[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: 7CFR1421.8]

[Page 433-434]
 
                          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.  1421.8  Eligible quantity.

    (a) With respect to marketing assistance loans and loan deficiency 
payments for:
    (1) Farm-stored commodities, all determinations of weight, and 
quality, except as otherwise agreed to or required by CCC, shall be 
determined at the time of delivery of the commodity to CCC or at the 
time the loan deficiency payment application is filed for measured 
requests, if applicable or selected for spot-check for certified 
requests.
    (2) Warehouse-stored commodities, all determinations of grade, 
weight and quality, except as otherwise agreed to or required by CCC, 
shall be determined at the time the loan or LDP is requested when 
acceptable documentation, under Sec.  1421.106, accompanies the loan or 
LDP request.
    (b)(1) A producer may, before the final date for obtaining a 
marketing assistance loan for a commodity, repledge as collateral for 
securing a marketing assistance loan any commodity that had been 
previously pledged as collateral for a marketing assistance loan, except 
with respect to:
    (i) Commodities that have been acquired with commodity certificate 
exchanges under part 1401 of this chapter;
    (ii) Commodities that have been redeemed at the prevailing world 
market price for rice, or the alternative repayment rate for all other 
commodities, as determined by CCC.
    (iii) Commodities on which a loan deficiency payment has been 
received.
    (2) The commodity repledged as security for the subsequent loan 
shall have the same maturity date, under Sec.  1421.101 as the original 
loan.
    (c)(1) The marketing assistance loan documents shall not be 
presented for disbursement unless the commodity subject to the note and 
security agreement is an eligible harvested commodity, is in existence, 
and is in approved farm or warehouse storage, as determined by CCC. If 
the commodity was not either an eligible commodity, in existence, or in 
approved storage at the time of disbursement, the total amount disbursed 
under the marketing assistance loan and charges plus interest shall be 
refunded promptly by the producer.
    (2) Marketing assistance loans may be disbursed to eligible 
producers who store eligible commodities in unlicensed storage 
facilities only if the producer agrees to redeem the marketing 
assistance loan on the date in which the loan is disbursed with a 
commodity certificate exchange.
    (3) CCC shall limit the total marketing assistance loan quantity for 
a loan disbursement, or loan deficiency payment quantity for a loan 
deficiency

[[Page 434]]

payment, based on a subsequent increase in the quantity of an eligible 
commodity by the final loan availability date to 100 percent of the 
outstanding quantity of such marketing assistance loan or loan 
deficiency payment application. A producer may obtain a separate 
marketing assistance loan or loan deficiency payment before the final 
loan availability date for the commodity for quantities in excess of 100 
percent of such quantity if such quantities are an otherwise eligible 
commodity.