18 U.S. Code § 658 - Property mortgaged or pledged to farm credit agencies
Whoever, with intent to defraud, knowingly conceals, removes, disposes of, or converts to his own use or to that of another, any property mortgaged or pledged to, or held by, the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Crop Insurance Corporation, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, any production credit association organized under sections 1131–1134m of Title 12, any regional agricultural credit corporation, or any bank for cooperatives, shall be fined under this title or imprisoned not more than five years, or both; but if the value of such property does not exceed $1,000, he shall be fined under this title or imprisoned not more than one year, or both.
Based on sections 1026(c) and 1514(d) of title 7, U.S.C., 1940 ed., Agriculture, and section 1138d(d) of title 12, U.S.C., 1940 ed., Banks and Banking (June 16, 1933, ch. 98, § 64, 48 Stat. 269; Jan. 31, 1934, ch. 7, § 13, 48 Stat. 347; July 22, 1937, ch. 517, title IV, § 52(c), 50 Stat. 532; Feb. 16, 1938, ch. 30, title V, § 514(d), 52 Stat. 76; Aug. 14, 1946, ch. 964, § 3, 60 Stat. 1064).
To avoid reference to another section the words “the Farm Credit Administration, any Federal intermediate credit bank, the Federal Farm Mortgage Corporation, Federal Crop Insurance Corporation, Farmers’ Home Corporation, or any production credit corporation or corporation in which a production credit corporation holds stock, any regional agricultural credit corporation, or any bank for cooperatives” were substituted for the words “or any corporation referred to in subsection (a) of this section.”
The punishment provision was completely rewritten. The $2,000 fine of section 1026(c) of title 7, U.S.C., 1940 ed., and the 2-year penalty of that section, section 1514(d) of title 7, U.S.C., 1940 ed., and section 1138(d) of title 12, U.S.C., 1940 ed., were incongruous in juxtaposition with other sections of this chapter and were therefore increased to $5,000 and 5 years. (See sections 656 and 657 of this title.)
Minor changes were made in phraseology.
[Section 12] conforms section 658 of title 18 U.S.C., to administrative practice which in turn was modified to comply with congressional policy. (See note to sec. 11 [of 1949 Act, set out in Legislative History note under section 657 of title 18]).
Sections 1131a, 1131c to 1131g, 1131g–2 to 1131i, 1134 to 1134m of Title 12, included within the reference to sections 1131 to 1134m of Title 12, were repealed by Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624.
Sections 1131a–1 and 1131j of Title 12, included within the reference to sections 1131 to 1134m of Title 12, are omitted from the Code. Section 1131a–1 of Title 12, was from the Department of Agriculture and Farm Credit Administration Appropriation Act, 1957, and was not repeated in subsequent appropriation acts. Section 1131j was covered by former section 1131g–2 of Title 12, prior to its repeal by Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624.
1999—Pub. L. 106–78 inserted “or successor agency” after “Farmers Home Administration” and after “Rural Development Administration”.
1996—Pub. L. 104–294 substituted “$1,000” for “$100”.
1994—Pub. L. 103–322, § 330016(1)(H), (K), substituted “fined under this title” for “fined not more than $5,000” after “cooperatives, shall be” and for “fined not more than $1,000” after “he shall be”.
Pub. L. 103–322, § 330004(7), struck out “Farmers’ Home Corporation,” after “Crop Insurance Corporation,”.
1990—Pub. L. 101–624 substituted “Farmers Home Administration, the Rural Development Administration” for “Farmers’ Home Administration”.
1961—Pub. L. 87–353 struck out reference to the Federal Farm Mortgage Corporation.
1956—Act July 26, 1956, struck out property of any production credit association in which a Production Credit Corporation holds stock.
1951—Act Oct. 31, 1951, covered all production credit associations instead of only those in which a Production Credit Corporation holds stock.
1949—Act May 24, 1949, made section applicable to the Secretary of Agriculture acting through the Farmers’ Home Administration.
Amendment by act July 26, 1956, effective January 1, 1957, see section 202(a) of act July 26, 1956.
Functions of Corporations of Department of Agriculture; boards of directors and officers of such corporations; Advisory Board of Commodity Credit Corporation; and Farm Credit Administration or any agency, officer, or entity of, under, or subject to supervision of said Administration excepted from functions of officers, agencies, and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Employees.
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