Producers of honey; loan obligations and liabilities

A producer of honey may satisfy the producer’s obligation to repay a loan, or a portion of a loan, made to the producer under section 1446h  1 1

See References in Text note below. of this title by forfeiting the collateral for the loan, or portion of the loan, only if the value of the collateral forfeited, when taken together with the value of the collateral forfeited on any other loan or loans of the person for such crop of honey under section 1446h  1 of this title, does not exceed $200,000 in the 1991 crop year, $175,000 in the 1992 crop year, $150,000 in the 1993 crop year, and $125,000 in each of the 1994 and subsequent crop years: Provided, however , That the loan forfeiture limitation provided by this section shall not be applicable for any crop year for which the Secretary does not permit producers of honey to repay the price support loans at a level determined under section 1446h(b)(2)  1 of this title.

( Oct. 31, 1949, ch. 792 , title IV, § 405A, as added Pub. L. 100–460, title VI, § 634(b) , Oct. 1, 1988 , 102 Stat. 2263 ; amended Pub. L. 101–624, title X, § 1002 , title XI, § 1161(d), Nov. 28, 1990 , 104 Stat. 3490 , 3521.)