2016 US Code
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-6 - Overpayment and underpayment of premiums; remedies
| 12 U.S.C. § 2277a-6 (2016) |
| §2277a–6. Overpayment and underpayment of premiums; remedies |
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(a) Overpayments
The Corporation may refund to any insured System bank any premium payment made by the bank exceeding the amount due the Corporation. (b) Underpayments (1) RecoveryThe Corporation, in a suit brought at law or in equity in any court of competent jurisdiction, may recover from any insured System bank the amount of any unpaid premium lawfully payable by the bank to the Corporation, whether or not the bank has filed any certified statement under section 2277a–5 of this title, and whether or not suit has been brought to compel the bank to file any such statement. Any action or proceeding for the recovery of any premium due the Corporation under paragraph (1), or for the recovery of any amount paid to the Corporation exceeding the amount due the Corporation, shall be brought within 5 years after the right accrued for which the claim is made. If an insured System bank has filed with the Corporation a false or fraudulent certified statement with the intent to evade, in whole or in part, the payment of a premium, the claim shall not be deemed to have accrued until the Corporation discovers that the certified statement is false or fraudulent. If any insured System bank fails to file any certified statement required to be filed by such bank under section 2277a–5 of this title or fails to pay any premium required to be paid by such bank under any provision of this part, and if the bank does not correct such failure within 30 days after the Corporation gives written notice to an officer of the bank, citing this subsection and stating that the bank has failed to so file or pay as required by law, all the rights, privileges, and franchises of the bank granted to it under this chapter shall be thereby forfeited. The Corporation may bring an action to enforce this subsection against any such bank in any court of competent jurisdiction for the judicial district in which the bank is located. Every director who participated in or assented to a failure (described in paragraph (1)) shall be held personally liable for all consequential damages. The remedies provided in subsections (b) and (c) shall not be construed as limiting any other remedies against any insured System bank, but shall be in addition thereto. |
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(Pub. L. 92–181, title V, §5.57, as added Pub. L. 100–233, title III, §302, Jan. 6, 1988, 101 Stat. 1613; amended Pub. L. 100–399, title III, §302(g), (h), Aug. 17, 1988, 102 Stat. 994.) |
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AMENDMENTS
1988—Subsec. (b)(1). Pub. L. 100–399, §302(g), struck out "made any report of condition required under section 2277a–4 of this title or" after "bank has" and "make any such report or" after "bank to". Subsec. (b)(2). Pub. L. 100–399, §302(h), substituted "bank has filed" for "bank has made or filed". 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. |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| 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-6 - Overpayment and underpayment of premiums; remedies |
| section 2277a-6 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 101 Stat. 1613 102 Stat. 994 |
| Public Law 92-181, Public Law 100-233, Public Law 100-399 |
