U.S. Code » Title 12 » Chapter CHAPTER 23— FARM CREDIT SYSTEM › Subchapter SUBCHAPTER I— FARM CREDIT BANKS

12 U.S.C. § 2017

Eligibility

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The credit and financial services authorized in this subchapter may be made available to persons who are or become stockholders or members of the bank or associations in the district, and who are—(1) bona fide farmers, ranchers, or producers or harvesters of aquatic products;(2) persons furnishing to farmers and ranchers farm-related services directly related to their on-farm operating needs; or(3) owners of rural homes.(Pub. L. 92–181, title I, § 1.9, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1626.)Editorial NotesPrior Provisions

A prior section 2017, Pub. L. 92–181, title I, § 1.9, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 106, Dec. 24, 1980, 94 Stat. 3438; Pub. L. 100–233, title IV, § 426, title VIII, § 802(d), Jan. 6, 1988, 101 Stat. 1657, 1710; Pub. L. 100–399, title IV, § 412, title VII, § 701, Aug. 17, 1988, 102 Stat. 1004, 1006, related to security, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.

Statutory Notes and Related SubsidiariesEffective 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 11 cases, 1979–2005 · leading case: Indep. Bankers Ass'n of Am. v. Farm Credit Admin., 164 F.3d 661 (D.C. Cir. 1999).
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Indep. Bankers Ass'n of Am. v. Farm Credit Admin., 164 F.3d 661 (D.C. Cir. 1999). · cites it 3× “” 12 U.S.C. § 2017 (1994). It further provides that loans by farm credit banks “to persons furnishing farm-related services .”
Fed. Land Bank of Omaha v. Woods, 480 N.W.2d 61 (Iowa 1992). “12 U.S.C. § 2017 (1975) (now codified at 12 U.”
W. Farm Credit Bank v. Davenport (In Re Davenport), 153 B.R. 551 (9th Cir. BAP 1993). · cites it 3× “See 12 U.S.C.S. §§ 2017 , 2021(c) (1984 & Supp.”
Indep. Bankers Ass'n of Am. v. Farm Credit Admin., 986 F. Supp. 633 (D.D.C. 1997). · cites it 5× “” 12 U.S.C. § 2017 (2). Plaintiffs contend that three aspects of the new regulation governing § 2017(2) loans violate the express language and clear intent of the Act.”
State v. Farm Credit Servs. of Cent. Ark., 994 S.W.2d 453 (Ark. 1999). “PCAs are designated by 12 U.S.C. §§ 2017 and 2077 as “federal instrumentalities.”
John D. Sibley v. The Fed. Land Bank of New Orleans, & Bd. of Commissioners of the Mississippi State Bar, Intervenor-Appellant, 597 F.2d 459 (5th Cir. 1979). “12 U.S.C. § 2017 requires that “[l]oans shall not exceed 85 per centum of the appraised value of the real estate security, and shall be secured by first liens on interest in real estate of such classes as may be approved by the Farm Credit Administration.”
Matter of Arthur, 86 B.R. 98 (Bankr. W.D. Mich. 1988). “12 U.S.C. § 2017 and § 2018. These loans are administered and serviced by regional federal land bank associations.”
Nelson v. Farm Credit Servs. of North Dakota, PCA, 380 F. Supp. 2d 1061 (D.N.D. 2005). “Eligibility for Farm Credit System is statutorily limited by 12 U.S.C. § 2017 , which provides as follows: The credit and financial services authorized in this subchapter may be made available to persons who are or become stockholders or members of the bank or associations in…”
Hugh S. Hunt v. John E. Tomlinson & Jones, Wilson & Tomlinson, P.A., 799 F.2d 712 (11th Cir. 1986). “” Hunt is quite right about the fact that 12 U.S.C. § 2017 provides that a Federal Land Bank, in order to issue a loan on real estate, must be assured that it has the first lien on the property in question.”
N.S. Garrott & Sons v. Union Planters Nat'l Bank, 772 F.2d 462 (8th Cir. 1985). · cites it 2× “The existence of the Connecticut Mutual and Connecticut General mortgages presented an obstacle to the debtor’s acquisition of the loan from the Land Bank because the Land Bank is prohibited by federal statute, 12 U.S.C. § 2017 , 1 to make a loan on real property unless it…”
Williams v. Fed. Land Bank, 954 F.2d 774 (D.C. Cir. 1992). “” 12 U.S.C. § 2017 (1982). 4 And the regulations specify that this minimum relation must prevail throughout the life of the loan, so that it would apply to the residual loan after a release of the original collateral.”
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