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responsible person and the financial institution to verify the amount and when the cash payment was received. e. The TTPP does not apply the maximum discount rate to contracts made between a participating quota owner/grower with family members, transfers upon death of a tobacco quota owner or grower, individuals who entered into an assignment or successor-in-interest contract prior to 10/22/2004, and one year contracts made with TTPP approved financial institutions. Evaluate for a potential Transfer of Assets using fair market value. Refer to MA-2240, Transfer of Assets. f. For an assignment contract made with a third party in exchange for other property, the property obtained is a conversion of a resource in the month the contract is completed, and becomes the new resource as of the first moment of the month following the assignment month. Refer to MA-2240, Transfer of Assets, as a sanction may apply. 9. Uncleared Land, Woodlands, Forests Exclude up to $6,000 in equity as income-producing if the property meets the 6% net income criteria in Item IX. and: a. The a/b has a written contract to sell the timber on a specified date, AND b. The a/b can produce documentation that the timber is cut on a regular basis. Examples of such evidence include but are not limited to: • Old contracts for cutting/sale of timber, or • Evidence of purchase of seedlings for replanting of cut timberland, or • Statements of forest service personnel or other such officials that the individual is engaged in tree farming. 10. Property Agreements/Promissory Notes Exclude the value of any property agreement which is not legally negotiable (cannot be sold). This includes promissory notes, loan agreements, etc. (Refer to MA-2240 Transfer of Assets, IX.C.) a. Examine the terms of the agreement or note to determine if the owner has the legal right to sell his interest without the participation of the buyer/borrower. If salable, the note is a countable resource. b. If there is a clause which prevents sale or transfer of the note, it is not a countable resource. c. Contact the agency/county attorney for assistance if negotiability cannot be determined from the terms of the agreement. 40