitions in this section apply for all purposes of program 
administration. Terms defined in part 718 of this title and parts 1412 
and 1425 of this chapter also apply, except where they conflict with the 
definitions in this section.
    Basic loan rate means the loan rate established by CCC for a 
commodity before any adjustment for premiums and discounts.
    Charges means all fees, costs, and expenses incurred in insuring, 
carrying, handling, storing, conditioning, and marketing the commodity 
tendered to CCC for loan. Charges also include any other expenses 
incurred by CCC in protecting CCC's or the producer's interest in such 
commodity.
    Commodity certificate exchange means the exchange, as provided for 
in part 1401 of this chapter, of commodities pledged as collateral for a 
marketing assistance loan at a rate determined by CCC in the form of a 
commodity certificate bearing a dollar denomination. Such certificate 
may not be transferred or exchanged for the inventory of CCC.
    Designated Marketing Association (DMA) means an entity, or a 
subsidiary thereof, that performs marketing functions for peanut 
producers and is designated to handle marketing assistance loans and 
loan deficiency payments for them. A DMA is eligible to perform those 
functions only if the DMA meets the eligibility criteria set out 
elsewhere in this part.
    Field direct loan deficiency payment means a loan deficiency payment 
issued to producers who:
    (1) Will lose beneficial interest immediately at harvest or;
    (2) Immediately feed the commodity during harvest.
    High moisture commodities means corn and grain sorghum normally 
harvested and intended to be stored or marketed in a high moisture 
condition.
    Incorrect certification means the certifying of a quantity of a 
commodity for the purpose of obtaining a marketing assistance loan or a 
loan deficiency payment in excess of the quantity eligible for such 
marketing assistance loan or loan deficiency payment or the making of 
any fraudulent representation with respect to obtaining loans or loan 
deficiency payments.
    Loan commodities means wheat, corn, grain sorghum, barely, oats, 
rice, soybeans, other oilseeds, peanuts, wool, mohair, dry peas, 
lentils, and small chickpeas and other crops designated by CCC.
    Loan deficiency payment means a payment received in lieu of a loan 
when the CCC-determined value is below the applicable county loan rate.
    Mohair means the hair sheared from a live Angora goat. Mohair does 
not include pelts, or hides or mohair shorn from pelts or hides.
    Oilseeds means any crop of sunflower seed, canola, rapeseed, 
safflower, flaxseed, mustard seed, crambe, sesame seed, and other 
oilseeds as determined and announced by CCC.
    Other crops designated by CCC means with respect to eligibilities 
for benefits under this part:
    (1) Those crops harvested as other than grain, such as silage, 
haulage, earlage;
    (2) Specific crops designated for grazing; or
    (3) As otherwise designated by CCC.
    Pulse crops means any crop of dry peas, lentils, and small chickpeas 
as defined by CCC.
    Servicing agent bank means the bank designated as the financial 
institution for a CMA or a designated marketing association.

[[Page 428]]

    Small chickpea means any chickpea that meets the definition of a 
chickpea according to the Grain Inspection, Packers and Stockyards 
Administration (GIPSA), Federal Grain Inspection Service (FGIS) and 
falls below a 20/64th sieve.
    Unauthorized disposition means the conversion of any loan quantity 
pledged as collateral for a farm-stored loan without prior written 
authorization from the county committee.
    Unauthorized removal means the movement of any farm-stored loan 
quantity from the storage structure in which the commodity was stored or 
structures that were designated when the loan was approved to any other 
storage structure, whether or not such structure is located on the 
producer's farm, without prior written authorization from the county 
committee.
    Unshorn pelt means the removed skin and attached wool from a 
slaughtered lamb that has never been shorn.
    Warehouse receipt means a receipt containing the required 
information prescribed in this part and is:
    (1) A pre-numbered, negotiable warehouse receipt issued under the 
authority of the U.S. Warehouse Act, a state licensing authority, or by 
an approved CCC warehouse in such format authorized and approved, in 
advance, by CCC;
    (2) An electronic warehouse receipt issued by such warehouse 
recorded in a central filing system or system maintained in one or more 
locations which are approved by FSA to operate such system; or
    (3) Other such acceptable evidence of title, as determined by CCC.
    Wool means the fiber sheared from a live sheep.

[67 FR 63511, Oct. 11, 2002, as amended at 68 FR 37940, June 26, 2003; 
70 FR 33799, June 10, 2005]