12-U.S.C.-2277A-9
§2277A-9 – §2277A-9. Insurance Fund
Pathway
Title 12 > Chapter 23 > Subchapter V > Part E > Section 2277a-9
Details
- Reference: Section 2277a-9
- Legend: §2277A-9 – §2277A-9. Insurance Fund
- USCode Year: 2013
Provision Content
(a) Establishment
There is hereby established a Farm Credit Insurance Fund (hereinafter referred to in this section as the Insurance Fund) for insuring the timely payment of principal and interest on insured obligations. The assets in the Fund shall be held by the Corporation for the uses and purposes of the Corporation.
(b) Amounts in Fund
(1) Revolving fund
All amounts in the revolving fund established by section 2151 of this title shall be transferred into the Farm Credit Insurance Fund on January 1, 1989, or 12 months after January 6, 1988, whichever is later, except that the obligations to, and rights of, any person in such revolving fund arising out of any event or transaction before January 6, 1988, shall remain unimpaired.
(2) Deposit of premiums
The Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part.
(c) Uses of Fund
(1) Mandatory use
Beginning January 1, 1993, the Corporation shall expend amounts in the Insurance Fund to the extent necessary to insure the timely payment of interest and principal on insured obligations.
(2) Other mandatory uses
Beginning January 1, 1993, the Corporation shall use amounts in the Insurance Fund to—
(A) satisfy System institution defaults through the purchase of preferred stock or other payments as provided for in section 2278b–6(d)(3) of this title; and
(B) ensure the retirement of eligible borrower stock at par value under section 2162 of this title.
(3) Permissive uses
The Corporation may expend amounts in the Insurance Fund to carry out section 2277a–10 of this title and to cover the operating costs of the Corporation.
(4) Corporate payment or refunds
The Corporation shall make all payments and refunds required to be made by the Corporation under this part from amounts in the Insurance Fund.
(Pub. L. 92–181, title V, §5.60, as added Pub. L. 100–233, title III, §302, Jan. 6, 1988, 101 Stat. 1616; amended Pub. L. 100–399, title III, §302(j)–(l), Aug. 17, 1988, 102 Stat. 994; Pub. L. 101–624, title XVIII, §1836(a), Nov. 28, 1990, 104 Stat. 3833.)
Amendments
1990—Subsec. (c)(1), (2). Pub. L. 101–624 substituted January 1, 1993 for 5 years after the date of the enactment of this part in par. (1) and for 5 years after the date of enactment of this part in par. (2).
1988—Subsec. (b)(1). Pub. L. 100–399, §302(j), struck out (in effect immediately before January 6, 1988) after section 2151 of this title.
Subsec. (b)(2). Pub. L. 100–399, §302(k), substituted The for Beginning 5 years after January 6, 1988, the.
Subsec. (c)(2)(B). Pub. L. 100–399, §302(l), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: ensure the retirement of borrower stock at par value and participation certificates or other similar equities at face value as provided for under section 2162(c)(2) of this title.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2273 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-2273, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-2277A in the Legal Encyclopedia: Farm Credit System
In this entry about 12-U.S.C.-2277A, find legal reference material, bibliographies and premiere content related to farm credit system in the American Encyclopedia of Law, presenting a comprehensive view of the United States farm credit system-specific issues, written by authorities in the field.
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