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Title 7 — AgricultureRelease 119-73not60

§1383 Insurance of Cotton; Reconcentration

Title 7 › Chapter 35— AGRICULTURAL ADJUSTMENT ACT OF 1938 › Subchapter II— LOANS, PARITY PAYMENTS, CONSUMER SAFEGUARDS, MARKETING QUOTAS, AND MARKETING CERTIFICATES › Part F— Miscellaneous Provisions and Appropriations › Subpart i— miscellaneous › § 1383

Last updated Apr 3, 2026|Official source

Summary

The Commodity Credit Corporation must buy all insurance on cotton through agents who live in and do business in the state where the cotton is stored. The cost paid cannot be higher than similar insurance available elsewhere. Cotton held as collateral for a CCC loan cannot be moved or regrouped together again unless the producer or borrower gives written permission.

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 3, 2026

Release point: 119-73not60