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Title 7, AgricultureRelease 119-102

§607 Sale by Secretary; Additional Options; Validation of Assignments; Publication of Information

Title 7 › CHAPTER 26 — AGRICULTURAL ADJUSTMENT › SUBCHAPTER II — COTTON OPTION CONTRACTS › § 607

Last updated Aug 21, 2026|Official source

Summary

The Secretary of Agriculture must sell cotton he holds or gets under this law. He can decide how to sell it as long as he follows the law. He may make option contracts with cotton growers to sell cotton to them or for them. He sets the amounts, prices, and terms he thinks are best. Those option contracts can be transferred or assigned in the way he decides. Assignments made before January 11, 1934, of option contracts exercised before January 18, 1934, are treated as valid if the Secretary finds they were made in good faith, conveyed the full interest, gave full value, and show no fraud or speculation by the new holder. The Secretary may also make public any information he thinks is needed to carry out this law.

Full Legal Text

Title 7, §607

Agriculture, Source: USLM XML via OLRC

The Secretary shall sell cotton held or acquired by him pursuant to authority of this chapter at his discretion subject only to the conditions and limitations of this chapter: Provided, That the Secretary shall have authority to enter into option contracts with producers of cotton to sell to or for the producers such cotton held and/or acquired by him in such amounts and at such prices and upon such terms and conditions as he, the Secretary, may deem advisable, and such option contracts may be transferred or assigned in such manner as the Secretary of Agriculture may prescribe. Notwithstanding any provisions contained in option contracts heretofore issued and/or any provision of law, assignments made prior to January 11, 1934, of option contracts exercised prior to January 18, 1934, shall be deemed valid upon determination by the Secretary that such assignment was an assignment in good faith of the full interest in such contract and for full value and is free from evidence of fraud or speculation by the assignee. Notwithstanding any provision of existing law, the Secretary of Agriculture may, in the administration of this chapter, make public such information as he deems necessary in order to effectuate the purposes of this chapter.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1935—Act Aug. 24, 1935, among other changes, inserted provisions as to presumption of validity of assignments made prior to Jan. 11, 1934 of option contracts exercised prior to Jan. 18, 1934 if in good faith, for full value, and without fraud or speculation by the assignee. 1933—Act June 16, 1933, amended section generally.

Reference

Citations & Metadata

Citation

7 U.S.C. § 607

Title 7, Agriculture

Last Updated

Aug 21, 2026

Release point: 119-102