Title 7 — AgricultureRelease 119-73
§1383 Insurance of cotton; reconcentration
Title 7 › Chapter CHAPTER 35— - AGRICULTURAL ADJUSTMENT ACT OF 1938 › Subchapter SUBCHAPTER II— - LOANS, PARITY PAYMENTS, CONSUMER SAFEGUARDS, MARKETING QUOTAS, AND MARKETING CERTIFICATES › Part Part F— - Miscellaneous Provisions and Appropriations › Subpart subpart i— - miscellaneous › § 1383
Summary
The Commodity Credit Corporation must place all cotton insurance with agents in the state storing the cotton, at no higher cost than similar policies elsewhere. Cotton held as loan collateral cannot be moved or pooled without the producer’s or borrower’s written consent.
Full Legal Text
Title 7, §1383
Agriculture — Source: USLM XML via OLRC
(a)The Commodity Credit Corporation shall place all insurance of every nature taken out by it on cotton, and all renewals, extensions, or continuations of existing insurance, with insurance agents who are bonafide residents of and doing business in the State where the cotton is warehoused: Provided, That such insurance may be secured at a cost not greater than similar insurance offered on said cotton elsewhere.
(b)Cotton held as security for any loan heretofore or hereafter made or arranged for by the Commodity Credit Corporation shall not hereafter be reconcentrated without the written consent of the producer or borrower.
Legislative History
Notes & Related Subsidiaries
Executive Documents
Transfer of Functions
Administration of program of Commodity Credit Corporation transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3, § 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100, set out in the Appendix to Title 5, Government Organization and Employees. Exceptions From
Transfer of Functions
Functions of Corporations of Department of Agriculture, boards of directors and officers of such corporations; Advisory Board of Commodity Credit Corporation; and Farm Credit Administration or any agency, officer, or entity of, under, or subject to supervision of said Administration excepted from functions of officers, agencies, and employees transferred to Secretary of Agriculture by 1953 Reorg. Plan No. 2, § 1, effective June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out as a note under section 2201 of this title.
Reference
Citations & Metadata
Citation
7 U.S.C. § 1383
Title 7 — Agriculture
Last Updated
Apr 6, 2026
Release point: 119-73