§ 38-34-14 Pledge or mortgage of pulse crops as security for loan under federal price support program--Procedures for payment of assessment.

SD Codified L § 38-34-14 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

38-34-14. Pledge or mortgage of pulse crops as security for loan under federal price support program--Procedures for payment of assessment. In the case of a pledge or mortgage of pulse crops as security for a loan under the federal price support program, the assessment established under § 38-34-10 shall be deducted from the proceeds of the loan at the time the loan is made, or be deducted thereafter by agencies of the federal government. The producer's note and loan agreement, producer's note and supplemental loan agreement, or delivery instructions issued by the federal agency to the grower fulfill the requirements for invoices, and these documents constitute proof of payment of the assessment on the pulse crops. Forms supplemental or alternate to those approved in this section that are provided by the Commodity Credit Corporation of the United States Department of Agriculture and contain the necessary information may be used for the purposes of this section. Identification numbers created by the Commodity Credit Corporation for use in lieu of the name of the grower from whom the assessment was collected are approved, if authorized officials of the State of South Dakota have access at all reasonable times to records in the United States Department of Agriculture Farm Service Agency county offices showing the names of growers to whom such identification numbers have been assigned.

Source: SL 2005, ch 214, § 14.

Previous Section

§ 38-34-13 Record of purchases of pulse crops--Quantity--Rules on report and assessment.

Next Section

§ 38-34-15 Satisfaction of assessment liability if crops remain in storage for duration of pledge or mortgage--Exception.