[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: 7CFR1427.1]

[Page 480-481]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1427_COTTON--Table of Contents
 
     Subpart A_Nonrecourse Cotton Loan and Loan Deficiency Payments
 
Sec.  1427.1  Applicability.

    Source: 67 FR 64459, Oct. 18, 2002, unless otherwise noted.


    (a) The regulations of this subpart are applicable to the 2002 
through 2007 crops of upland cotton and extra long staple cotton. These 
regulations set forth the general provisions under which marketing 
assistance loans and loan deficiency payment programs shall be 
administered by the Commodity Credit Corporation (CCC). Additional terms 
and conditions are in the note and security agreement and the loan 
deficiency payment application that must be executed by a producer to 
receive marketing assistance loans and loan deficiency payments.
    (b) The basic loan rates, the schedule of premiums and discounts, 
and forms applicable to the cotton marketing assistance loan and loan 
deficiency payment programs are available from FSA offices. The forms 
for use in connection with the programs in this subpart shall be 
prescribed by CCC.
    (c) Marketing assistance loans and loan deficiency payments will not 
be available for any cotton produced on land owned or otherwise in the 
possession of the United States if such land is occupied without the 
consent of the United States.
    (d) Notwithstanding the other provisions of this part, a producer 
may only receive the maximum assistance allowed by part 1400 of this 
chapter.
    (e) Eligible producers, under 7 CFR 1421.4, who produce upland 
cotton during the 2002 through 2007 crop years on

[[Page 481]]

a farm that is not covered under a direct and counter-cyclical program 
contract, as defined in part 1412 of this chapter, are eligible for 
marketing assistance loans or loan deficiency payments as are eligible 
producers who produced commodities on farms covered by such a contract.