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12 U.S.C. § 2023 — Loans through associations or agents

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2023 — Loans through associations or agents

**(a) In general** The Farm Credit Banks shall, except as otherwise herein provided, make loans of the type authorized under [section 2015(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2015/a&num=0&edition=prelim) through a Federal land bank association chartered to serve the territory in which the real estate of the borrower is located. **(b) No active association** If there is no active association chartered to serve territory where the real estate is located, the bank may make the loan directly or through such bank or trust company or savings or other financial institution as such bank may designate. **(c) Purchase of stock required** When the loan is not made through a Federal land bank association, the applicant shall purchase stock in the bank in accordance with the capitalization requirements provided for in the bylaws of the bank.

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Source location: Title 12, Chapter 23, § 2023; chapter-023-farm-credit-system.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2072 — Taxation

The Farm Credit Banks and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Farm Credit Bank to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 ([31 U.S.C. 3124](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3124&num=0&edition=prelim)).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2023 — Taxation

Page 1299 TITLE 12—BANKS AND BANKING § 2023 1988—Subsec. (a). Pub. L. 100–399 designated existing provision as subsec. (a), inserted heading, substituted ‘‘directors of the bank’’ for ‘‘directors of each district bank’’, and added subsec. (b). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture. EFFECTIVE DATE OF 2002 AMENDMENT Pub. L. 107–171, title V, § 5403(b), May 13, 2002, 116 Stat. 351, provided that: ‘‘The amendments made by this section [amending this section and sections 2277a–4 and 2277a–5 of this title] shall apply with respect to de- terminations of premiums for calendar year 2002 and for any succeeding calendar year, and to certified statements with respect to such premiums.’’ EFFECTIVE DATE OF 1989 AMENDMENT Pub. L. 101–220, § 6(c), Dec. 12, 1989, 103 Stat. 1880, pro- vided that: ‘‘The amendments made by subsections (a) and (b) [amending sections 2020, 2277a–4, 2277a–8, and 2277a–10 of this title] shall be effective for insurance premiums due to the Farm Credit System Insurance Corporation under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) on or after January 1, 1990, based on the loan volume of each bank for each calendar year be- ginning with calendar year 1989, and shall be effective for the calculation of the initial premium payment re- quired under section 5.56(c) of the Farm Credit Act of 1971 (12 U.S.C. 2277a–5(c)).’’ EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L.

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