§ 2021. — Loans through associations or agents.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2021]
TITLE 12--BANKS AND BANKING
CHAPTER 23--FARM CREDIT SYSTEM
SUBCHAPTER I--FARM CREDIT BANKS
Sec. 2021. Loans through associations or agents
(a) In general
The Farm Credit Banks shall, except as otherwise herein provided,
make loans of the type authorized under section 2015(a) of this title
through a Federal land bank association chartered to serve the territory
in which the real estate of the borrower is located.
(b) No active association
If there is no active association chartered to serve territory where
the real estate is located, the bank may make the loan directly or
through such bank or trust company or savings or other financial
institution as such bank may designate.
(c) Purchase of stock required
When the loan is not made through a Federal land bank association,
the applicant shall purchase stock in the bank in accordance with the
capitalization requirements provided for in the bylaws of the bank.
(Pub. L. 92-181, title I, Sec. 1.13, as added Pub. L. 100-233, title IV,
Sec. 401, Jan. 6, 1988, 101 Stat. 1628.)
Prior Provisions
A prior section 1.13 of Pub. L. 92-181 was classified to section
2031 of this title prior to the general amendment of this subchapter by
Pub. L. 100-233, Sec. 401.
