[USC04] 7 USC 607: Sale by Secretary; additional options; validation of assignments; publication of information
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7 USC 607: Sale by Secretary; additional options; validation of assignments; publication of information Text contains those laws in effect on June 23, 2019
From Title 7-AGRICULTURECHAPTER 26-AGRICULTURAL ADJUSTMENTSUBCHAPTER II-COTTON OPTION CONTRACTS

§607. Sale by Secretary; additional options; validation of assignments; publication of information

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.

(May 12, 1933, ch. 25, title I, §7, 48 Stat. 34 ; June 16, 1933, ch. 90, title II, §221, 48 Stat. 210 ; Aug. 24, 1935, ch. 641, §33, 49 Stat. 775 .)

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.