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Wednesday, May 24, 1950

FEDERAL REGISTER

a Farm-storage loans. Approved forms shall consist of producers notes on Commodity Loan Form A, secured by a chattel mortgage on Commodity Loan Form AA, and such, other forms and documents as may be required by CCC.
b Warehouse-storage loans. Ap proved forms shall consist of the note and loan agreement on Commodity Loan Form B in case of rice, CCC Rice Form B and CCC Rice Form B, Supplement, secured by warehouse receipts and such other forms and documents as may be required by CCC. Any commodities pledged as security for a loan on a single note and loan agreement must be stored in the same warehouse.
c Purchase agreement documents.
The purchase agreement forms shall consist of the Purchase Agreement Commodity Purchase Form 1 and Purchase Agreement Settlement Com modity Purchase Form 4 signed by the producer and approved by the county committee, the Delivery Instructions Commodity Purchase Form 3 issued by the county committee, negotiable ware house receipts, and such other forms and documents as may be required by CCC.
d Warehouse receipts. The form in which warehouse receipts shall be sub mitted will be stated in the commodity supplement.
601.8 Liens. If there are any liens or encumbrances on the commodity, waivers acceptable to the county com mittee must be obtained.
601.9 Service charges. Producers shall pay service charges computed in accordance with the following: on the quantity placed under loan or specified in the purchase agreement. An addi tional service charge shall be paid on any additional quantity delivered under a farm-storage loan and accepted by CCC.
a Commodi Commodi ties the ties the quantity quantity Mini of which of which mum is deter is deter mined on mined on charge basis of basis of 100 pounds bushels Per bushel
Per 100

Farm-storage loans 1 cent 2 cents___
H cent___ 1 cent1__
Warehouse .
Purchase agreements. 4 cent___ 1 cent

$3.00
1.60
1.60

1 Except rice for which the service charge for ware house-storage loans shall be 2 cents per 100 pounds.

b In the case of farm-storage loans and identity preserved warehouse-stor age loans on rice, State committees are authorized to require prepayment of $3.00 of the service charge.
c No refund of service charges will be made.
601.10 Set-offs. Any storage pay ment due the producer for storage of the commodity in farm-storage struc tures on which CCC has made or guar anteed a storage facility loan to the producer, shall be applied to such stor age facility loan until the same is fully repaid. Any amount of such storage payments not so applied and any other storage payments, together with all pay ments for related services, due the pro
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ducer shall be subject to set-off in the no fraudulent representation made by same manner as provided below for loan the producer in the loan documents or or purchase proceeds. If the producer in obtaining the loan. This section shall is indebted to CCC on any accrued obli not apply to edible beans. Special pro gation, or if any installments past due visions relating to loss or damage to the or maturing within twelve months are commodities will be contained in the unpaid on any loan made available by commodity supplements to this bulletin.
CCC on farm-storage facilities, whether 601.16 Personal liability of the pro held by CCC qr a lending agency, he ducer for the copimodity. The making must designate CCC or such lending of any fraudulent representation by the agency as the payee of the proceeds of producer in the loan documents, or in the loan or purchase to the extent of obtaining the loan, or the conversion or such indebtedness or installments, but unlawful disposition of any portion of not to exceed that portion of the pro the commodity by him will render the ceeds remaining after deduction of loan producer subject to criminal prosecu service charges and amounts due prior tion under Federal Law and personally lienholders; If the producer is indebted liable for the amount of the loan and for to any other agency of the United States any resulting expense incurred by any and such indebtedness is listed on the holder of the note.
county debt register, he must designate 601.17 Release of the commodity such agency as the payee of the pro ceeds as provided above. Indebtedness under loan. A producer may at any time owing to CCC or to a lending agency as obtain release of the commodity remain provided above shall be given first con ing under loan by paying to the holder of sideration after claims of prior lien the note, or note and loan agreement, holders. Compliance with the provisions the principal amount thereof, plus of this section shall not constitute a charges and accrued interest. If the waiver of any right of the producer to note is held by an out-of-town lending contest the justness of the indebtedness agency or by CCC, the producer may involved either by administrative ap request that the note be forwarded to a local lending agency or to the county peal or by legal action.
committee for collection. All charges in 691.11 Interest rate. Loans shall connection with the collection of the bear interest at the rate of 3 percent note shall be paid by the producer.
per annum and interest shall accrue Upon payment of a farm-storage loan, from the date of disbursement of the the county committee should be re loan, notwithstanding the printed provi quested to release the mortgage by filing sions of the note.
an instrument of release or by a margi 601.12 Transfer of producers in nal release on the county records. Par teresta Loans. The right of the tial release of the commodity prior to producer to transfer either his right to maturity may be arranged with the redeem the commodity under loan or his county committee by paying to the remaining interest may be restricted by holder of the note the amount of the loan, plus charges and accrued interest, CCC.
b Purchase agreements. The pro represented by the quantity of the com ducer may not assign his interest in the modity to be released. In the case of warehouse-storage loans, such partial purchase agreement.
release must cover all of the commodity 601.13 Safeguarding the commod under one warehouse receipt.
ity. The producer obtaining a farm 601.18 Liquidation of loans and de storage loan is obligated to maintain the storage structure in good repair and to livery under purchase agreementsa keep the commodity in good condition. Loans. In the case of farm-storage loans and identity preserved warehouse 601.14 Insurance on farm-storage loans, the producer is required to pay off loans. CCC will not require the pro his loan on or before maturity or to ducer to insure the commodity placed deliver the commodity in accordance under a farm-storage loan; however, if with instructions of the county commit the producer does insure such commod tee. In the event the farm is sold or ity, such insurance shall inure to the there is a change of tenancy, the com benefit of CCC to the extent of its inter modity may be delivered before the ma est after first satisfying the producers turity date of the loan, upon prior equity in the commodity involved in the approval by the county committee. Set loss.
tlement will be made at the applicable 601.15 Loss or damage to the com support rate, subject to the provisions of modity. The producer is responsible for the mortgage supplement and the ap plicable commodity supplement to this any loss in quantity or quality of the bulletin, according to grade and/or qual commodity placed under farm storage or ity. In the case of commodities stored identity preserved warehouse-storage in bulk, settlement will be made for the loan, except that uninsured physical loss total quantity delivered, provided it was or damage occurring without fault, neg stored in the bins in which the com ligence, or conversion on the part of the modity under loan was stored. In the producer or any other person having case of commodities stored in bags, set control of the storage structure, result tlement will be made for the total num ing solely from an external cause other ber of bags delivered provided they were than insect infestation or vermin, will included in the lot placed under loan.
be assumed by CCC to the extent of the The support rates for each commodity settlement rate, provided the producer will be set forth in the applicable com has given the county committee imme modity supplement to this bulletin.
diate notice in writing of such loss or If the settlement value of the com damage, and provided there has been modity delivered under a farm-storage