12 C.F.R. PART 619—DEFINITIONS
Title 12 - Banks and Banking
Authority: Secs. 1.4, 1.7, 2.1, 2.4, 2.11, 3.2, 3.21, 4.9, 5.9, 5.12, 5.17, 5.18, 6.22, 7.0, 7.1, 7.6, 7.7, 7.8, 7.12 of the Farm Credit Act (12 U.S.C. 2011, 2015, 2072, 2075, 2092, 2123, 2142, 2160, 2243, 2244, 2252, 2253, 2278b–2, 2279a, 2279a–1, 2279b, 2279b–1, 2279b–2, 2279f).
Source: 37 FR 11446, June 7, 1972, unless otherwise noted.
The Farm Credit Act of 1971; Pub. L. 92–181 and amendments. Supplementary collateral to the primary security taken in connection with the loan. Agricultural credit associations are associations created by the merger of one or more Federal land bank associations or Federal land credit associations and one or more production credit associations and which have received a transfer of authority to make and participate in long-term real estate mortgage loans pursuant to section 7.6 of the Act. [55 FR 24888, June 19, 1990] Agricultural credit banks are those banks created by the merger of a Farm Credit Bank and a bank for cooperatives pursuant to section 7.0 of the Act. [55 FR 24888, June 19, 1990] Land improved or unimproved which is devoted to or available for the production of crops and other products such as but not limited to fruits and timber or for the raising of livestock. [37 FR 11446, June 7, 1972. Redesignated at 55 FR 24888, June 19, 1990] The term associations includes (individually or collectively) Federal land bank associations, Federal land credit associations, production credit associations, and agricultural credit associations. [55 FR 24888, June 19, 1990] A bank for cooperatives is a bank that is operating under section 3.0 of the Act. [61 FR 67188, Dec. 20, 1996] Creation of one new organizational entity from two or more existing entities or parts thereof. An interest rate program under which different rates of interest may be made applicable to individual or classes of loans on the basis of type, purpose, amount, quality of loan, or a combination of these factors. The term direct lender refers to Farm Credit banks and associations (production credit associations, agricultural credit associations, and Federal land credit associations) authorized to lend to eligible borrowers identified in §613.3000. [55 FR 24889, June 19, 1990] Except as otherwise defined, the term Farm Credit bank(s) includes Farm Credit Banks, agricultural credit banks, and banks for cooperatives. [55 FR 24889, June 19, 1990] The term Farm Credit Bank refers to a bank resulting from the mandatory merger of the Federal land bank and the Federal intermediate credit bank in each Farm Credit district pursuant to section 410 of the Agricultural Credit Act of 1987, Pub. L. 100–233, or any bank resulting from a merger of two or more Farm Credit Banks. [55 FR 24889, June 19, 1990] Except as otherwise defined, the term Farm Credit institutions refers to all institutions chartered and regulated by the Farm Credit Administration as described in section 1.2 of the Act, and to the Funding Corporation. [55 FR 24889, June 19, 1990, as amended at 56 FR 2675, Jan. 24, 1991] The term Federal land credit association refers to a Federal land bank association that has received a transfer of direct long-term real estate lending authority pursuant to section 7.6 of the Act. [55 FR 24889, June 19, 1990] The rate of interest specified in the note or loan document which will prevail as the maximum rate chargeable to the borrower during the period of the loan. A percentage to be added to the cost of money to the bank or association as the means of establishing a lending rate. The term Funding Corporation refers to the Federal Farm Credit Banks Funding Corporation established pursuant to section 4.9 of the Act. [55 FR 24889, June 19, 1990] A contractual arrangement under which the parties agree to share losses associated with loans or otherwise, as may be provided for in the agreement. [42 FR 20457, Apr. 20, 1977] Combining of one or more organizational entities into another similar entity. A mortgage loan which permits the borrower to obtain additional sums during the term of the loan. A member of a board of directors selected or appointed by the board, who is not a director, officer, employee, agent, or stockholder of any Farm Credit System institution. [71 FR 5764, Feb. 2, 2006] A contract under which a lender agrees to sell a portion of a loan to one or more purchasers under specific terms set forth in the agreement. Evidence of investment in a bank or association to which all the rights and obligations of stock attach with the exception of the right to vote in the affairs of the institution. The basic collateral securing the loan. The Chief Executive Officer, the Chief Operations Officer, the Chief Financial Officer, the Chief Credit Officer, and the General Counsel, or persons in similar positions; and any other person responsible for a major policy-making function. [71 FR 5764, Feb. 2, 2006] To buy or sell with the expectation of profiting by fluctuations in price. [40 FR 49078, Oct. 21, 1975] An interest rate on the outstanding loan balances, which may be changed from time to time during the period of the loan, if provision is made in the note or loan document.
Title 12: Banks and Banking
PART 619—DEFINITIONS
Section Contents
§ 619.9000 The Act.
§ 619.9010 Additional security.
§ 619.9015 Agricultural credit associations.
§ 619.9020 Agricultural credit banks.
§ 619.9025 Agricultural land.
§ 619.9050 Associations.
§ 619.9060 Bank for cooperatives.
§ 619.9110 Consolidation.
§ 619.9130 Differential interest rates.
§ 619.9135 Direct lender.
§ 619.9140 Farm Credit bank(s).
§ 619.9145 Farm Credit Bank.
§ 619.9146 Farm Credit institutions.
§ 619.9155 Federal land credit association.
§ 619.9170 Fixed interest rate.
§ 619.9180 Fixed interest spread.
§ 619.9185 Funding Corporation.
§ 619.9195 [Reserved]
§ 619.9200 Loss-sharing agreements.
§ 619.9210 Merger.
§ 619.9230 Open-end mortgage loan plans.
§ 619.9235 Outside director.
§ 619.9240 Participation agreement.
§ 619.9250 Participation certificates.
§ 619.9260 Primary security.
§ 619.9310 Senior officer.
§ 619.9330 Speculative purposes.
§ 619.9340 Variable interest rate.
§ 619.9000 The Act.
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§ 619.9010 Additional security.
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§ 619.9015 Agricultural credit associations.
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§ 619.9020 Agricultural credit banks.
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§ 619.9025 Agricultural land.
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§ 619.9050 Associations.
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§ 619.9060 Bank for cooperatives.
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§ 619.9110 Consolidation.
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§ 619.9130 Differential interest rates.
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§ 619.9135 Direct lender.
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§ 619.9140 Farm Credit bank(s).
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§ 619.9145 Farm Credit Bank.
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§ 619.9146 Farm Credit institutions.
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§ 619.9155 Federal land credit association.
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§ 619.9170 Fixed interest rate.
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§ 619.9180 Fixed interest spread.
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§ 619.9185 Funding Corporation.
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§ 619.9195 [Reserved]
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§ 619.9200 Loss-sharing agreements.
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§ 619.9210 Merger.
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§ 619.9230 Open-end mortgage loan plans.
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§ 619.9235 Outside director.
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§ 619.9240 Participation agreement.
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§ 619.9250 Participation certificates.
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§ 619.9260 Primary security.
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§ 619.9310 Senior officer.
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§ 619.9330 Speculative purposes.
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§ 619.9340 Variable interest rate.
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