(a) Term of loanIn the case of each loan commodity (other than upland cotton or extra long staple cotton), a marketing assistance loan under section 7231 of this title shall have a term of 9 months beginning on the first day of the first month after the month in which the loan is made.
(b) Special rule for cottonA marketing assistance loan for upland cotton or extra long staple cotton shall have a term of 10 months beginning on the first day of the month in which the loan is made.
(c) Extensions prohibitedThe Secretary may not extend the term of a marketing assistance loan for any loan commodity.
Structure US Code
CHAPTER 100— AGRICULTURAL MARKET TRANSITION
SUBCHAPTER III— NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS
§ 7231. Availability of nonrecourse marketing assistance loans
§ 7232. Loan rates for marketing assistance loans
§ 7235. Loan deficiency payments
§ 7236. Special marketing loan provisions for upland cotton
§ 7236a. Special competitive provisions for extra long staple cotton