12 U.S.C. § 2259
State legislation
Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this chapter, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this chapter.
Notes of Decisions
Cited in 2
cases, 1984–1987 · leading case: Fed. Land Bank of St. Paul v. Lillehaugen, 404 N.W.2d 452 (N.D. 1987).
Fed. Land Bank of St. Paul v. Lillehaugen, 404 N.W.2d 452 (N.D. 1987). “Perhaps the most telling strike against FLB’s pre-emption argument is found in 12 U.S.C. § 2259 : “§ 2259. State legislation “Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities…”
Cipollone v. Liggett Grp., Inc., 593 F. Supp. 1146 (D.N.J. 1984). “§§ 1715z-17(d), 1715z-18(c); 12 U.S.C. § 2259 ; 17 U.S.C. § 301 (a); 25 U.”
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