Title 12 — Banks and BankingRelease 119-73not60
§2021 Loans Through Associations or Agents
Title 12 › Chapter 23— FARM CREDIT SYSTEM › Subchapter I— FARM CREDIT BANKS › § 2021
Summary
Farm Credit Banks must make loans under section 2015(a) through the land bank association that serves the area where the property is located. If no such association exists, the bank may lend directly or use another financial institution, and the borrower must buy the bank stock the bylaws require.
Full Legal Text
Title 12, §2021
Banks and Banking — Source: USLM XML via OLRC
(a)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)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)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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
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, § 401.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2021
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60