[USC07] 12 USC 2259: State legislation
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12 USC 2259: State legislation Text contains those laws in effect on November 17, 2018
From Title 12-BANKS AND BANKINGCHAPTER 23-FARM CREDIT SYSTEMSUBCHAPTER V-FARM CREDIT ADMINISTRATION ORGANIZATIONPart B-Farm Credit Administration Organization

§2259. State legislation

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. 92–181, title V, §5.24, formerly §5.25, Dec. 10, 1971, 85 Stat. 624 ; renumbered §5.24, Pub. L. 99–205, title II, §203(b), Dec. 23, 1985, 99 Stat. 1694 .)

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.