SECTION 795:10-1-5. Pledge or mortgage of wheat deduction

(a)   In the case of a pledge or mortgage of wheat as security for a loan under the federal price support program, the fee shall be deducted for the proceeds of such loans at the time the loans are made or be deducted thereafter by agencies of the federal government, and Producer's Note and Loan Agreement (Commodity Loan Form B) or Producers Note and Supplemental Loan Agreement (Commodity Loan Form A) or Delivery Instructions (Commodity Purchaser Form 3) issued by the federal agency to the producer are hereby approved as fulfilling the requirements for invoices, and the forms herein approved shall be deemed to constitute proof of payment of such promotional fee on the wheat listed thereon.

(b)   Supplemental or alternate forms which may be proposed by the Commodity Credit Corporation and contained the necessary information may be used without revision of the rules of the Commission.

(c)   The Commodity Credit Corporation's use of identification numbers in lieu of the name of the producer from whom the fee was collected is approved, such approval being in consideration of assurance received from the Commodity Credit Corporation that authorized officials of the State of Oklahoma will have access at all reasonable times to records in the county agricultural stabilization and conservation offices showing the names of producers to whom such identification numbers have been assigned.

(d)   If such wheat, described in subsection (a) of this section, remains in farm storage for the duration of such pledge or mortgage, the promotional fee so paid at the time the loan was made shall be deemed a complete satisfaction of the promotional fee liability unless upon subsequent actual delivery of such wheat from farm storage in satisfaction of the pledge, or mortgage in the amount of One Dollar ($1.00) or more, such underpayment being due solely for the necessity of estimating the quantity of wheat so placed in farm storage.

(e)   In connection with the collection of the wheat promotional fee on Commodity Credit Corporation wheat loans disbursed and purchase agreement settlement made, undercollections or overcollections of the wheat promotional fee amounting to One Dollar ($1.00) or less as a result of errors, will not require collection of the underpayment or refund of the overpayment by Commodity Credit Corporation and their responsibility in such cases shall be waived. [2:1032]