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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 2259 State legislation us united_states_code code_section 12 BANKS AND BANKING 23 FARM CREDIT SYSTEM 2259 12 U.S.C. § 2259 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s2259 data/legal/raw/us/code/title-12/usc12.xml d504974168cfaa606a256bfd088af110bbf1459813d3d1eb4895c89213865d55 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 3a567d9106dde20b486979790126a61b729b6db117c57e6cb126a128e4562b92 2026-07-04 official
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12 U.S.C. § 2259 - State legislation

Text

Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this chapter, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this chapter.

(Pub. L. 92181, title V, § 5.24, formerly § 5.25, Dec. 10, 1971, 85 Stat. 624; renumbered § 5.24, Pub. L. 99205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.)

Notes

Editorial Notes

Prior ProvisionsA prior section 5.24 of Pub. L. 92181 was renumbered section 5.23 and is classified to section 2258 of this title.