12 U.S.C. § 2205
Interest rates
Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limitation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.
Notes of Decisions
Cited in 6
cases, 1985–1995 · leading case: In Re Shannon, 100 B.R. 913 (S.D. Ohio 1989).
In Re Shannon, 100 B.R. 913 (S.D. Ohio 1989). “The Land Bank relies on three provisions of the Farm Credit Act: 12 U.S.C. § 2205 (1982) (amended 1986); 12 U.”
In Re Schoeneberg, 156 B.R. 963 (Bankr. W.D. Tex. 1993). “Additionally, a difference in interest rate was proposed so that there would not be any question but that the Debtor was honoring 12 U.S.C. § 2205 which sets the interest rates that FCB uses in all voluntary loan transactions.”
In Re Neff, 89 B.R. 672 (Bankr. S.D. Ohio 1988). “Land Bank’s claim that its interest rate structure determines the discount factor the debtor must propose as a matter of law is based upon language in 12 U.S.C. § 2205 which provides that “[ijnterest rate limitations imposed by any state constitution or statute or other laws are…”
St. Paul Bank for Cooperatives v. Ohman, 402 N.W.2d 235 (Minn. Ct. App. 1987). “06 and 12 U.S.C. § 2205 . This analysis is incorrect because these statutes apply only to loans issued by banks, not to contracts assigned to the bank as collateral on its loans.”
Stoorman v. Greenwood Trust Co., 888 P.2d 289 (Colo. Ct. App. 1995). “12 U.S.C. § 2205 (preempting “any State Constitution or statute or other laws”).”
Fed. Land Bank v. Heiser, 36 Pa. D. & C.3d 115 (1985). “§2205 , which provides as follows: “Interest rates on loans from institutions of the Farm Credit System shall be determined with the approval of the Farm Credit Administration as provided in this Act, notwithstanding any interest rate limitation imposed by any State constitution…”
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