12 U.S. Code § 2279aa - Definitions
The term “Corporation” means the Federal Agricultural Mortgage Corporation established in section 2279aa–1 of this title.
The term “guarantee” means the guarantee of timely payment of the principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans, in accordance with this subchapter.
The term “interim board” means the interim board of directors established in section 2279aa–2(a) of this title.
The term “originator” means any Farm Credit System institution, bank, insurance company, business and industrial development company, savings and loan association, association of agricultural producers, agricultural cooperative, commercial finance company, trust company, credit union, or other entity that originates and services agricultural mortgage loans.
The term “permanent board” means the permanent board of directors established in section 2279aa–2(b) of this title.
The term “State” has the meaning given such term in section 2277a of this title.
The Consolidated Farm and Rural Development Act, referred to in par. (9)(B), is title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, as amended, which is classified principally to chapter 50 (§ 1921 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 1921 of Title 7 and Tables.
The Rural Electrification Act of 1936, referred to in par. (9)(C), is act May 20, 1936, ch. 432, 49 Stat. 1363, which is classified generally to chapter 31 (§ 901 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 901 of Title 7 and Tables.
2008—Par. (9)(C). Pub. L. 110–246, § 5406(a), added subpar. (C).
1996—Par. (1)(B)(ii). Pub. L. 104–105, § 101, substituted “, excluding the land to which the dwelling is affixed, with a value” for “with a purchase price”.
Par. (3)(A). Pub. L. 104–105, § 102(1), substituted “an agricultural mortgage marketing” for “a secondary marketing agricultural loan”.
Par. (3)(B). Pub. L. 104–105, § 102(2), struck out “, but only with respect to qualified loans described in paragraph (9)(B)” after “thereof”.
Par. (9)(B)(i). Pub. L. 104–105, §§ 108(c)(1), 109(b)(1), substituted “(d)” for “(f)” and “2279aa–8” for “2279aa–7, 2279aa–8,”.
1990—Par. (3). Pub. L. 101–624, § 1839(a), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “The term ‘certified facility’ means a secondary marketing agricultural loan facility that is certified under section 2279aa–5 of this title.”
Par. (9). Pub. L. 101–624, § 1839(b), amended par. (9) generally. Prior to amendment, par. (9) read as follows: “The term ‘qualified loan’ means an obligation that—
“(A) is secured by a fee-simple or leasehold mortgage with status as a first lien on agricultural real estate located in the United States that is not subject to any legal or equitable claims deriving from a preceding fee-simple or leasehold mortgage;
“(B) is an obligation of—
“(i) a citizen or national of the United States or an alien lawfully admitted for permanent residence in the United States; or
“(ii) a private corporation or partnership whose members, stockholders, or partners holding a majority interest in the corporation or partnership are individuals described in clause (i); and
“(C) is an obligation of a person, corporation, or partnership that has training or farming experience that, under criteria established by the Corporation, is sufficient to ensure a reasonable likelihood that the loan will be repaid according to its terms.”
1988—Par. (9)(B)(ii). Pub. L. 100–399 substituted “holding” for “hold” and struck out “and” before “are”.
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.
Amendment 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.
Pub. L. 100–233, title VII, § 704, Jan. 6, 1988, 101 Stat. 1706, as amended by Pub. L. 100–399, title VI, § 603, Aug. 17, 1988, 102 Stat. 1006, directed Comptroller General of United States to conduct studies of (1) implementation of amendments made by subtitle A (§§ 701–705) of title VII of Pub. L. 100–233 (which enacted this subchapter and amended sections 2012, 2033, 2072, and 2093 of this title and section 9105 of Title 31, Money and Finance) by Federal Agricultural Mortgage Corporation and effect of operations of Corporation on producers, Farm Credit System, and other lenders, and capital markets, (2) feasibility and appropriateness of promoting establishment of a secondary market for securities representing interests in, or obligations backed by, pools of agricultural real estate loans for which a guarantee had not been provided by Federal Agricultural Mortgage Corporation, and (3) feasibility of expanding authority granted under amendments made by such subtitle A to authorize sale of securities based on or backed by a trust or pool consisting of loans made to farm-related and rural small businesses, and required, not later than Jan. 6, 1990, Comptroller General to transmit to Congress a report on the studies, including therein such recommendations for administrative action and legislation as might be appropriate.
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