Title 12 — Banks and BankingRelease 119-73
§2214 State laws
Title 12 › Chapter CHAPTER 23— - FARM CREDIT SYSTEM › Subchapter SUBCHAPTER IV— - PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM › Part Part E— - Service Organizations › § 2214
Summary
Corporations set up under this part must follow the same state and other laws as the banks that formed them when doing the same activities in the same place. Any tax exemptions for banks or associations of the Farm Credit System under sections 2023, 2098, and 2134 do not apply to these corporations, except franchise tax exemptions may still apply.
Full Legal Text
Title 12, §2214
Banks and Banking — Source: USLM XML via OLRC
State and other laws shall apply to corporations organized pursuant to this part to the same extent such laws would apply to the organizing banks engaged in the same activity in the same jurisdiction: Provided, however, That to the extent that section 2023, 2098, and 2134 of this title may exempt banks or associations of the Farm Credit System from taxation, such exemptions, other than with respect to franchise taxes, shall not extend to corporations organized pursuant to this part.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1991—Pub. L. 102–237 made technical amendment to reference to section 2098 of this title to reflect change in reference to corresponding section of original act. 1988—Pub. L. 100–399 inserted “or associations” and substituted “2023, 2098,” for “2055, 2079,”.
Statutory Notes and Related Subsidiaries
Effective Date
of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.
Effective Date
of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2214
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73