Title 12 — Banks and Banking
Part B · Chapter 23 — Farm Credit System
§ 2259. State legislation
Statutory text
Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this chapter, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this chapter.
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 V § 5 · 85 Stat. 583
Enacted · 12 U.S.C. § 2259
Pub. L. 92–181, title V, § 5.24, formerly § 5.25, Dec. 10, 1971, 85 Stat. 624
Source evidence
Code source credit
Pub. L. 92–181, title V, § 5.24, formerly § 5.25, Dec. 10, 1971, 85 Stat. 624Enacted provision · exact public law section
(5) Acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or convenient to its business.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Prior Provisions
A prior section 5.24 of Pub. L. 92–181 was renumbered section 5.23 and is classified to section 2258 of this title.
Credits
1971–1985 · 2 acts
- 1971Pub. L. 92–181, title V, § 5.24, formerly § 5.25, , 85 Stat. 624
- 1985renumbered § 5.24, Pub. L. 99–205, title II, § 203(b), , 99 Stat. 1694.
Show as published
(Pub. L. 92–181, title V, § 5.24, formerly § 5.25, , 85 Stat. 624; renumbered § 5.24, Pub. L. 99–205, title II, § 203(b), , 99 Stat. 1694.)