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Type: Statute
Statute: 1971 ACT AS AMENDED
Title: Title V Farm Credit Administration Organization
Part: Part B Farm Credit Administration Organization
Chapter Name:
U.S. Code Citation: 12 U.S.C. 2259

12 U.S.C. 2259 SEC. 5.24. 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 Act, 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 Act.

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