2015 US Code
Title 7 - Agriculture (Sections 1 - 9097)
Chapter 100 - Agricultural Market Transition (Sections 7201 - 7334)
Subchapter II - Production Flexibility Contracts (Sections 7211 - 7218)
Sec. 7214 - Determination of contract payments under contracts
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 7 - AGRICULTURE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 7 - AGRICULTURE CHAPTER 100 - AGRICULTURAL MARKET TRANSITION SUBCHAPTER II - PRODUCTION FLEXIBILITY CONTRACTS Sec. 7214 - Determination of contract payments under contracts |
| Contains | section 7214 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 104-127, title I, §114, Apr. 4, 1996, 110 Stat. 901. |
| Statutes at Large Reference | 110 Stat. 901 |
| Public and Private Law | Public Law 104-127 |
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For each contract, the payment quantity of a contract commodity for each fiscal year shall be equal to the product of—
(1) 85 percent of the contract acreage; and
(2) the farm program payment yield.
(b) Annual payment quantity of contract commoditiesThe payment quantity of each contract commodity covered by all contracts for each fiscal year shall be equal to the sum of the amounts calculated under subsection (a) for each individual contract.
(c) Annual payment rateThe payment rate for a contract commodity for each fiscal year shall be equal to—
(1) the amount made available under section 7213 of this title for the contract commodity for the fiscal year; divided by
(2) the amount determined under subsection (b) for the fiscal year.
(d) Annual payment amountThe amount to be paid under a contract in effect for each fiscal year with respect to all contract commodities covered by the contract shall be equal to the sum of the products of—
(1) the payment quantity determined under subsection (a) for each of the contract commodities covered by the contract; and
(2) the corresponding payment rate for the contract commodity in effect under subsection (c).
(e) Reduction in payment amountThe contract payment determined under subsection (d) for an owner or producer for a fiscal year shall be immediately reduced by the amount of any repayment of deficiency payments that is required under section 114(a)(2) of the Agricultural Act of 1949 (7 U.S.C. 1445j(a)(2)) and is not repaid as of the date the contract payment is determined. The Secretary shall be required to collect the required repayment, or any claim based on the required repayment, as soon as the contract payment is determined.
(f) Assignment of contract paymentsThe provisions of section 590h(g) of title 16 (relating to assignment of payments) shall apply to contract payments under this section. The owner or producer making the assignment, or the assignee, shall provide the Secretary with notice, in such manner as the Secretary may require in the contract, of any assignment made under this subsection.
(g) Sharing of contract paymentsThe Secretary shall provide for the sharing of contract payments among the owners and producers subject to the contract on a fair and equitable basis.
(Pub. L. 104–127, title I, §114, Apr. 4, 1996, 110 Stat. 901.)
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