12 U.S.C. § 2259
Section 2259 · State legislation
Amended 2 times on record
Applied in 2 court decisions — leading case Federal Land Bank of St. Paul v. Lillehaugen (1987)
Most recently applied in Federal Land Bank of St. Paul v. Lillehaugen (April 1987)
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.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Prior Provisions
A prior section 5.24 of Pub. L. 92–181 was renumbered section 5.23 and is classified to section 2258 of this title.