« PreviousContinue »
them, and to remit promptly to Commodity Credit Corporation at Washington, D. C., an amount equivalent to one and one-half percent interest per annum on the principal amount collected from the date of the note to the date of payment.**
201.15 Obligation of lending agency. The lending agency may endorse the notes of producers to Commodity Credit Corporation without recourse as provided in 1937–38 CCC Corn Form A, provided, however, that the lending agency has executed 1937–38 CCC Corn Form D in accordance with instructions given in § 201.1 (d).
No producer's notes are to be endorsed to Reconstruction Finance Corporation. A lending agency desiring to tender producer's notes to Commodity Credit Corporation should execute the last form of endorsement printed on the reverse of such notes. Care should be exercised by the lending agency to determine the authenticity of the signatures to the note and loan agreement and to be assured that the warehouse certificates are genuine and represent merchantable corn in existence.*†
201.16 Reconstruction Finance Corporation loan agencies. The location of the Loan Agencies of the Reconstruction Finance Corporation previously referred to herein are shown below: Chicago, Ill.
Kansas City, Mo.
St. Louis, Mo.** 201.17 Federal Reserve Banks as fiscal agents of Reconstruction Finance Corporation. The Federal Reserve banks and branches thereof will act as fiscal agents of the Reconstruction Finance Corporation in making disbursements on eligible paper approved by the Loan Agency of the Reconstruction Finance Corporation in that district. Such notes, together with the farm warehouse certificates securing the same, will be held by the Federal Reserve banks or branches thereof as security for the loans made by the Reconstruction Finance Corporation to Commodity Credit Corporation.**
201.18 Release of collateral. A producer may obtain the release of the collateral pledged upon his request in writing and payment of the amount due thereon with accrued interest and proper charges. If the release of all collateral is desired the producer's note and loan agreement, with the farm warehouse certificate or certificates securing same, will be transmitted to an approved bank with instructions to deliver the note and the farm warehouse certificate, or certificates, to the producer, or his agent, upon the payment of the amount due thereon with accrued interest and proper charges. Where such paper is sent to an approved bank for collection, instructions will be given to return such paper to the sender if payment and release are not effected within 15 days. All charges and expenses of the collecting bank are to be paid by the producer.
Partial releases of collateral will be made on the same basis as stated above, except that the certificate or certificates desired to be released must cover separate cribs and will be sent to an approved bank for delivery to the producer, or his agent, upon the payment of the amount loaned thereon together with accrued interest and *For statutory citation, see note to $ 201.1.
Page 9 †For source citation, see note to $201.2.
proper charges. The producer's note will be credited by the Commodity Credit Corporation with the amount of such påyment when received. Notwithstanding the privilege of partial release, it is suggested that producers borrowing upon more than one crib of corn, and desiring to obtain the release of a crib, or cribs, before the entire loan is repaid, execute separate notes and loan agreements for crib, or cribs, to be released before the entire loan is repaid.
If the producer's note was made payable directly to Commodity Credit Corporation and he desires to obtain the release of collateral upon payment as aforesaid, he should notify the Federal Reserve bank or branch thereof serving the district in which the corn is sealed as above provided. If his note was made payable to payee other than Commodity Credit Corporation the producer should notify the payeo named therein.* 201.19 Insurance certificate referred to in 8 201.11; form.
CERTIFICATE OF INSURANCE
Corn in Storage
THIS CERTIFIES that in consideration of
dollars premium (subject to all the terms and conditions of Open Policy No.
issued by this company or association)
(Company or association) does insure
against all direct loss or damage by fire, lightning, cyclone, tornado, windstorm, and hail ' in the sum of dollars on
bushels of corn as specified in Warehouse Certificate No. stored and sealed in cribs and/or buildings on the
quarter of section
State of for the term of 1 year from the
day of 19_-, at 12 o'clock noon, to the day of
19_-, at 12 o'clock noon.
Any loss which may be ascertained and proven to be due the insured under this contract shall be payable to the insured and/or holder of note and grain storage certificate as their respective interests may appear.
*[1937–38 CCC Corn Form 1, 3 F.R. 126]
201.20 Special (corn) endorsement providing the basis of adjustment in case of loss; form.
All or any part of the corn described in this policy and/or certificate having been pledged under the CCC Corn Loan Form A of the Commodity Credit Corpo ration as security for loan granted by said Commodity Credit Corporation or Lending Agencies, it is a condition of this insurance that in the event of loss or damage to any of such corn so pledged 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 value is less than 50 cents per bushel, plus accrued interest at 2 percent per annum, then such actual cash value shall be disregarded and the value of any corn so pledged shall be deemed to be 50 cents per bushel plus interest.
The provisions of this endorsement shall apply and cover until note has been paid and/or released and/or corn sold.
This special adjustment clause does not apply to any corn not pledged in the manner hereinbefore described.
*For statutory citation, see note to $ 201.1. IN WITNESS WHEREOF, this company has executed and attested these presents, but this certificate shall not be valid until countersigned by a duly authorized agent of this company or association,
Sec. 202.1 Definitions.
202.5 Receipts issued by approved ware(a) Producer.
houses, acceptable as collateral. (b) Wool pool.
202.6 Requisites of warehouse receipts. (c) Eligible wool.
202.7 Appraisers. (d) Lending agency.
202.8 Preparation of documents.
202.9 Direct loans. (e) Eligible paper.
202.10 Wool pools. 202.2 Forms.
202.11 Obligation of lending agencies. 202.3 Wool loan basis.
202.12 Listing of lienholders. (a) Mohair loan basis.
202.13 Insurance. (b) Maturity and interest rate. 202.14 Loan agencies of the Reconstruc202.4 Loans through cooperative asso
tion Finance Corporation. ciation.
202.15 Release of collateral.
Section 202.1 Definitions. As used in the instructions in this part, unless the context otherwise requires, the following terms will be construed respectively to mean:
(a) Producer. Any person, partnership, association, or corporation producing wool or mohair. (b) Wool pool. Any informal pool organized by and consisting
. of two or more producers of wool or mohair which is represented by a bank or trust company or agricultural or livestock credit corporation acting as a borrowing representative or agent for such producers, pursuant to Producer's Authority to Pool (1938 CCC Wool Form G).
(c) Eligible wool. Wool or mohair produced in 1937 or 1938, the beneficial title to which is and always has been in the producer.
(d) Lending agency. Any bank, cooperative marketing association, or other corporation, partnership, association, or person making loans on 1938 CCC Wool Form A, B, or C, or holding notes on these forms evidencing such loans. (A Loan Agency of the Reconstruction Finance Corporation is not included within this definition.)
(e) Eligible paper. Notes on 1938 CCC Wool Forms A, B, or Ć or any form hereinafter approved by Commodity Credit Corporation dated subsequent to April 15, 1938, and on or before October 31, 1938, and executed in accordance with the instructions in this part with State documentary revenue stamps affixed thereto when required by law. All notes submitted on 1938 CCC Wool Forms A, B and C must be dated not later than thirty days after the date of the Appraiser's Certificate (1938 CCC Wool Form D) covering the wool or mohair pledged as security therefor. (Notes executed by an administrator, executor, or trustee will be acceptable only where valid in law, and all such notes must be submitted for direct loans in accordance with
*For statutory citation, see note to 8 201.1
8 202.9 hereof.)* [Sec. 1, 1938 CCC Wool Form 1, 3 F.R. 993, as amended by 1938 Wool Circ. Letter 2, May 13, 1938]
*88 202.1 to 202.15, inclusive, issued under the authority contained in E.O. 6340, Oct. 16, 1933, sec. 7, 49 Stat. 4, sec. 2, 50 Stat. 5.
202.2 Forms. The following forms are available for use in connection with loans made or eligible paper purchased by Commodity Credit Corporation:
(a) Wool Producer's Note (1938 CCC Wool Form A). (b) Wool Pool Note (1938 CCC Wool Form B). (c) Collateral Note for Cooperative (1938 CCC Wool Form C). (a) Appraiser's Certificate to be executed by appraisers of Commodity Credit
Corporation (1938 CCC Wool Form D). (e) Producer's Letter of Transmittal (1938 CCC Wool Form E). (1) Lending Agency's Letter of Transmittal (1938 CCC Wool Form F). (g) Producer's Authority to Pool (1938 CCC Wool Form G). (h) Contract to Purchase (1938 CCC Wool Form H). (i) Schedule of Repayments (1938 CCC Wool Form J).**
tIn 88 202.2 to 202.15, inclusive, the numbers to the right of the decimal point correspond with the respective section numbers in Instructions concerning the making of loans by Commodity Credit Corporation on the security of wool or mohair represented by warehouse receipts, 1938 CCC Wool Form 1, 3 F.R. 993.
202.3 Wool loan basis. Following are the classifications and scoured or clean wool values of wool in Boston which form the basis for determining the amounts to be loaned against grease wool of comparable grades:
Value scoured or CLASSIFICATION
clean wool Fine wool:
(Cents per pound) Class 1. Very choice wool.---
59 (a) Delaine.
(b) Graded territory combing (strictly staple). Class 2. Choice wool--
57 (a) Choice 12 months' Texas, including original bags bulk combing
length. (b) Graded territory; choice French combing length, including
(c) Original bag territory; good French combing length. Class 4. Fair to average wool.--.
54 (a) 12 months' Texas, including original bags. (b) Graded territory; short to average French combing length.
(c) Original bag territory; average French combing length. Class 5. Poor and inferior.
50 (a) Original bag bulk clothing and some stubby.
(b) Graded clothing and stubby mixed. Half-blood wool : Class 6c
52 (a) Graded territory; strictly staple length. Class 7.
eighths or some fine.
*For statutory citation, see note to $ 202.1.
Value scoured or
clean wool Three-eighths-blood wool:
(Cents per pound) Class 8c
48 (a) Graded territory. Quarter-blood wool: Class 9.-
(a) Burry and seedy wools.
(g) Karakul. Appraisers for Commodity Credit Corporation will determine the shrink and classification and compute the loan value of the wool. As to wool stored at points other than Boston, appraisers for Commodity Credit Corporation, in computing the loan value of the wool, will also make appropriate allowance for rail transportation to Boston. For Texas clips other than 12 months', the appraiser will reduce the value in the classification by the customary trade differential. A deduction of 5 cents per clean pound will be made by appraisers for all fleece wool and for wool produced in central and southern California and 2 cents per clean pound for wool produced in northern California. A deduction of 20 cents per bag will be made by the appraisers for an appraisal charge on each loan secured by warehouse receipts representing original bag wool which can be readily sold in such original bags of 5,000 pounds or more and/or on grading wools, whether fleece or territory, of 25,000 pounds or more. An additional charge of 20 cents per bag will be deducted from each loan secured by lesser quantities of wool. On wool which is graded and piled in the warehouses, the appraiser will deduct, as the appraisal charge, 20 cents for each 400 pounds or fraction thereof.
(a) Mohair loan basis. Following are the classifications and grease mohair values : Classification-Point of storage:
Cents per pound Kid-Texas and Boston.-
30 Adult-Texas and Boston_
20 Kid-All other points-Adult-All other points_
Appraisers for Commodity Credit Corporation will determine the classification and compute the loan value of the mohair. A deduction of 20 cents per bag will be made by appraisers as an appraisal charge, provided that for lots of less than 5,000 pounds 40 cents per bag will be deducted.
(b) Maturity and interest rate. The loans will mature 10 months from date or May 31, 1939, whichever is earlier, and will bear 4 percent interest.*+
202.4 Loans through cooperative association. Any producer who is a member of a cooperative marketing association may negotiate loans through such an association. Cooperative marketing asso
*For statutory citation, see note to $ 202.1.