§7960 — Title 7 Agriculture | U.S. Code

Summary

The Secretary must make sure peanuts that got a 2001-crop loan under section 7271 before May 13, 2002 are disposed of in a way that does not disrupt U.S. or world peanut prices. For the 2002 crop year only, the nonquota price for segregations I, II, and III is 17.75 cents per pound. That figure must be used to compute insurance premiums, coverage, and payments. For quality adjustments the support price is also 17.75 cents per pound, and quality is adjusted under rules from the Federal Crop Insurance Corporation.

Title 7, §7960

Agriculture — Source: USLM XML via OLRC

(a)

(b)Notwithstanding any other provision of law or previous declaration made by the Secretary, the Secretary shall ensure that the disposal of all peanuts for which a loan for the 2001 crop of peanuts was made under section 7271 of this title before May 13, 2002, is carried out in a manner that prevents price disruptions in the domestic and international markets for peanuts.

(c)(1)This subsection shall apply for the 2002 crop year only notwithstanding any other provision of law or crop insurance policy.

(2)The nonquota price election for segregation I, II, and III peanuts shall be 17.75 cents per pound and shall be used for all aspects of the policy relating to the calculations of premium, liability, and indemnities.

(3)For the purposes of quality adjustment only, the average support price per pound of peanuts shall be a price equal to 17.75 cents per pound. Quality under the crop insurance policy for peanuts shall be adjusted under procedures issued by the Federal Crop Insurance Corporation.

Editorial Notes

Codification Section is comprised of section 1310 of Pub. L. 107–171. Subsec. (a) of section 1310 of Pub. L. 107–171 amended section 1428 and 1441 of this title and repealed 7271 of this title.

§7960 Repeal of superseded price support authority and effect of repeal

Summary

Title 7, §7960

Notes & Related Subsidiaries

Editorial Notes

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