Perishable Agricultural Commodities Act: Impact of Post-Default Agreements on Trust Protection Eligibility
other · Agricultural Marketing Service · Rule · Published 2011-04-12 · Effective 2011-04-13 · 76 FR 20217
Document
Document number
2011-8718
Federal Register citation
76 FR 20217
CFR reference
7 CFR 46
Type
Rule
Action
Final rule.
Category
other
Sub-agency
Agricultural Marketing Service
Publication date
2011-04-12
Effective date
2011-04-13
USDA docket
Document Number AMS-FV-09-0047
Abstract
The Department of Agriculture (USDA) is amending the regulations under the Perishable Agricultural Commodities Act (PACA) to allow, if there is a default in payment as defined in the regulations, a seller, supplier, or agent who has met the PACA trust eligibility requirements to enter into a scheduled agreement for payment of the past due amount without foregoing its trust eligibility. USDA is also amending 7 CFR 46.46(e)(2) by adding the words "prior to the transaction." This change clarifies that the 30-day maximum time period for payment to which a seller can agree and still qualify for coverage under the trust refers to pre-transaction agreements.