
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC714b]

 
                      TITLE 15--COMMERCE AND TRADE
 
                      CHAPTER 15--ECONOMIC RECOVERY
 
               SUBCHAPTER II--COMMODITY CREDIT CORPORATION
 
Sec. 714b. General powers of Corporation

    The Corporation--
    (a) Shall have succession in its corporate name.
    (b) May adopt, alter, and use a corporate seal, which shall be 
judicially noticed.
    (c) May sue and be sued, but no attachment, injunction, garnishment, 
or other similar process, mesne or final, shall be issued against the 
Corporation or its property. The district courts of the United States, 
including the district courts of any Territory or possession, shall have 
exclusive original jurisdiction, without regard to the amount in 
controversy, of all suits brought by or against the Corporation: 
Provided, That the Corporation may intervene in any court in any suit, 
action, or proceeding in which it has an interest. Any suit against the 
Corporation shall be brought in the District of Columbia, or in the 
district wherein the plaintiff resides or is engaged in business. No 
suit by or against the Corporation shall be allowed unless (1) it shall 
have been brought within six years after the right accrued on which suit 
is brought, or (2) in the event that the person bringing such suit shall 
have been under legal disability or beyond the seas at the time the 
right accrued, the suit shall have been brought within three years after 
the disability shall have ceased or within six years after the right 
accrued on which suit is brought, whichever period is longer. The 
defendant in any suit by or against the Corporation may plead, by way of 
set-off or counterclaim, any cause of action, whether arising out of the 
same transaction or not, which would otherwise be barred by such 
limitation if the claim upon which the defendant's cause of action is 
based had not been barred prior to the date that the plaintiff's cause 
of action arose: Provided, That the defendant shall not be awarded a 
judgment on any such set-off or counterclaim for any amount in excess of 
the amount of the plaintiff's claim established in the suit. All suits 
against the Corporation shall be tried by the court without a jury. 
Notwithstanding any other provision of this subchapter, the Federal Tort 
Claims Act (Public Law 601, Seventy-ninth Congres \1\ [28 U.S.C. 1346(b) 
and 2671 et seq.] shall be applicable to the Corporation. Any suit by or 
against the United States as the real party in interest based upon any 
claim by or against the Corporation shall be subject to the provisions 
of subsection (c) of this section to the same extent as though such suit 
were by or against the Corporation, except that (1) any such suit 
against the United States based upon any claim of the type enumerated in 
section 1491 of title 28, may be brought in the United States Court of 
Federal Claims, and (2) no such suit against the United States may be 
brought in a district court unless such suit might, without regard to 
the provisions of this subchapter, be brought in such court.
---------------------------------------------------------------------------
    \1\ So in original. Should be ``Congress''.
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    (d) May adopt, amend, and repeal bylaws, rules, and regulations 
governing the manner in which its business may be conducted and the 
powers vested in it may be exercised.
    (e) Shall have all the rights, privileges, and immunities of the 
United States with respect to the right to priority of payment with 
respect to debts due from insolvent, deceased, or bankrupt debtors. The 
Corporation may assert such rights, privileges, and immunities in any 
suit, action, or proceeding.
    (f) Shall be entitled to the use of the United States mails in the 
same manner and upon the same conditions as the executive departments of 
the Federal Government.
    (g) May enter into and carry out such contracts or agreements as are 
necessary in the conduct of its business, except that obligations under 
all such contracts or agreements (other than reimbursable agreements 
under section 714i of this title) for equipment or services relating to 
automated data processing, information technologies, or related items 
(including telecommunications equipment and computer hardware and 
software) may not exceed $170,000,000 in fiscal year 1996 and not more 
than $188,000,000 in the 6-fiscal year period beginning on October 1, 
1996, unless additional amounts for such contracts and agreements are 
provided in advance in appropriation Acts. State and local regulatory 
laws or rules shall not be applicable with respect to contracts or 
agreements of the Corporation or the parties thereto to the extent that 
such contracts or agreements provide that such laws or rules shall not 
be applicable, or to the extent that such laws or rules are inconsistent 
with such contracts or agreements.
    (h) May contract for the use, in accordance with the usual customs 
of trade and commerce, of plants and facilities for the physical 
handling, storage, processing, servicing, and transportation of the 
agricultural commodities subject to its control. The Corporation shall 
not have power to acquire real property or any interest therein except 
that it may (a) rent or lease office space necessary for the conduct of 
its business and (b) acquire real property or any interest therein for 
the purpose of providing storage adequate to carry out effectively and 
efficiently any of the Corporation's programs, or of securing or 
discharging obligations owing to the Corporation, or of otherwise 
protecting the financial interests of the Corporation: Provided, That 
the authority contained in this subsection shall not be utilized by the 
Corporation for the purpose of acquiring real property, or any interest 
therein, in order to provide storage facilities for any commodity unless 
the Corporation determines that existing privately owned storage 
facilities for such commodity in the area concerned are not adequate: 
Provided further, That no refrigerated cold storage facilities shall be 
constructed or purchased except with funds specifically provided by 
Congress for that purpose: And provided further, That any contract 
entered into by the Corporation for the use of a storage facility shall 
provide at least that (1) the rental rate charged for an extended term 
in excess of one year shall be at an annual rate less than that which is 
charged for a one-year contract, (2) any obligation of the Corporation 
to pay for the use of any space in a facility shall be relieved to the 
extent that the Corporation does not use the space and payment is made 
by another person for the use of such space, and (3) if the Corporation 
determines that it no longer needs the space reserved in the facility, 
the Corporation may be relieved, for the remaining term of the contract, 
of its obligations to an extent and in a manner that will provide 
significant savings to the Corporation while permitting the owner of the 
facility reasonable time to lease such space to another person: And 
provided further, That nothing contained in this subsection shall limit 
the duty of the Corporation, to the maximum extent practicable 
consistent with the fulfillment of the Corporation's purposes and the 
effective and efficient conduct of its business, to utilize the usual 
and customary channels, facilities, and arrangements of trade and 
commerce in the warehousing of commodities: And provided further, That 
to encourage the storage of grain on farms, where it can be stored at 
the lowest cost, the Corporation may make loans to grain growers needing 
storage facilities when such growers shall apply to the Corporation for 
financing the construction or purchase of suitable storage, and these 
loans shall be deducted from the proceeds of price support loans or 
purchase agreements made between the Corporation and the growers, except 
that the Secretary shall make such loans in areas in which the Secretary 
determines that there is a deficiency of such storage. To encourage the 
alleviation of natural resource conservation problems that reduce the 
productive capacity of the Nation's land and water resources or that 
cause degradation of environmental quality, the Corporation may, 
beginning December 22, 1981, make loans to any agricultural producer for 
those natural resource conservation and environmental enhancement 
measures that are recommended by the applicable county and State 
committees established under section 590h(b) of title 16 and are 
included in the producer's conservation plan approved by the local soil 
and water conservation district; such loans shall be for a period not to 
exceed ten years at a rate of interest based upon the rate of interest 
charged the Corporation by the United States Treasury; the Corporation 
may make loans to any one producer in any fiscal year in an amount not 
to exceed $25,000; loans up to $10,000 in amount may be unsecured and 
loans in excess of $10,000 shall be secured; and the total of such 
unsecured and secured loans made in each fiscal year shall not exceed 
$200,000,000: Provided, That the authority provided by this sentence to 
make loans shall be effective only to the extent and in such amounts as 
may be provided for in prior appropriation Acts. Notwithstanding any 
other provision of law, the Commodity Credit Corporation shall, to the 
maximum extent practicable, in consultation with the Secretary of State, 
and upon terms and conditions prescribed or approved by the Secretary of 
Agriculture, accept strategic and critical materials produced abroad in 
exchange for agricultural commodities acquired by the Corporation. 
Insofar as practicable, in effecting such exchange of goods, the 
Secretary shall: (1) use normal commercial trade channels; (2) take 
action to avoid displacing usual marketings of United States 
agricultural commodities and the products thereof; (3) take reasonable 
precautions to prevent the resale or transshipment to other countries, 
or use for other than domestic use in the importing country, of 
agricultural commodities used for such exchange; and (4) give priority 
to commodities easily storable and those which serve as prime incentive 
goods to stimulate production of critical and strategic materials. The 
Corporation may solicit bids from, and utilize, private trading firms to 
effect such exchange of goods. The determination of the quantities and 
qualities of such materials which are desirable for stock piling and the 
determination of which materials are strategic and critical shall be 
made in the manner prescribed by section 3 of the Strategic and Critical 
Materials Stock Piling Act [50 U.S.C. 98b]. Strategic and critical 
materials acquired by Commodity Credit Corporation in exchange for 
agricultural commodities shall, to the extent approved by the President, 
be transferred to the stock pile provided for by the Strategic and 
Critical Materials Stock Piling Act [50 U.S.C. 98 et seq.]; and in the 
same fiscal year such materials are transferred to the stock pile the 
Commodity Credit Corporation shall be reimbursed for the strategic and 
critical materials so transferred to the stock pile from the funds made 
available for the purpose of the Strategic and Critical Materials Stock 
Piling Act, in an amount equal to the fair market value, as determined 
by the Secretary of the Treasury, of the material transferred to the 
stock pile. If the volume of petroleum products (including crude oil) 
stored in the Strategic Petroleum Reserve is less than the level 
prescribed under section 6234 of title 42, the Corporation shall, to the 
maximum extent practicable and with the approval of the Secretary of 
Agriculture, make available annually to the Secretary of Energy, upon 
the request of the Secretary of Energy, a quantity of agricultural 
products owned by the Corporation with a market value at the time of 
such request of at least $300,000,000 for use by the Secretary of Energy 
in acquiring petroleum products (including crude oil) produced abroad 
for placement in the Strategic Petroleum Reserve through an exchange of 
such agricultural products. The terms and conditions of each such 
exchange, including provisions for full reimbursement to the Commodity 
Credit Corporation, shall be determined by the Secretary of Energy and 
the Secretary of Agriculture. Nothing contained herein shall limit the 
authority of the Commodity Credit Corporation to acquire, hold, or 
dispose of such quantity of strategic and critical materials as it deems 
advisable in carrying out its functions and protecting its assets: 
Provided, That, notwithstanding any other provision of law, where a 
grain storage facility owned by the Corporation is not needed by the 
Corporation and, upon being offered for sale no person offers to pay the 
minimum price set by the Corporation for such facility for use in 
connection with storage or handling of agricultural commodities, then 
the Corporation may, without declaring such facility to be excess 
property, sell it by bids at not less than such minimum price to any 
public or private nonprofit agency or organization for use for the 
purposes of such agency or organization. This provision shall apply also 
to facilities which on the effective date of this Act have been declared 
excess to the needs of the Commodity Credit Corporation but have not 
been claimed by any other Government agency, or surplus to the needs of 
the Government but not disposed of pursuant to the provisions of the 
Federal Property and Administrative Services Act of 1949, as amended [40 
U.S.C. 471 et seq.].
    (i) May borrow money subject to any provision of law applicable to 
the Corporation: Provided, That the total of all money borrowed by the 
Corporation, other than trust deposits and advances received on sales, 
shall not at any time exceed in the aggregate $30,000,000,000. The 
Corporation shall at all times reserve a sufficient amount of its 
authorized borrowing power which, together with other funds available to 
the Corporation, will enable it to purchase, in accordance with its 
contracts with lending agencies, notes, or other obligations evidencing 
loans made by such agencies under the Corporation's programs.
    (j) Shall determine the character of and the necessity for its 
obligations and expenditures and the manner in which they shall be 
incurred, allowed, and paid.
    (k) Shall have authority to make final and conclusive settlement and 
adjustment of any claims by or against the Corporation or the accounts 
of its fiscal officers.
    (l) May make such loans and advances of its funds as are necessary 
in the conduct of its business.
    (m) Shall have such powers as may be necessary or appropriate for 
the exercise of the powers specifically vested in the Corporation, and 
all such incidental powers as are customary in corporations generally; 
but any research financed by the Corporation shall relate to the 
conservation or disposal of commodities owned or controlled by the 
Corporation and shall be conducted in collaboration with research 
agencies of the Department of Agriculture. Notwithstanding any other 
provision of this subchapter, the Corporation may, in the exercise of 
its power to remove and dispose of surplus agricultural commodities, 
export, or cause to be exported, not to exceed such amounts of 
commodities owned by the Corporation as will enable the Corporation to 
finance research and development of external combustion engines using 
fuel other than that derived from petroleum and petroleum products. The 
total value of commodities exported annually for the purposes of the 
research authorized by the preceding sentence may not exceed 
$30,000,000.

(June 29, 1948, ch. 704, Sec. 4, 62 Stat. 1070; June 7, 1949, ch. 175, 
Secs. 2, 5, 63 Stat. 154, 156; Aug. 10, 1949, ch. 412, Sec. 12(a), 63 
Stat. 591; June 28, 1950, ch. 381, Sec. 2, 64 Stat. 261; Mar. 20, 1954, 
ch. 102, Sec. 2, 68 Stat. 30; Aug. 31, 1954, ch. 1172, Sec. 2, 68 Stat. 
1047; Aug. 11, 1955, ch. 782, Sec. 2, 69 Stat. 634; Aug. 1, 1956, ch. 
815, Sec. 1(a), 70 Stat. 783; Pub. L. 89-758, Nov. 5, 1966, 80 Stat. 
1307; Pub. L. 95-113, title XI, Sec. 1104, Sept. 29, 1977, 91 Stat. 954; 
Pub. L. 95-279, title III, Sec. 301(a), May 15, 1978, 92 Stat. 242; Pub. 
L. 96-41, Sec. 3(b), July 30, 1979, 93 Stat. 325; Pub. L. 96-234, 
Sec. 3, Apr. 11, 1980, 94 Stat. 333; Pub. L. 97-35, title I, Sec. 151, 
Aug. 13, 1981, 95 Stat. 370; Pub. L. 97-98, title XV, Sec. 1520(a), 
title XVI, Sec. 1606, Dec. 22, 1981, 95 Stat. 1335, 1347; Pub. L. 97-
164, title I, Sec. 161(1), Apr. 2, 1982, 96 Stat. 49; Pub. L. 99-198, 
title XI, Sec. 1167(b), title XVII, Sec. 1761, Dec. 23, 1985, 99 Stat. 
1503, 1651; Pub. L. 99-260, Sec. 11, Mar. 20, 1986, 100 Stat. 52; Pub. 
L. 100-202, Sec. 101(k) [title I, Sec. 101], Dec. 22, 1987, 101 Stat. 
1329-322, 1329-336; Pub. L. 102-572, title IX, Sec. 902(b)(1), Oct. 29, 
1992, 106 Stat. 4516; Pub. L. 104-127, title I, Sec. 161(b)(1), Apr. 4, 
1996, 110 Stat. 934; Pub. L. 105-185, title V, Sec. 521(a), June 23, 
1998, 112 Stat. 580; Pub. L. 105-277, div. A, Sec. 101(a) [title VII, 
Sec. 756], Oct. 21, 1998, 112 Stat. 2681, 2681-34.)

                       References in Text

    The Federal Tort Claims Act, referred to in subsec. (c), means act 
Aug. 2, 1946, ch. 753, title IV, Secs. 401-404, 410-413, 420-423, 60 
Stat. 842, which was repealed by act June 25, 1948, ch. 646, Sec. 39, 62 
Stat. 992, eff. Sept. 1, 1948, and is now covered by sections 1346(b) 
and 2671 et seq. of Title 28, Judiciary and Judicial Procedure.
    The Strategic and Critical Materials Stock Piling Act, referred to 
in subsec. (h), is act June 7, 1939, ch. 190, as revised generally by 
Pub. L. 96-41, Sec. 2, July 30, 1979, 93 Stat. 319, which is classified 
generally to subchapter III (Sec. 98 et seq.) of chapter 5 of Title 50, 
War and National Defense. For complete classification of this Act to the 
Code, see section 98 of Title 50 and Tables.
    The effective date of this Act, referred to in subsec. (h), probably 
refers to the effective date of Pub. L. 89-758, which was approved on 
Nov. 5, 1966.
    The Federal Property and Administrative Services Act of 1949, as 
amended, referred to in subsec. (h), is act June 30, 1949, ch. 288, 63 
Stat. 377, as amended. The provisions of that act relating to management 
and disposal of Government property are classified to chapter 10 
(Sec. 471 et seq.) of Title 40, Public Buildings, Property, and Works. 
For complete classification of this Act to the Code, see Short Title 
note set out under section 471 of Title 40, and Tables.

                          Codification

    The words ``of the District of Columbia and'' in the phrase of 
subsec. (c) reading ``including the district courts of the District of 
Columbia and of any Territory or possession'' have been deleted as 
superfluous in view of section 132(a) of Title 28, Judiciary and 
Judicial Procedure, which states that ``There shall be in each judicial 
district a district court which shall be a court of record known as the 
United States District Court for the district'' and section 88 of Title 
28 which states that ``The District of Columbia constitutes one judicial 
district''.
    Amendment by Pub. L. 95-113, which directed the Corporation to make 
secured storage facility loans of not to exceed $50,000, later increased 
to $100,000, to growers of dry or high moisture grain, soybeans, rice, 
and high moisture forage and silage during the period Oct. 1, 1977, to 
Sept. 30, 1981, was omitted from the Code as terminated. See Effective 
and Termination Dates of 1977 Amendment note set out below.


                               Amendments

    1998--Subsec. (g). Pub. L. 105-277 substituted ``$188,000,000'' for 
``$193,000,000''.
    Pub. L. 105-185 substituted ``$193,000,000'' for ``$275,000,000''.
    1996--Subsec. (g). Pub. L. 104-127, Sec. 161(b)(1)(A), inserted 
before period at end of first sentence ``, except that obligations under 
all such contracts or agreements (other than reimbursable agreements 
under section 714i of this title) for equipment or services relating to 
automated data processing, information technologies, or related items 
(including telecommunications equipment and computer hardware and 
software) may not exceed $170,000,000 in fiscal year 1996 and not more 
than $275,000,000 in the 6-fiscal year period beginning on October 1, 
1996, unless additional amounts for such contracts and agreements are 
provided in advance in appropriation Acts''.
    Subsec. (h). Pub. L. 104-127, Sec. 161(b)(1)(B), in second sentence, 
struck out ``shall have power to acquire personal property necessary to 
the conduct of its business but'' after ``The Corporation''.
    1992--Subsec. (c). Pub. L. 102-572 substituted ``United States Court 
of Federal Claims'' for ``United States Claims Court''.
    1987--Subsec. (i). Pub. L. 100-202 substituted ``$30,000,000,000'' 
for ``$25,000,000,000''.
    1986--Subsec. (m). Pub. L. 99-260 inserted provision authorizing the 
Corporation to dispose of or export surplus agricultural commodities in 
amounts that will enable the Corporation to finance research and 
development of external combustion engines using fuel other than that 
derived from petroleum and petroleum products and limiting the total 
value of the commodities exported annually to a maximum of $30,000,000.
    1985--Subsec. (h). Pub. L. 99-198, Sec. 1761, inserted an additional 
proviso reading as follows: ``That any contract entered into by the 
Corporation for the use of a storage facility shall provide at least 
that (1) the rental rate charged for an extended term in excess of one 
year shall be at an annual rate less than that which is charged for a 
one-year contract, (2) any obligation of the Corporation to pay for the 
use of any space in a facility shall be relieved to the extent that the 
Corporation does not use the space and payment is made by another person 
for the use of such space, and (3) if the Corporation determines that it 
no longer needs the space reserved in the facility, the Corporation may 
be relieved, for the remaining term of the contract, of its obligations 
to an extent and in a manner that will provide significant savings to 
the Corporation while permitting the owner of the facility reasonable 
time to lease such space to another person:''.
    Pub. L. 99-198, Sec. 1167(b), in sentence beginning 
``Notwithstanding any other provision of law'' substituted ``Commodity 
Credit Corporation shall, to the maximum extent practicable, in 
consultation with the Secretary of State, and upon terms and conditions 
prescribed or approved by the Secretary of Agriculture, accept strategic 
and critical materials'' for ``Commodity Credit Corporation is 
authorized, upon terms and conditions prescribed or approved by the 
Secretary of Agriculture, to accept strategic and critical materials''; 
in sentence beginning ``Insofar as practicable'' substituted ``the 
Secretary shall: (1) use normal commercial trade channels; (2) take 
action to avoid displacing usual marketings of United States 
agricultural commodities and the products thereof; (3) take reasonable 
precautions to prevent the resale or transshipment to other countries, 
or use for other than domestic use in the importing country, of 
agricultural commodities used for such exchange; and (4) give priority'' 
for ``normal commercial trade channels shall be utilized and priority 
shall be given''; inserted sentence reading ``The Corporation may 
solicit bids from, and utilize, private trading firms to effect such 
exchange of goods.''; in sentence beginning ``Strategic and critical 
materials'' substituted ``in the same fiscal year such materials are 
transferred'' for ``when transferred''; and inserted sentence beginning 
``If the volume of petroleum products'' and sentence beginning ``the 
terms and conditions'' relating to acquisition of petroleum products for 
placement in the Strategic Petroleum Reserve and terms and conditions of 
each exchange.
    1982--Subsec. (c). Pub. L. 97-164 substituted ``Claims Court'' for 
``Court of Claims''.
    1981--Subsec. (h). Pub. L. 97-98 inserted ``, except that the 
Secretary shall make such loans in areas in which the Secretary 
determines that there is a deficiency of such storage'', and inserted 
provision authorizing the Secretary to make loans to grain growers 
needing storage facilities for the storage of grain on farms in areas 
where the Secretary determines that there is a deficiency of such 
storage and also inserted provision that, to encourage the alleviation 
of natural resource conservation problems that reduce the productive 
capacity of the Nation's land and water resources or that cause 
degradation of environmental quality, the Corporation may, beginning 
December 22, 1981, make loans to any agricultural producer for those 
natural resource conservation and environmental enhancement measures 
that are recommended by the applicable county and State committees 
established under section 590h(b) of title 16 and are included in the 
producer's conservation plan approved by the local soil and water 
conservation district, that such loans shall be for a period not to 
exceed ten years at a rate of interest based upon the rate of interest 
charged the Corporation by the United States Treasury, that the 
Corporation may make loans to any one producer in any fiscal year in an 
amount not to exceed $25,000, that loans up to $10,000 in amount may be 
unsecured and loans in excess of $10,000 shall be secured, that the 
total of such unsecured and secured loans made in each fiscal year shall 
not exceed $200,000,000, and that the authority to make such loans be 
effective only to the extent and in such amounts as may be provided for 
in prior appropriation Acts.
    Pub. L. 97-35 substituted ``the Corporation may make loans'' for 
``the Corporation shall make loans'' in fourth proviso.
    1980--Subsec. (h). Pub. L. 96-234 substituted ``$100,000'' for 
``$50,000'' in two places, and struck out provisions respecting the size 
of the facility for purposes of obtaining loans.
    1979--Subsec. (h). Pub. L. 96-41 substituted ``section 3 of the 
Strategic and Critical Materials Stock Piling Act'' for ``section 2 of 
the Strategic and Critical Materials Stock Piling Act (60 Stat. 596)'' 
and ``the President'' for ``the Munitions Board of the Department of 
Defense''.
    1978--Subsec. (i). Pub. L. 95-279 substituted ``$25,000,000,000'' 
for ``$14,500,000,000''.
    1977--Subsec. (h). Pub. L. 95-113 inserted proviso directing the 
Corporation to make secured storage facility loans of not to exceed 
$50,000 to growers of dry or high moisture grain, soybeans, rice, and 
high moisture forage and silage during the period Oct. 1, 1977, to Sept. 
30, 1981. See Codification note set out above.
    1966--Subsec. (h). Pub. L. 89-758 inserted provisions allowing for 
the sale of grain storage facilities by bids when no person offers to 
pay the minimum price set by the Commodity Credit Corporation at not 
less than the minimum price to any public or private nonprofit agency.
    1956--Subsec. (i). Act Aug. 1, 1956, substituted ``$14,500,000,000'' 
for ``$12,000,000,000''.
    1955--Subsec. (i). Act Aug. 11, 1955, substituted 
``$12,000,000,000'' for ``$10,000,000,000''.
    1954--Subsec. (i). Act Aug. 31, 1954, substituted 
``$10,000,000,000'' for ``$8,500,000,000''.
    Subsec. (i). Act Mar. 20, 1954, substituted ``$8,500,000,000'' for 
``$6,750,000,000''.
    1950--Subsec. (i). Act June 28, 1950, substituted ``$6,750,000,000'' 
for ``$4,750,000,000''.
    1949--Subsec. (c). Act June 7, 1949, Sec. 5, conferred jurisdiction 
on the district courts ``without regard to the amount in controversy'', 
enabled the Corporation and persons having claims against the 
Corporation to plead set-offs and counterclaims which are barred by the 
statute of limitations, if, at the time the plaintiff's cause of action 
arose, the defendant's cause of action on which the set-off or 
counterclaim is based was not barred by the statute of limitations, and 
provided that certain claims against the United States could be brought 
in the United States Court of Claims.
    Subsec. (h). Act June 7, 1949, Sec. 2, enabled the Corporation to 
acquire items of personal and real property to be used in connection 
with the care, preservation, storage, and handling of agricultural 
commodities controlled by it, and enabled the Corporation to take liens 
on real property as security for obligations owing to it and to bid in 
on any execution or foreclosure sale to protect its financial interests 
in the matter.

                         Change of Name

    National Military Establishment changed to Department of Defense by 
act Aug. 10, 1949.


                    Effective Date of 1998 Amendment

    Pub. L. 105-185, title V, Sec. 521(b), June 23, 1998, 112 Stat. 580, 
provided that: ``The amendment made by subsection (a) [amending this 
section] takes effect on October 1, 1997.''


                    Effective Date of 1992 Amendment

    Amendment by Pub. L. 102-572 effective Oct. 29, 1992, see section 
911 of Pub. L. 102-572, set out as a note under section 171 of Title 28, 
Judiciary and Judicial Procedure.


                    Effective Date of 1982 Amendment

    Amendment by Pub. L. 97-164 effective Oct. 1, 1982, see section 402 
of Pub. L. 97-164, set out as a note under section 171 of Title 28, 
Judiciary and Judicial Procedure.


                    Effective Date of 1981 Amendment

    Amendment by Pub. L. 97-98 effective Dec. 22, 1981, see section 1801 
of Pub. L. 97-98, set out as an Effective Date note under section 4301 
of Title 7, Agriculture.


                    Effective Date of 1978 Amendment

    Amendment by Pub. L. 95-279 effective Oct. 1, 1978, see section 
301(d) of Pub. L. 95-279, set out as a note under section 713a-4 of this 
title.


            Effective and Termination Dates of 1977 Amendment

    Section 1104 of Pub. L. 95-113 provided that the amendment made by 
that section is effective only with respect to the fiscal years 
beginning Oct. 1, 1977, and ending Sept. 30, 1981.

                         Delegation of Functions

    Functions of President under subsec. (h) of this section delegated 
to Secretary of Defense, see section 2 of Ex. Ord. No. 12626, Feb. 25, 
1988, 53 F.R. 6114, set out as a note under section 98 of Title 50, War 
and National Defense.

                  Exceptions From Transfer of Functions

    For exception of functions of corporations of Department of 
Agriculture from transfer of functions to Secretary of Agriculture by 
Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions 
note set out under section 712a of this title.


         Storage Cost Adjustment for Fiscal Years 1988 and 1989

    Pub. L. 100-203, title I, Sec. 1106, Dec. 22, 1987, 101 Stat. 1330-
5, provided that: ``For the fiscal years 1988 and 1989, the Secretary of 
Agriculture shall ensure that expenditures of the Commodity Credit 
Corporation for commercial storage, transportation, and handling of 
commodities owned by the Corporation (excluding storage payments made in 
accordance with section 110 of the Agricultural Act of 1949 (7 U.S.C. 
1445e)) are reduced by $230,000,000 in such fiscal years from the amount 
of funds otherwise projected to be expended in fiscal years 1988 and 
1989 under the budget base determined under section 251 of the Balanced 
Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901) for 
commercial storage, transportation, and handling of such commodities. In 
order to achieve the savings required by this section, the Secretary 
shall adjust storage, handling, or transportation expenditures paid by 
the Corporation or take other appropriate actions.''


  Increase in Borrowing Authority Effective Only to Extent Provided in 
                           Appropriation Acts

    Section 301(c) of Pub. L. 95-279 provided that: ``The increase in 
the borrowing authority of the Commodity Credit Corporation made by this 
section [amending this section and section 713a-4 of this title] shall 
be effective only to the extent provided in appropriation Acts.''

                  Section Referred to in Other Sections

    This section is referred to in title 7 section 1727g; title 16 
section 3811; title 21 section 889; title 31 section 3902; title 50 
section 98c.
