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unpaid on any loan made available by CCC on farm-storage facilities, whether held by CCC or a lending agency, he must designate CCC or such lending agency as the payee of the proceeds of the loan or purchase to the extent of such indebted ness or installments, but not to exceed that portion of the proceeds remaining after deduction of loan service fees and amounts due prior lienholders.
If the producer is indebted to any other agency of the United States and such indebtedness is listed on the county debt register, he must designate such agency as the payee of the proceeds as provided above.
Indebtedness owing to CCC or to a lending agency as provided above shall be given first consideration after claims of prior lienholders.
655.113 Interest rate. Loans shall bear interest at the rate of 3 percent per annum, and interest shall accrue from the date of disbursement of the loan, notwithstanding any other printed provi sions of th note.
655.114 Transfer of producers equity a Loans. The right of the producer to transfer either his right to redeem the rice under loan or his re maining interest therein may be re stricted by CCC.
b Purchase agreements. The pro ducer may not assign his interest in the purchase agreement.
655.115 Safeguarding of the rice.
The producer obtaining a farm-storage loan is obligated to maintain the storage structures in good repair, and to keep the rice in good condition. Also, in the case of warehouse-stored rice, when the receipts are marked specially binned, sacked identity preserved, or bulk identity preserved, the producer is obli gated to keep the rice in good condition.
655.116 Insurance. CCC will not require the producer to insure the rice placed under loan; however, if the pro ducer does insure such rice, such insur ance shall inure to the benefit of CCC
to the extent of its interest after first satisfying the producers equity in the rice involved in the loss.
655.117 Loss or damage to the rice.
The producer is responsible for any loss in quantity or quality of the rice placed under farm-storage loan, or of rice covered by warehouse - receipts marked specially binned, sacked identity pre served, or bulk identity preserved, ex cept that uninsured physical loss or damage occurring without fault, negli gence or conversion on the part of the producer, resulting solely from an ex ternal cause other than insect infesta tion or vermin, will be assumed by CCC, provided the producer has given the county committee immediate notice in writing of such loss or damage, and pro vided there has been no fraudulent rep resentation made by the producer in the loan documents or in obtaining the loan.
655.118 P e r s o n a l liability. The making of any fraudulent representation by the producer in the loan documents, or in obtaining the loan, or the conver sion or unlawful disposition of any por tion of the rice by him, will render the
RULES AND REGULATIONS
producer subject to criminal prosecution under Federal law and personal liability for the amount of the loan and for any resulting expense incurred by any holder of the note.
655.119 Maturity and satisfaction a Loans. Loans mature on demand but not later than April 30,1950. In the case of farm-storage loans, and in the case of warehouse-storage loans involv ing warehouse receipts bearing the no tation specially binned, sacked iden tity preserved, or bulk identity pre served, the producer is required to pay off his loan on or before maturity, or to deliver the rice in accordance with the instructions of the county committee.
With respect to farm storage loans and to warehouse-storage loans where the rice is delivered to CCC in an approved warehouse and the warehouse receipt is marked specially binned, sacked iden tity preserved, or bulk identity pre served, settlement will be made on the basis of the official weight, grade and yield as shown by milling quality test or milling test determined at the time of delivery to CCC. The settlement values for rice delivered to CCC will be set forth in Supplement 1 to this bulletin.
Credit will be given for the settlement value of the total quantity of each lot of such rice delivered: Provided, All of it either was stored in the bin in which the rice under loan was stored, or was part of the original lot of sacked rice placed under loan, at the applicable loan rate according to grade and quality. If the settlement value of the rice delivered under a farm-storage loan exceeds the amount due on the loan, the amount; of the excess shall be paid to the producer by a sight draft drawn on CCC by the State PMA office.
If the settlement value of the rice is less than the amount due on the loan, the amount of the deficiency, plus inter est, shall be paid by the producer to CCC, or may be set off against any payment which would otherwise be made to the producer under any agricultural pro grams administered by the Secretary of Agriculture, or any other payments which are due or may become due to the producer from CCC or any other agency of the United States. In the event the farm is sold or there is a change of ten ancy, the rice may be delivered before the maturity date of the loan upon prior approval by the county committee.
In the case of warehouse-storage loans, where the supplemental certificates ac companying the warehouse receipts are executed by the warehouseman, if the producer does not repay his loan by ma turity, CCC shall have the right to sell or pool the rice in satisfaction of the loan in accordance with the provisions of the note and loam agreement and 655.120. Any payment due a producer at time of settlement on a warehousestorage loan shall be made by the ap propriate PMA commodity office.
b Purchase agreements. The pro ducer who signs a purchase agreement Commodity Purchase Form 1 will not be obligated to deliver any rice to CCC.
However, the quantity which he states in the purchase agreement will be the maximum quantity he may deliver to
CCC. If the producer who signs a pur chase agreement wishes to sell rice to CCC he will have a 30-day period during which he must notify the county com mittee of his intention to sell. This period will end on April 30, 1950, or on such earlier date as may be determined by the Manager, CCC.
In the case of eligible rice stored in an approved warehouse, the producer must not later than the day following the final date of such 30-day period,, or during such period of time thereafter as may be specified by CCC, submit warehouse receipts, under which the warehouseman guarantees quality and quantity, to the county committee for the quantity of such rice he elects to sell to CCC, but not in excess of the quantity shown on Commodity Purchase Form 1. In the case of eligible rice stored in other than approved warehouse storage, the county committee will, on or after May 1, 1950, issue delivery instructions to the pro ducer. The producer must then com plete delivery, at points designated by the county committee, within a 15-day period immediately following the date the county committee issues delivery in structions unless the county committee determines more time is needed for de livery. The quantity of rice delivered must not be in excess of the quantity shown on Commodity Purchase Form 1.
When delivery is completed, payment will be made by a sight draft drawn on CCC by the State PMA office on the basis of Commodity Purchase Form 4. The producer shall direct on such form to whom payment of the proceeds shall be made.
Eligible rice with respect to which the warehouse receipt is marked specially binned, sacked identity preserved, or bulk identity preserved, will be pur chased on the basis of the official weight, grade and yield as shown by milling quality or milling test determined at the time of delivery to CCC. Eligible rice with respect to which the ware houseman executes the supplemental certificate accompanying the warehouse receipt will be purchased on the basis of thé weight, grade, and yield as shown by milling quality or milling test shown on the warehouse receipt and accom panying supplemental certificate. If eli gible rice is delivered to a CCC storage facility, it will be purchased on the basis of the weight, grade, and yield as shown by milling quality test or milling test determined by the county committee in accordance with instructions for the de termination of such factors under the loan program and agreed to by the pro ducer at the time of delivery. The set tlement values for rice delivered under a purchase agreement will be set forth in Supplement 1 to this bulletin.
655.120 Removal of the rice under loan. If the loan is not satisfied upon maturity by payment or delivery, the holder of the note may remove the rice and sell it, either as rough or after mill ing, by separate contracts or after pool ing it with other lots of rice similarly held. If the rice is pooled, the producer has no right of redemption after the date the pool is established, but shall share ratably in any overplus remaining upftn