[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: 7CFR1421.307]

[Page 453]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1421_GRAINS AND SIMILARLY HANDLED COMMODITIES_MARKETING ASSISTANCE LOANS 
 
Subpart D_Grazing Payments for 2002	2007 Crop of Wheat, Barley, Oats and 
                                Triticale
 
Sec.  1421.307  Refunds; joint and several liability.

    (a) In the event there is a failure to comply with any term, 
requirement, or condition for payment arising under this application, or 
this subpart, and if any refund of a payment to CCC shall become due for 
that or other reason in connection with the application, or this 
subpart, all payments made under this subpart to any producer shall be 
refunded to CCC together with interest as determined in accordance with 
paragraph (c) of this section and late-payments charges as provided for 
in part 1402 of this chapter.
    (b) All persons listed on an application shall be jointly and 
severally liable for any refund due in connection with that application 
and for any related charges which may be determined to be due for any 
reason.
    (c) Interest shall be applicable to refunds required of the 
producer. Such interest shall be charged at the rate of interest which 
the United States Treasury charges CCC for funds, as of the date CCC 
made such benefits available. Such interest shall accrue from the date 
such benefits were made available to the date of repayment but the 
interest rate shall increase to reflect any increase in the rate charged 
to CCC by Treasury for any percent of time for which the interest 
assessment is collected. CCC may waive the accrual of interest if CCC 
determines that the cause of the erroneous determination was not due to 
any action of the producer.
    (d) Late payment interest shall be assessed on refunds in accordance 
with the provisions of, and subject to the rates in 7 CFR part 1403.
    (e) Producers must refund to CCC any excess payments made by CCC 
with respect to any application in which they have an interest. Such 
refund shall be subject to interest at the same rate that applies to 
other refunds.