12 U.S.C. § 2096
Agreements for sharing gains or losses
Each Farm Credit Bank may enter into agreements with Federal land bank associations in its district for sharing the gain or losses on loans or on security held therefor or acquired in liquidation thereof, and associations are authorized to enter into any such agreements and also, subject to bank approval, agreements with other associations in the district for sharing the risk of loss on loans endorsed by each such association. As may be authorized by the bank in accordance with regulations of the Farm Credit Administration, associations also may enter into agreements with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose.
Notes of Decisions
Cited in 9
cases, 1979–1988 · leading case: Charles Stinson Smith & Jimmie Dean Smith v. Russellville Prod. Credit Ass'n, 777 F.2d 1544 (11th Cir. 1985).
Charles Stinson Smith & Jimmie Dean Smith v. Russellville Prod. Credit Ass'n, 777 F.2d 1544 (11th Cir. 1985). “See 12 U.S.C.A. § 2096 (PCA loans restricted to farmers and other food producers).”
Hartman v. Farmers Prod. Credit Ass'n, 628 F. Supp. 218 (S.D. Ind. 1983). “They contend that according to 12 U.S.C. § 2096 (b) and 12 C.F.R. § 614 .”
Clarence B. Bailey v. Fed. Intermediate Credit Bank of St. Louis, 788 F.2d 498 (8th Cir. 1986). “12 U.S.C. § 2096 (b); e.g., 12 C.F.R. §§ 614.”
Prod. Credit Ass'n of Mankato v. Buckentin, 410 N.W.2d 820 (Minn. 1987). “The amended counterclaim in general alleged that (1) PCA Mankato had charged excessive interest in violation of 12 U.S.C.A. § 2096 (b); (2) PCA Mankato had represented it possessed expertise upon which the debtors had relied but that through the negligence of the PCA the debtors…”
Lamb v. Opelika Prod. Credit Ass'n, 367 So. 2d 957 (Ala. 1979). “12 U.S.C.A. § 2096 (1971). Similarly, Production Credit Associations, as federally chartered lending institutions designed for a particular limited purpose, are not bound by state limitations on interest rates.”
Matter of Arthur, 86 B.R. 98 (Bankr. W.D. Mich. 1988). “12 U.S.C. § 2096 . When a borrower receives a loan from the production credit association, the borrower is also required to purchase a specified amount of stock in the production credit association.”
Colorado Springs Prod. Credit Ass'n v. Farm Credit Admin., 695 F. Supp. 15 (D.D.C. 1988). “The PCAs must also maintain a surplus account as prescribed by the FICBs, 12 U.S.C. § 2096 (b), and cannot liquidate without FICB approval.”
Bailey v. Fed. Intermediate Credit Bank, 608 F. Supp. 1009 (W.D. Mo. 1985). “12 U.S.C. § 2096 . In 1971, when Congress decided to continue the Farm Credit System, Congress intended that the Farm Credit System furnish American farmers and ranchers “sound, adequate, and constructive credit.”
Comm'r of Ins. of v. Jackson Prod. Credit Ass'n, 377 So. 2d 1047 (Miss. 1979). “12 U.S.C. § 2096 . In addition, it may provide technical assistance to members and make available to each of them, at their option, such financially related services appropriate to on-farm operations as is determined feasible by the board of directors of each district under…”
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