U.S. Code, Title 12, Banks and Banking

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Author: "U.S. Congress, Office of the Law Revision Counsel"

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§ 2279aa–1. Federal Agricultural Mortgage Corporation

(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).

Section Referred to in Other Sections

     This section is referred to in section 2279aa of this title.

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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 2279aa– 1. Federal Agricultural Mortgage Corporation," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed October 3, 2022, http://www.originalsources.com/Document.aspx?DocID=L7W7PLP7NYB721H.

MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 2279aa– 1. Federal Agricultural Mortgage Corporation." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 3 Oct. 2022. http://www.originalsources.com/Document.aspx?DocID=L7W7PLP7NYB721H.

Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 2279aa– 1. Federal Agricultural Mortgage Corporation' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 3 October 2022, from http://www.originalsources.com/Document.aspx?DocID=L7W7PLP7NYB721H.