1. (a) Except as provided in subdivisions (b) and (c) of this section, the obligation of any handler to pay money required to be paid under the terms of the order shall terminate two years after the last day of the month during which the market administrator receives the handler's report of receipts and utilization on which such obligation is based, unless, within such two-year period, the market administrator notifies the handler in writing that such money is due and payable. Service of such written notice shall be complete upon mailing to the handler's last known address and it shall contain but need not be limited to the following information:

   1. (1) The amount of the obligation;
   2. (2) The month(s) on which such obligation is based; and
   3. (3) If the obligation is payable to one or more producers or to a cooperative association (except an obligation to be prorated to producers under an individual handler pool), the name of such producer(s) or such cooperative association, or if the obligation is payable to the market administrator, the account for which it is to be paid.
2. (b) If a handler fails or refuses, with respect to any obligation under the order, to make available to the market administrator all records required by the order to be made available, the market administrator may notify the handler in writing, within the two-year period provided for in subdivision (a) of this section, of such failure or refusal. If the market administrator so notifies a handler, the said two-year period with respect to such obligation shall not begin to run until the first day of the month following the month during which all such records pertaining to such obligation are made available to the market administrator;
3. (c) Notwithstanding the provisions of subdivisions (a) and (b) of this section, a handler's obligation under the order to pay money shall not be terminated with respect to any transaction involving fraud or willful concealment of a fact, material to the obligation, on the part of the handler against whom the obligation is sought to be imposed; and

4. (d) Unless the handler files a petition pursuant to section 8c (15)(A) of the Act and the applicable rules and regulations thereto within the applicable two-year period indicated below, the obligation of the market administrator:

   1. (1) To pay a handler any money which such handler claims to be due him under the terms of the order shall terminate two years after the end of the month during which the skim milk and butterfat involved in the claim were received; or
   2. (2) To refund any payment made by a handler (including a deduction or offset by the market administrator) shall terminate two years after the end of the month during which payment was made by the handler.

The provisions of this section shall apply to any obligation under the order for the payment of money: