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 fund
All 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 premiums
The Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part.
(c) Uses of Fund
(1) Mandatory use
Beginning 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 uses
Beginning 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 uses
The 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 refunds
The Corporation shall make all payments and refunds required to be made by the Corporation under this part from amounts in the Insurance Fund.
1990—Subsec. (c)(1), (2). Pub. L. 101–624substituted “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.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.