12 U.S.C. § 2259 — State legislation
submitted 55 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 82 words · no verdicts yet
If a state law inadequately protects certain Farm Credit System obligations or securities after default, the Administration may make them ineligible collateral for new System debt.
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.
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.
Source credit: (Pub. L. 92–181, title V, § 5.24, formerly § 5.25, Dec. 10, 1971, 85 Stat. 624; renumbered § 5.24, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.)
- 1971Enacted · Pub. L. 92-181 · 85 Stat. 624
- 1985Amended · Pub. L. 99-205 · 99 Stat. 1694
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1971-12-10.
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