12-U.S.C.-2279AA-1

§2279Aa-1 – §2279Aa-1. Federal Agricultural Mortgage Corporation

Pathway

Title 12 > Chapter 23 > Subchapter VIII > Part A > Section 2279aa-1

Details

• Reference: Section 2279aa-1
• Legend: §2279Aa-1 – §2279Aa-1. Federal Agricultural Mortgage Corporation
• USCode Year: 2013

Provision Content

(a) Establishment

(1) In general

There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.

(2) Institution within Farm Credit System

The Corporation shall be an institution of the Farm Credit System.

(3) Liability

(A) Corporation

The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.

(B) System institutions

The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.

(b) Duties

The Corporation shall—

(1) in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans;

(2) determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools;

(3) provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and

(4) purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.

(Pub. L. 92–181, title VIII, §8.1, as added Pub. L. 100–233, title VII, §702, Jan. 6, 1988, 101 Stat. 1687; amended Pub. L. 104–105, title I, §103, Feb. 10, 1996, 110 Stat. 163.)

Amendments

1996—Subsec. (b)(4). Pub. L. 104–105 added par. (4).

U.S. Encyclopedia of Law Coverage

12-U.S.C.-2279F-1 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-2279F-1, 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.-1750A-1 in the Legal Encyclopedia: Mortgage

In this entry about 12-U.S.C.-1750A-1, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.

12-U.S.C.-2279A-2 in the Legal Encyclopedia: Farm Credit System

In this entry about 12-U.S.C.-2279A-2, 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.

Topic Map

• Browse the Topic Map in relation with Title 12 (Banks And Banking) guided by subject interests.