12 U.S.C. § 2094
Federal land bank association capitalization
In accordance with section 2154a of this title, the Federal land bank association shall provide, through its bylaws and subject to Farm Credit Administration regulations, for its capitalization and the manner in which its stock shall be issued, held, transferred, and retired and its earnings distributed.
Notes of Decisions
Cited in 16
cases, 1979–1993 · leading case: In Re Massengill, 73 B.R. 1008 (Bankr. E.D.N.C. 1987).
In Re Massengill, 73 B.R. 1008 (Bankr. E.D.N.C. 1987). “§ 2016 and § 2034(a)) 3 and pro *1010 duction credit association borrowers must purchase production credit association stock ( 12 U.S.C. § 2094 ). 4 Only active borrowers from the Land Bank or PCA may own such stock ( 12 U.”
Fed. Land Bank of Columbia v. Massengill (In Re Massengill), 100 B.R. 276 (E.D.N.C. 1988). “” Similarly, 12 U.S.C. § 2094 (k) gives PCA the right to cancel its stock for application on its loan when a borrower is in default.”
Adams v. Bay Minette Prod. Credit Ass'n, 450 So. 2d 149 (Ala. Civ. App. 1984). “Under the provisions of 12 U.S.C. § 2094 (1982), a borrower must own Production Credit Association Class "B" Stock, at value of $5 per share, equal to ten percent of his indebtedness to the Association.”
In Re Walker, 48 B.R. 668 (Bankr. D.S.D. 1985). “12 U.S.C. § 2094 . In most transactions, including those in the cases at bar, the notes signed by the borrower include the amounts necessary to purchase the required stock and authorize future automatic advances of credit to maintain the proper stock ratio.”
In Re Shannon, 100 B.R. 913 (S.D. Ohio 1989). “1989) (loans directly through Farm Credit Banks require stock participation in accordance with bank bylaws); 12 U.S.C.A. § 2094 (West Supp. 1989) (stock participation relating to loans through land bank associations governed by association bylaws); 12 U.”
Burgmeier v. Farm Credit Bank of St. Paul, 499 N.W.2d 43 (Minn. Ct. App. 1993). “Appellant has not provided any evidence that the cooperative violated its by-laws or discriminated against him.”
Kolb v. Naylor, 658 F. Supp. 520 (N.D. Iowa 1987). “12 U.S.C. § 2094 (i). It is hornbook law that a declaration of dividends is discretionary with the board of directors.”
South Cent. Iowa Prod. Credit Ass'n v. Scanlan, 380 N.W.2d 699 (Iowa 1986). “12 U.S.C. § 2094 (b). Each PCA is operated by an independent board of directors.”
Matter of Arthur, 86 B.R. 98 (Bankr. W.D. Mich. 1988). “§ 1225 (a)(5)(C) states: (a) Except as provided in subsection (b), the court shall confirm a plan if— [[Image here]] (5) with respect to each allowed secured claim provided for by the plan— [[Image here]] (C) the debtor surrenders the property securing such claim to such holder;…”
In Re Foss, 76 B.R. 719 (Bankr. D.N.D. 1987). “§ 2034 (a); 12 U.S.C. § 2094 (k). Stock can only be cancelled at the direction of FLB or PCA, and cannot be cancelled upon the direction of the Debtor.”
In Re Ivy, 86 B.R. 623 (Bankr. W.D. Mo. 1988). “§ 2034 (a); 12 U.S.C. § 2094 (k). Stock can only be cancelled at the direction of FLB or PCA, and cannot be cancelled upon the direction of the debtor.”
Colorado Springs Prod. Credit Ass'n v. Farm Credit Admin., 695 F. Supp. 15 (D.D.C. 1988). “12 U.S.C. § 2094 . 8 PCAs can give their shareholders dividends, allocations, patronage distributions in stock, certificates, and cash; shareholders are also entitled to the assets of the PCAs upon liquidation.”
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