§ 607. — Sale by Secretary; additional options; validation of assignments; publication of information.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC607]
TITLE 7--AGRICULTURE
CHAPTER 26--AGRICULTURAL ADJUSTMENT
SUBCHAPTER II--COTTON OPTION CONTRACTS
Sec. 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, Sec. 7, 48 Stat. 34; June 16, 1933, ch.
90, title II, Sec. 221, 48 Stat. 210; Aug. 24, 1935, ch. 641, Sec. 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.
Section Referred to in Other Sections
This section is referred to in sections 608d, 673 of this title.
