The Arizona Revised Statutes have been updated to include the revised sections from the 53rd Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 1st Regular Session, which convenes in January 2019.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
3-589 - Pledge or mortgage of grain; deduction of fee
3-589. Pledge or mortgage of grain; deduction of fee
A. If a pledge or mortgage of grain is given as security for a loan under the federal price support program, the fee is deductible from the proceeds of the loan at the time the loan is made or is deductible thereafter by agencies of the federal government. Producer's note and loan agreements pertaining to farm storage, warehouse storage and delivery instructions issued by a federal agency to the grower are deemed to constitute proof of payment of the research and promotional fee on the grain listed.
B. Supplemental or alternate forms which may be proposed by the commodity credit corporation and which contain the necessary information as required by this article may be used.
C. If the grain described in subsection A remains in farm storage for the duration of the pledge or mortgage, the promotional fee paid at the time the loan was made is deemed a complete satisfaction of the promotional fee liability.
D. In connection with the collection of the grain council fee on commodity credit corporation grain loans disbursed and purchase agreement settlements made, undercollections or overcollections of the grain promotional fee amounting to fewer than three dollars as a result of errors do not require collection of the underpayment or refunds of the overpayment by the commodity credit corporation, and their responsibility in such cases is waived.