2014 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 23 - Farm Credit System (Sections 2001 - 2279cc)
Subchapter V - Farm Credit Administration Organization (Sections 2221 - 2277a-14)
Part E - Farm Credit System Insurance Corporation (Sections 2277a - 2277a-14)
Sec. 2277a-9 - Insurance Fund
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER V - FARM CREDIT ADMINISTRATION ORGANIZATION Part E - Farm Credit System Insurance Corporation Sec. 2277a-9 - Insurance Fund |
Contains | section 2277a-9 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 92-181, title V, §5.60, as added Pub. L. 100-233, title III, §302, Jan. 6, 1988, 101 Stat. 1616; amended Pub. L. 100-399, title III, §302(j)-(l), Aug. 17, 1988, 102 Stat. 994; Pub. L. 101-624, title XVIII, §1836(a), Nov. 28, 1990, 104 Stat. 3833. |
Statutes at Large References | 101 Stat. 1616 102 Stat. 994 104 Stat. 3833 |
Public and Private Laws | Public Law 92-181, Public Law 100-233, Public Law 100-399, Public Law 101-624 |
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There is hereby established a Farm Credit Insurance Fund (hereinafter referred to in this section as the "Insurance Fund") for insuring the timely payment of principal and interest on insured obligations. The assets in the Fund shall be held by the Corporation for the uses and purposes of the Corporation.
(b) Amounts in Fund(1) Revolving fundAll amounts in the revolving fund established by section 2151 of this title shall be transferred into the Farm Credit Insurance Fund on January 1, 1989, or 12 months after January 6, 1988, whichever is later, except that the obligations to, and rights of, any person in such revolving fund arising out of any event or transaction before January 6, 1988, shall remain unimpaired.
(2) Deposit of premiumsThe Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part.
(c) Uses of Fund(1) Mandatory useBeginning January 1, 1993, the Corporation shall expend amounts in the Insurance Fund to the extent necessary to insure the timely payment of interest and principal on insured obligations.
(2) Other mandatory usesBeginning January 1, 1993, the Corporation shall use amounts in the Insurance Fund to—
(A) satisfy System institution defaults through the purchase of preferred stock or other payments as provided for in section 2278b–6(d)(3) of this title; and
(B) ensure the retirement of eligible borrower stock at par value under section 2162 of this title.
(3) Permissive usesThe Corporation may expend amounts in the Insurance Fund to carry out section 2277a–10 of this title and to cover the operating costs of the Corporation.
(4) Corporate payment or refundsThe Corporation shall make all payments and refunds required to be made by the Corporation under this part from amounts in the Insurance Fund.
(Pub. L. 92–181, title V, §5.60, as added Pub. L. 100–233, title III, §302, Jan. 6, 1988, 101 Stat. 1616; amended Pub. L. 100–399, title III, §302(j)–(l), Aug. 17, 1988, 102 Stat. 994; Pub. L. 101–624, title XVIII, §1836(a), Nov. 28, 1990, 104 Stat. 3833.)
AMENDMENTS1990—Subsec. (c)(1), (2). Pub. L. 101–624 substituted "January 1, 1993" for "5 years after the date of the enactment of this part" in par. (1) and for "5 years after the date of enactment of this part" in par. (2).
1988—Subsec. (b)(1). Pub. L. 100–399, §302(j), struck out "(in effect immediately before January 6, 1988)" after "section 2151 of this title".
Subsec. (b)(2). Pub. L. 100–399, §302(k), substituted "The" for "Beginning 5 years after January 6, 1988, the".
Subsec. (c)(2)(B). Pub. L. 100–399, §302(l), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: "ensure the retirement of borrower stock at par value and participation certificates or other similar equities at face value as provided for under section 2162(c)(2) of this title."
EFFECTIVE DATE OF 1988 AMENDMENTAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
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