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

12 U.S.C. § 2021

Loans through associations or agents

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(a) In general

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.

(b) No active association

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.

(c) Purchase of stock required

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.

(Pub. L. 92–181, title I, § 1.13, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628.)Editorial NotesPrior Provisions

A prior section 1.13 of Pub. L. 92–181 was classified to section 2031 of this title 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 3 cases, 1989–2001 · leading case: In Re Shannon, 100 B.R. 913 (S.D. Ohio 1989).
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In Re Shannon, 100 B.R. 913 (S.D. Ohio 1989). “12 U.S.C.A. § 2021 (c) (West Supp.1989) (loans directly through Farm Credit Banks require stock participation in accordance with bank bylaws); 12 U.”
Louisiana Fed. Land Bank Ass'n, FCLA v. Farm Credit Admin., 180 F. Supp. 2d 47 (D.D.C. 2001). “Pursuant to 12 U.S.C. §§ 2021 and 2279b, Federal Land Bank Associations act as agents for the Farm Credit Banks that they are affiliated with for the making of long-term loans.”
In re the Appeal of Farm Credit Servs., 26 P.3d 695 (N.D. 2001). “All territories served by the Farm Credit Bank of Wichita have a federal land bank; therefore, pursuant to 12 U.S.C. § 2021 (b) (1994), the Farm Credit Bank of Wichita is precluded from making loans directly to farmers or ranchers.”
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