Title 12 — Banks and Banking
Chapter 23 — Farm Credit System
§ 2021. Loans through associations or agents
Statutory text
In general
The Farm Credit Banks shall, except as otherwise herein provided, make loans of the type authorized under section 2015(a) of this title through a Federal land bank association chartered to serve the territory in which the real estate of the borrower is located.
No active association
If there is no active association chartered to serve territory where the real estate is located, the bank may make the loan directly or through such bank or trust company or savings or other financial institution as such bank may designate.
Purchase of stock required
When the loan is not made through a Federal land bank association, the applicant shall purchase stock in the bank in accordance with the capitalization requirements provided for in the bylaws of the bank.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Farm Credit Act of 1971
Pub. L. 92–181 title I § 1 · 85 Stat. 583
Enacted · 12 U.S.C. § 2021
(Pub. L. 92–181, title I, § 1.13, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628.)
Source evidence
Code source credit
(Pub. L. 92–181, title I, § 1.13, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628.)Enacted provision · exact public law section
(1) Adopt and use a corporate seal.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Prior Provisions
A prior section 1.13 of Pub. L. 92–181 was classified to section 2031 of this title prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 100–233, title IV, § 401, , 101 Stat. 1622, provided that this section is effective 6 months after .
Credits
(Pub. L. 92–181, title I, § 1.13, as added Pub. L. 100–233, title IV, § 401, , 101 Stat. 1628.)