§ 7233. Term of loans(a) Term of loan

In 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 cotton

A 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 prohibited

The Secretary may not extend the term of a marketing assistance loan for any loan commodity.

 (Pub. L. 104–127, title I, § 133, Apr. 4, 1996, 110 Stat. 907.)