Eligible producer.

CFR · 2024-01-01 · US · Title 7

(a) To be eligible to receive an individual or joint loan or LDP under this part, a person must: (1) Have produced honey in the United States during the calendar year (2) Be responsible for the risk of keeping the bees and producing honey; (3) Have a continuous beneficial interest in the honey from the time the honey was extracted through date of repayment of the loan; (4) Store the honey pledged as loan collateral in eligible storage and in eligible containers that meet the requirements of § 1434.7 and § 1434.8, respectively; and (5) Adequately protect the interests of CCC by providing security for a loan in accordance with the requirements in § 1434.8 and by maintaining in good condition the honey pledged as security for a loan. (b) A person who complies with paragraph (a) of this section, who enters into a contract to sell the honey used as collateral for a loan but retains a beneficial interest in the honey and who does not receive an advance payment from the purchaser to enter into the contract unless the purchaser is a cooperative marketing association (CMA) that is eligible under paragraph (g) of this section, remains eligible for a loan. (c) Two or more applicants may be eligible for a joint loan if: (1) The conditions in paragraphs (a) and (b) of this section are met with respect to the commingled honey collateral stored in the same eligible containers they are tendering for a loan; and (2) The commingled honey is not used as collateral for an individual loan that ha

official document · source cfr-2024 · id 7:§ 1434.4