12 U.S.C. § 2021 — Loans through associations or agents
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 130 words · no verdicts yet
Farm Credit Banks generally must make authorized real-estate loans through the local Federal land bank association. If none is active, the bank may lend directly or through another named financial institution. A borrower using another route must buy bank stock as required by the bank’s bylaws.
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.
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.
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.
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.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1628
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.
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