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transfer either his right to redeem the commodity or his remaining interest may be restricted by Commodity Credit Corporation.

§ 274.30 Safeguarding of the commodity. The producer is obligated to maintain the farm-storage structures in good repair, and to keep the commodity in good condition.

§ 274.31 Insurance. Commodity Credit Corporation will not require the producer to insure the commodity placed under farm-storage loan; however, if the producer does insure such commodity such insurance shall inure to the benefit of Commodity Credit Corporation to the extent of its interest, after first satisfying the producer's equity in the commodity involved in the loss.

§ 274.32 Loss or damage to the commodity. The producer is responsible for any loss in quantity or quality to farmstored commodity, except that uninsured physical loss or damage occurring without fault, negligence, or conversion on the part of the producer resulting solely from an external cause other than insect infestation or vermin will be assumed by the Corporation, provided the producer has given the county committee immediate notice in writing of such loss or damage, and provided there has been no fraudulent representation made by the producer in the loan documents or in obtaining the loan.

§ 274.33 Personal liability. The making of any fraudulent representation by the producer in the loan documents or in obtaining the loan, or the conversion or unlawful disposition of any portion of the commodity by him, shall render the producer personally liable for the amount of the loan and for any resulting expense incurred by any holder of the note.

§ 274.34 Maturity and satisfaction. Loans mature on demand but not later than September 1, 1946, for blue lupine, March 15, 1947, for all varieties of lespedeza and uncertified orchard grass, and April 30, 1947, for other seeds. In the case of farm-storage loans, the producer is required to pay off his loan on or before maturity date, or to deliver the mortgaged commodity within 60 days after maturity date. Credit will be given for the total quantity delivered, provided it was stored in the bins in which the commodity under loan was stored,

at the applicable settlement rate, according to quality. If the settlement value of the commodity delivered exceeds the amount due on the loan, the amount of the excess shall be paid to the producer. If the settlement value of the commodity is less than the amount due on the loan, the amount of the deficiency, plus interest, shall be paid by the producer to the Corporation, and may be set off against any payment which would otherwise be made to the producer under any agricultural programs administered by the Secretary of Agriculture, or any other payments which are due or may become due to the producer from Commodity Credit Corporation or any other agency of the United States. In the event the farm is sold or there is a change of tenancy, the commodity may be delivered before the maturity date of the loan upon prior approval by the county committee.

§ 274.35 Removal of the commodity. If the loan is not satisfied upon maturity by payment, or delivery, the holder of the note may remove the commodity and sell it, either by separate contract or after pooling it with other lots of the same commodity similarly held. The producer has no right of redemption after the commodity is pooled, but shall share ratably in any overplus remaining upon liquidation of the pool. The Commodity Credit Corporation shall have the right to treat a pooled commodity as a reserve supply to be marketed under such sales policies as the Corporation determines will promote orderly marketing, protect the interests of producers and consumers, and not unduly impair the market for the current crop of the commodity, even though part or all of such pooled commodity is disposed of under such policies at prices less than the current domestic price for such commodity. Any sum due the producer as a result of the sale of the commodity or of insurance proceeds thereon, or any ratable share resulting from the liquidation of a pool, shall be payable only to the producer without right of assignment by him.

§ 274.36 Release of the commodity. A producer may obtain release of the commodity by paying to the holder of the note, or note and loan agreement, the principal amount thereof, plus interest. If the note is held by an out-of-town lending agency or by Commodity Credit Corporation, the producer may request

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that the note be forwarded to a local bank for collection. In such case, where Commodity Credit Corporation is the holder of the note, the local bank will be instructed to return the note if payment is not effected within 15 days. charges in connection with the collection of the note shall be paid by the producer. Upon payment of a farm-storage loan, the county committee should be requested to release the mortgage by filing an instrument of release or by a marginal release on the county records. Partial releases of the commodity may be arranged with the county committee by paying to the holder of the note the amount of the loan, plus charges and accrued interest, represented by the quantity of the commodity to be released. In case of warehouse-storage loans, each partial release must cover all of the commodity under one warehouse receipt number.

§ 274.37 Storage allowance. On farmstored Sudan Grass and Kobe Lespedeza seed a storage allowance of 10 cents per 100 pounds on the quantity of seed shown on the loan document less any amount owing the Corporation will be paid borrowers if the seed is delivered to Commodity Credit Corporation after March 15 for Kobe Lespedeza or after April 30, 1947, for Sudan Grass, provided there has been no fraudulent representation or conversion of any part of the collateral by the producer, and the collateral has not been abandoned or has not become damaged or impaired through the fault or negligence of the producer. The storage allowance will also be paid if, pursuant to demand by the Corporation or agreement for repayment of the ⚫ loan, the Kobe Lespedeza or Sudan Grass seed is delivered to the Corporation before March 15 for Kobe Lespedeza or April 30, 1947, for Sudan Grass, provided the demand for repayment was not due to any fraudulent representation on the part of the borrower or was not made because the seed was damagd, threatened with damage, abandoned, or otherwise impaired.

For other seeds, the maximum warehousing charges that may be paid by

Commodity Credit Corporation if the seed becomes the property of CCC is stated in attached CCC Seed Form A, Supplement 1-1946.

§ 274.38 Purchase of notes. Commodity Credit Corporation will purchase, from approved lending agencies, notes evidencing approved loans which are secured by chattel mortgages or negotiable warehouse receipts. The purchase price to be paid by Commodity Credit Corporation will be the principal sums remaining due on such notes, plus accrued interest from the date of disbursement to the date of purchase at the rate of 12 percent per annum. Lending agencies are required to submit a weekly report to the Corporation and to the county committees on 1940 CCC Form F or such other form as the Corporation may prescribe, of all payments received on producer's notes held by them, and are required to remit promptly to Commodity Credit Corporation an amount equivalent to 12 percent interest per annum, on the amount of the principal collected, from the date of disbursement to the date of payment. Lending agencies should sub- · mit notes and reports to the Grain Branch office serving the area.

§ 274.39 Offices of directors of Grain Branch. The offices of the area directors of the Grain Branch, and the areas served by them, are shown below:

Address of Director and Area

208 South La Salle Street, Chicago, Ill.: Connecticut, Delaware, Illinois (except East St. Louis), Indiana, Iowa, Kentucky, Maryland, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, and West Virginia.

212 West 14th Street, Kansas City 8, Mo.: Alabama, Arkansas, Colorado, Georgia, Florida, Kansas, Louisiana, Mississippi, Missouri (also East St. Louis), Nebraska, New Mexico, Oklahoma, South Carolina, Texas, and Wyoming.

Eastern Outfitting Building, 515 S. W. Tenth and Washington Street, Portland 5, Oreg.: Arizona, California, Idaho, Nevada, Oregon, Utah, and Washington.

326 McKnight Building, Minneapolis 1, Minn.: Minnesota, Montana, North Dakota, South Dakota, and Wisconsin.

LOAN SUPPLEMENT 1

TABLE I-SCHEDULE OF LOAN RATES WITH BASIC SPECIFICATIONS FOR HAY AND PASTURE SEEDS

[Percentage of seed purity, germination, maximum weed content and maximum mixture of other crops for the various crop seeds)

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TABLE I-SCHEDULE OF LOAN RATES WITH BASIC SPECIFICATIONS FOR HAY AND PASTURE SEEDS-Continued [Percentage of seed purity, germination, maximum weed content and maximum mixture of other crops for the various crop seeds]

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TABLE II-SCHEDULE OF SEED LOAN RATES PER 100 POUNDS AND SEED SPECIFICATIONS

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