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FEDERAL REGISTER

Saturday, J u ly 16, 1949

CODIFICATION GUIDE Con.
Title 43
Chapter I :

Appendix Public land orders t 524________________________________

3996

Title 47
Chapter I:
Part 1-------------------------------------------Part 3________________________ Part 34 p r o p o s e d ----------------------

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3997
4010

Support Program formulated by Com modity Credit Corporation hereinafter referred to as CCC and the Production and Marketing Administration herein after referred to as PM A . Loans and purchase agreements will be available in accordance with this bulletin on eligible soybeans produced in 1949. The pro gram will be carried out by PMA under the general supervision and direction of the Manager, CCC.
Sec.
643.141 Administration.
643.142 Availability of loans and purchase agreements.
643.143 Approved lending agencies.
643.144 Eligible producer.
643.145 Eligible soybeans.
643.146 Approved storage.
643.147 Approved forms.
643.148 Determination of quantity.
643.149 Foreign material.
643.150 Liens.
643.151 Service fees. .
643.152 Set-offs.
643.153 Interest rate.
643.154 Transfer of producers equity.
643.155 Safeguarding of the soybeans.
643.156 Insurance.
643.157 Loss or damage to the soybeans.
643.158 Personal liability.
643.159 Maturity and satisfaction.
643.160 Removal of the soybeans under loan.
643.161 Release of the soybeans under loan.
643.162 Storage allowance and track-loading payment.
643.163 Purchase of notes.
643.164 Basic loan and purchase rate and specifications.
643.165 PMA Commodity Offices.
Authority : 643.141 to 643.165 issued under sec. 4 d , Pub. Law 80S, 80th Cong.;
interpret or apply sec. 5 a , Pub. Law 806, 80th Cong., secs. 1 b and 202 a , Pub. Law 897, 80th Cong.

643.141
Administration.
In the field, the program will be administered through State PMA committees, county agricultural conservation committees hereinafter referred to as county com mittees and PM A commodity offices.
Forms will be distributed through the offices of State and county committees.
County committees will determine or cause to be determined the quantity and grade of the soybeans, the amount of the loan, and the value of the soybeans de livered under a loan or purchase agree ment. All loan and purchase documents will be completed and approved by the county committee, which will retain copies of all such documents. The county committee may designate in writ ing certain employees of the county agri cultural conservation association to exe cute on behalf of the committee any forms and documents in connection with this program.

643.142 Availability of loans and purchase agreements a A r e a . 1
Loans shall be available on eligible soy beans in approved storage in all areas, except that loans on farm-stored soy beans will not be mde in any State where the State PMA committee determines that, due to insect infestation or other hazards, farm storage of soybeans is not feasible.
2 Purchase agreements shall be available on eligible soybeans in all areas.
b Time. Loans and purchase agree ments shall be available through Janu ary 31, 1950. Notes and chattel mort gages, note and loan agreements, and purchase agreements, must be signed by the producer and delivered or mailed to the county committee prior to February 1, 1950.
c Source. L o a n s and purchase agreements will be made available through the offices of county commit tees. Disbursements on loans will be made to producers by State PM A offices by means of sight drafts drawn on CCC, or by approved lending agencies under agreement with CCC. Disbursments on loans will be made not later than Febru ary 15, 1950, except where specifically approved by CCC in each instance.

643.143 Approved lending agencies.
An approved lending agency shall be any bank, cooperative marketing association, corporation, partnership, individual, or other legal entity with which CCC has entered into a lending agency agreement Form PMA-97 or other form prescribed by CCC, or a loan servicing agreement.
643.144 Eligible producer. An eli gible producer shall be any individual, partnership, association, corporation, or other legal entity producing soybeans in 1949, as landowner, landlord, tenant, or sharecropper.
643.145 Eligible soybeans. Eligible soybeans shall be soybeans which meet the following requirements:
a The soybeans must have been pro duced in the continental United States in 1949 by an eligible producer.
b The beneficial interest in the soy beans must be in the person tendering the soybeans for a loan or purchase agreement and must have always been in him or must have been in him and a former producer whom he succeeded be fore the soybeans were harvested.
c The soybeans must grade No. 4
or better with respect, to factors other than moisture and have a moisture con tent not in excess of 14%. The soybeans must not grade garlicky, weevily, musty, sour, heating, hot, or have any commer cially objectionable odor, or otherwise be of low quality.
d I f offered as security for a farm storage loan, the soybeans must have been stored in the bin or granary at least 30 days prior to their inspection for measurement, sampling, and sealing, un less otherwise approved by the State PM A committee. There shall be no out standing warehouse receipts on such soy beans.
643.146 Approved storage. Approved storage for soybeans shall meet the fol lowing requirements:

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a Under the loan program, approved farm storage shall consist of storage structures located on or off the farm which, as determined by the county com mittee, are of such substantial and per manent construction as to afford safe storage of soybeans, permit effective fu migation for the destruction of insects, and afford protection against thieves, rodents, other animals, and weather.
b Under the loan and purchase agreement program, approved warehouse storage shall consist of 1 public grain warehouses for which a Uniform Grain Storage Agreement CCC Form H, re vised , in effect for the 1949 crop, has been executed; or 2 warehouses oper ated by eastern common carriers under tariffs approved by the Interstate Com merce Commission, for which custodian agreements are in effect for the program year. The names of approved ware houses may be obtained from State offi ces and county committees.
643.147 Approved forms. The ap proved forms consist of the loan and pur chase agreement documents which, to gether with the provisions of this bulletin and any supplements or amendments thereto, govern the rights and responsi bilities of the producer. Notes and chat tel mortgages, note and loan agreements, and purchase agreements must be dated on or before January 31, 1950, and must have State and documentary revenue stamps affixed thereto where required by law. Loan and purchase agreement doc uments executed by an administrator, executor or trustee, will be acceptable only where legally valid.
a Farm storage loans. Approved forms shall consist o f producers note on Commodity Loan Form A, secured by a chattel mortgage on Commodity Loan Form AA.
b Warehouse storage loans. Ap proved forms shall consist of the note and loan agreement on Commodity Loan Form B, secured by negotiable warehouse receipts representing the soybeans stored in approved warehouses. All soybeans pledged as security for a loan on a single Commodity Loan Form B must be stored in the same warehouse.
c Purchase agreement documents.
The purchase agreement documents shall consist of the Purchase Agreement Com modity Purchase Form 1, and Purchase Agreement Settlement Commodity Pur chase Form 4 signed by the producer and approved by the county committee, negotiable warehouse receipts, and such other forms as may be prescribed by CCC.
d Warehouse receipts. Soybeans in approved warehouse storage under the loan program or delivered under pur chase agreements must be represented by warehouse receipts which satisfy the following requirements:
1 Warehouse receipts must be is sued in the name of the producer, must be properly endorsed in blank so as to vest title in the holder, and must be is sued by an approved warehouse.
2 Each warehouse receipt must set forth in its written terms that the soy beans are insured for not less than mar ket value against the hazards of fire, lightning, inherent explosion, windstorm,