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3544

FEDER AL REGISTER, Wednesday, August 9. 1939

mortgagor resides, or if a nonresident of the State, in the office of the recorder of the county in which the wheat is stored.
Washington. The mortgage must be executed and acknowledged by the mort gagor. The mortgagors affidavit of good faith and receipt must be completed by the mortgagor. The original or a dupli cate copy of the mortgage must be filed for record within 10 days from the date of execution in the office of the county auditor of the county in which the wheat is stored. Commodity Credit Corpora tion will not accept any note secured by mortgage filed for record later than 10
days after the date of the note and mortgage.
Wisconsin. The chattel mortgage must be executed by the mortgagor and spouse in the presence of two witnesses.
The original mortgage must be filed with the register of deeds in the county in which the property is located.
Wyoming. The mortgage must be ex ecuted and acknowledged by the mort gagor. The original or a duplicate copy must be filed for record in the office of the register of deeds in the county in which the wheat is stored.
208.13 Liens. The wheat collateral must be free and clear of all liens except in favor of the lienholders listed in the space provided therefor in 1939 C.C.C.
Wheat Form AA or B. The names of the holders of all existing liens on the pledged or mortgaged wheat, such as landlord, laborers, threshers, or mort gagees, must be listed in the space pro vided therefor in the mortgage or loan agreement. The waiver and consent to the pledge or mortgage of the wheat and the payment of the proceeds of the loan and the proceeds of the sale of the wheat solely to the producer as con tained in the mortgage or loan agree ment must be signed personally by all lienholders listed or by their agents, whose duly executed authority must be attached firmly; or, if corporations, by the designated officer thereof custom arily authorized to execute such instru ments, in which case the duly executed authority need not be attached. In lieu of signing the section of the chattel mortgage or loan agreement entitled List of Lienholders and Their Waivers and Consent To Pledge, lienholders may sign 199 C.C.C. Wheat Form AB, which must completely identify the related note. The producer may direct in the Letter of Transmittal 1939 C.C.C.
Wheat Form C that the proceeds check for a direct loan from Commodity Credit Corporation be made payable to him and/or such other person or concern as he may direct thereon. Producers should read carefully all real estate or other mortgages previously given by them in order to be sure that crops are not cov ered thereby. Any fraudulent misrep resentation of fact made in the execu tion of the note and mortgage or loan agreement and related forms shall ren der the producer personally liable for the amount of the loan and subject to
the provisions of the United States Criminal Code.
208.14 Insurancea Wheat stored on farms. All producers shall provide insurance on wheat stored on the farm for not less than the amount of the loan with accrued interest to maturity. Such insurance shall be evidenced by a cer tificate in the form printed at the end hereof, under 208.14a, issued by a com pany or association licensed to do busi ness in the State in which the wheat is stored. The insurance coverage may be obtained through the customary chan nels and the form of certificate required shall be furnished by the agent writing same. A different form of certificate must be used in the State of Texas, specimen copies of which may be ob tained from the Dallas Loan Agency of the Reconstruction Finance Corporation.
b Wheat stored in approved ware houses. With respect to wheat stored in approved public grain warehouses the warehouseman shall provide insurance against the perils of fire, lightning, in herent explosion, and windstorm, cy clone, and tornado for the full market value thereof so long as receipts are outstanding.
c Insurance carried by Commodity Credit Corporation. In addition to the foregoing, Commodity Credit Corpora tion has obtained a blanket insurance policy which protects it in the event of any loss Joy or in consequence of damage to or destruction of the pledged or mortgaged wheat arising from fire and lightning; cyclone, tornado, windstorm, and hail; theft and wrongful conversion;
flood and inherent explosion. This pol icy is in the nature of errors and omis sions, and excess insurance, and the cost is nine-tenths of 1 cent per $100 per month on the daily average balance of loans outstanding. Banks and other lending agencies desirous of insurance coverage in addition to the primary in surance provided by the producers and the warehouse receipts shall obtain such coverage at their own expense. Banks and other lending agencies desiring cov erage under the Corporations blanket policy should write to Commodity Credit Corporation, Washington, D. C., and ap propriate instructions will be issued, to gether with the necessary forms for re porting thereunder.
208.14a Insurance certificaie re ferred to in 208.14.
C er tific a te
of
I nsu r a n ce
WHEAT IN FARM STORAGE

Amount, $_____
Premium, $____
Term_________

Certificate N o .-------Agency at ---------------------
1. This certifies th at in consideration of _____ doUars premium subject to all the terms and conditions of Open Policy No.
_____ _ issued by this Company or Association _____________________________ does Company or association insure __________________ against all direct loss or damage by fire, lightning, in herent explosion ,1 windstorm, cyclone, tor nado, and hail in the sum o f -------- dollars
o n _____ bushels of wheat stored and sealed in the possession of the assured in struc ture s situated on t h e _____ quarter of se c tio n _____ , township ___________ , range -------- - County of -_-i------------ , State of ___________ for the term of one 1 year from t h e _______ day o f ____ ___ ____ , ig__
at 12 oclock noon, to t h e ___ ___ day of ____ _______ , 19_, at 12 oclock noon, said structured having been inspected and sealed in accordance with regulations issued by the Secretary of Agriculture pursuant to the Agricultural Adjustment Act of 1938.
2. Any loss which may be ascertained and proven to be due the insured upder this contract shall be payable to the insured and/or Commodity Credit Corporation as their respective interests may appear.
S pecial W h e a t E n d o rsem en t P roviding the B asis o f Ad ju s t m e n t in ; C ase o f L oss on W heat M ortgaged to C om m odity Credit C orporation
3. All or any part of the wheat described in this policy and/or certificate having, been mortgaged to Commodity Credit Corporation as security for a loan by said Commodity Credit Corporation, it is a condition of this insurance that in event of loss or damage to any of such mortgaged wheat the basis of adjustment shall be the actual cash value at the time and place of the loss, as set out elsewhere in the printed conditions of this policy or certificate, except that if such actual"
cash market value is less than the loan value per bushel, plus accrued interest at four per cent 4% per annum, then such actual cash value shall be disregarded and the value of any wheat so mortgaged shall be deemed to be the loan value per bushel plus interest thereon.
4. The provisions of this endorsement shall apply and cover until the note has been paid and/or released and/or the wheat sold.
5. This special adjustment clause does not apply to any wheat not mortgaged in the manner hereinbefore described.
6 . In witness whereof, this Company has executed and attested these presents, but this certificate shall not be valid until counter signed by a duly authorized agent of this company or association.
President.
Secretary.
Countersigned ____ _______________
______day o f __________ _, 19__.

this
Agent
208.15 County agricultural conservation committees. The forms 1939
C.C.C. Wheat Forms AA and B contain a certificate which should not bear a date prior to the date of the mortgage or loan agreement and which must be signed in each instance by a member of the county "agricultural conservation committee of the county in which the wheat was produced for warehoused wheat, and the county in which the wheat is stored for farm-stored wheat.
208.16 Source and preparation of documents. Forms will be obtainable from any county agricultural conserva tion committee in the areas designated in section 208.2 hereof and any loan agency of the Reconstruction Finance Corporation listed in section 208.19 here of. All blanks in 1939 C.C.C. Wheat Forms A, AA, and B must be filled in with ink, typewriter, or indelible pencil, and no documents containing additions, alterations, or erasures shall be accepted by Commodity Credit Corporation.
1 Optional in Michigan.

Optional.