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Terms Used In CFR > Title 28 > Chapter I > Part 31 > Subpart A - Formula Grants

  • Account receivable: means the contractual obligation of the foreign importer to the exporter for the port value of the commodity delivered for which the exporter is extending credit to the importer. See 7 CFR 1488.2
  • Agency or branch bank: means an agency or branch of a foreign bank, supervised by New York State banking authorities or the banking authorities of any other State providing similar supervision, and approved by the Controller, CCC. See 7 CFR 1488.2
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assistant Sales Manager: means the Assistant Sales Manager, Commercial Export Programs, Office of the General Sales Manager. See 7 CFR 1488.2
  • Bank obligation: means an obligation, acceptable to CCC, of a U. See 7 CFR 1488.2
  • Beginning farmer or rancher: A beginning farmer or rancher is an individual or entity who:

    (1) Is an eligible applicant for FO loan assistance in accordance with §1943. See 7 CFR 1955.103

  • CCC: means the Commodity Credit Corporation, U. See 7 CFR 1488.2
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Credit sale: A sale in which financing is provided to an applicant for the purchase of inventory property. See 7 CFR 1955.103
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Date of delivery: means the on-board date of the ocean bill of lading, or the date of an airway bill, or, if exported by rail or truck, the date of entry shown on an authenticated landing certificate or similar document issued by an official of the government of the importing country. See 7 CFR 1488.2
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Delivery: means the delivery required by the export sale contract to transfer to the importer full or conditional title to the agricultural commodity. See 7 CFR 1488.2
  • Dependent: A person dependent for support upon another.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • exporter: means a person (1) who is engaged in the business of buying or selling commodities and for this purpose maintains a bona fide business office in the United States, its territories or possessions, and has someone on whom service of judicial process may be had within the United States, (2) who is financially responsible, and (3) who is not suspended or debarred from contracting with or participating in any program financed by CCC on the date of issuance of the financing approval. See 7 CFR 1488.2
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Financing agreement: means the exporter's request for a sale registration as approved by the Assistant Sales Manager, including the terms and conditions of the regulations in effect on the date of approval. See 7 CFR 1488.2
  • Financing period: means the number of months over which repayment is to be made. See 7 CFR 1488.2
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • importer: means the foreign buyer who purchases the commodities to be exported under a financing agreement and executes the documents evidencing the account receivable assigned to CCC. See 7 CFR 1488.2
  • Ineligible terms: Credit terms, for other than SFH or MFH property sales, offered for the convenience of the Government to facilitate sales. See 7 CFR 1955.103
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Inventory property: Property for which title is vested in the Government and which secured an a Rural Development loan loan or which was acquired from another Agency for program purposes. See 7 CFR 1955.103
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Market value: The most probable price which property should bring, as of a specific date, in a competitive and open market, assuming the buyer and seller are prudent and knowledgeable, and the price is not affected by undue stimulus such as forced sale or loan interest subsidy. See 7 CFR 1955.103
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Owner: An individual or an entity which owned the farm but who may or may not have been operating the farm at the time the farm was taken into inventory. See 7 CFR 1955.103
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Sale: means a contract to sell on credit U. See 7 CFR 1488.2
  • Statute: A law passed by a legislature.
  • Suitable property: Real property that could be used to carry out the objectives of Rural Development's loan programs with financing provided through that program. See 7 CFR 1955.103
  • Surplus property: Property that cannot be used to carry out the objectives of financing available through the applicable loan program. See 7 CFR 1955.103
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • USDA announcement: means an announcement published monthly by the U. See 7 CFR 1488.2