12 U.S.C. § 2016

Interest rates and other charges

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(a) In general

Loans and discounts made by a Farm Credit Bank shall bear such rate or rates of interest or discount, and be on such terms and conditions, as may be determined by the board of directors of the bank from time to time.

(b) Setting rates and charges

In setting rates and charges, it shall be the objective to provide the types of credit needed by eligible borrowers at the lowest reasonable costs on a sound business basis taking into consideration the cost of money to the bank, necessary reserve and expenses of the bank and associations, and providing services to members. The loan documents or discounting and financing agreements, may provide for the interest rate or rates to vary from time to time during the repayment period of the loan or agreement.

(Pub. L. 92–181, title I, § 1.8, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1626; amended Pub. L. 100–399, title IV, § 401(g), Aug. 17, 1988, 102 Stat. 996.)Editorial NotesPrior Provisions

A prior section 2016, Pub. L. 92–181, title I, § 1.8, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 105, Dec. 24, 1980, 94 Stat. 3438, related to eligibility, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.

Amendments

1988—Subsec. (a). Pub. L. 100–399 substituted “such rate or rates of interest or discount, and be” for “interest at a rate or rates, and”.

Statutory Notes and Related SubsidiariesEffective Date of 1988 Amendment

Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

Effective Date

Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

Notes of Decisions

Cited in 9 cases, 1987–1994 · leading case: In Re Shannon

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In Re Shannon (1989) ohsd · cites it 3× “IV 1986), amended by 12 U.S.C.A. § 2016 (West Supp.1989); and 12 U.”

In Re Massengill (1987) nceb · cites it 2× “Borrowers from a federal land bank association are required to become stockholders in the land bank association ( 12 U.S.C. § 2016 and § 2034(a)) 3 and pro *1010 duction credit association borrowers must purchase production credit association stock ( 12 U.”

Federal Land Bank of Saint Paul v. Anderson (1987) nd “See 12 U.S.C. §§ 2016 and 2034. Anderson contends that this requirement violates certain provisions of the Securities Exchange Act of 1934, 15 U.”

Bennett v. Genoa Ag Center, Inc. (In Re Bennett) (1992) nynb · cites it 2× “7% in violation of 12 U.S.C. § 2016 and, therefore, the foreclosure sale was without consideration and, therefore, was both a preference and fraudulent.”

Federal Land Bank of Columbia v. Massengill (In Re Massengill) (1988) nced “12 U.S.C. § 2016 , titled "Eligibility," states: The services authorized in this subchapter [Federal Land Banks and Associations] may be made available to persons who are or become stockholders or members in the Federal land bank associations and are (1) bona fide farmers,…”

Farm Credit Bank of St. Louis v. Dorr (1993) illappct “” The Agricultural Credit Act of 1987 revised the above provision and renumbered it as 12 U.S.C. §2016 (1988): “(a) In general. Loans and discounts made by a Farm Credit Bank shall bear such rate or rates of interest or discount, and be on such terms and conditions, as may be…”

In Re Ivy (1988) mowb “12 U.S.C. §§ 2016 and 2034(a). Title 12 U.”

Zerr v. Montezuma Credit Union (In re Zerr) (1994) ksb “, relating to the Farm Credit System, which provides for the board of directors of the Farm Credit Bank to periodically determine the terms and conditions and rate or rates of interest or discount for loans and discounts made by a Farm Credit Bank.”

Gregory v. Federal Land Bank of Jackson (1987) miss “"If the application for membership is approved and if the applied for loan granted the member of the Association shall subscribe to stock in the Association in an amount not less than five percent nor greater than ten percent of the face amount of the loan as determined by the…”

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