Contents
- 619.9000 The Act.
- 619.9010 Additional security.
- 619.9015 Agricultural credit associations.
- 619.9020 Agricultural credit banks.
- 619.9025 Agricultural land.
- 619.9050 Associations.
- 619.9060 Bank for cooperatives.
- 619.9110 Consolidation.
- 619.9130 Differential interest rates.
- 619.9135 Direct lender.
- 619.9140 Farm Credit bank(s).
- 619.9145 Farm Credit Bank.
- 619.9146 Farm Credit institutions.
- 619.9155 Federal land credit association.
- 619.9170 Fixed interest rate.
- 619.9180 Fixed interest spread.
- 619.9185 Funding Corporation.
- 619.9195 [Reserved]
- 619.9200 Loss-sharing agreements.
- 619.9210 Merger.
- 619.9230 Open-end mortgage loan plans.
- 619.9235 Outside director.
- 619.9240 Participation agreement.
- 619.9250 Participation certificates.
- 619.9260 Primary security.
- 619.9270 Qualified Public Accountant or External Auditor.
- 619.9310 Senior officer.
- 619.9320 Shareholder or stockholder.
- 619.9330 Speculative purposes.
- 619.9335 Supplemental retirement plan or supplemental executive retirement plan.
- 619.9338 Unincorporated business entities.
- 619.9340 Variable interest rate.
619.9010Additional security.#
Supplementary collateral to the primary security taken in connection with the loan.
619.9015Agricultural credit associations.#
Agricultural credit associations are associations created by the merger of one or more Federal land bank associations or Federal land credit associations and one or more production credit associations and which have received a transfer of authority to make and participate in long-term real estate mortgage loans pursuant to section 7.6 of the Act.
619.9020Agricultural credit banks.#
Agricultural credit banks are those banks created by the merger of a Farm Credit Bank and a bank for cooperatives pursuant to section 7.0 of the Act.
619.9025Agricultural land.#
Land improved or unimproved which is devoted to or available for the production of crops and other products such as but not limited to fruits and timber or for the raising of livestock.
619.9050Associations.#
The term associations includes (individually or collectively) Federal land bank associations, Federal land credit associations, production credit associations, and agricultural credit associations.
619.9060Bank for cooperatives.#
A bank for cooperatives is a bank that is operating under section 3.0 of the Act.
619.9110Consolidation.#
Creation of one new organizational entity from two or more existing entities or parts thereof.
619.9130Differential interest rates.#
An interest rate program under which different rates of interest may be made applicable to individual or classes of loans on the basis of type, purpose, amount, quality of loan, or a combination of these factors.
619.9135Direct lender.#
The term direct lender refers to Farm Credit banks and associations (production credit associations, agricultural credit associations, and Federal land credit associations) authorized to lend to eligible borrowers identified in § 613.3000.
619.9140Farm Credit bank(s).#
Except as otherwise defined, the term Farm Credit bank(s) includes Farm Credit Banks, agricultural credit banks, and banks for cooperatives, but excludes bridge System banks chartered by the Farm Credit Administration Board pursuant to section 5.61C(h)(2) of the Act.
619.9145Farm Credit Bank.#
The term Farm Credit Bank refers to a bank resulting from the mandatory merger of the Federal land bank and the Federal intermediate credit bank in each Farm Credit district pursuant to section 410 of the Agricultural Credit Act of 1987, Pub. L. 100-233, or any bank resulting from a merger of two or more Farm Credit Banks.
619.9146Farm Credit institutions.#
Except as otherwise defined, the term Farm Credit institutions refers to all institutions identified in section 1.2 of the Act and are chartered and regulated by the Farm Credit Administration but excludes bridge System banks chartered by the Farm Credit Administration Board pursuant to section 5.61C(h)(2) of the Act.
619.9155Federal land credit association.#
The term Federal land credit association refers to a Federal land bank association that has received a transfer of direct long-term real estate lending authority pursuant to section 7.6 of the Act.
619.9170Fixed interest rate.#
The rate of interest specified in the note or loan document which will prevail as the maximum rate chargeable to the borrower during the period of the loan.
619.9180Fixed interest spread.#
A percentage to be added to the cost of money to the bank or association as the means of establishing a lending rate.
619.9185Funding Corporation.#
The term Funding Corporation refers to the Federal Farm Credit Banks Funding Corporation established pursuant to section 4.9 of the Act.
619.9200Loss-sharing agreements.#
A contractual arrangement under which the parties agree to share losses associated with loans or otherwise, as may be provided for in the agreement.
619.9230Open-end mortgage loan plans.#
A mortgage loan which permits the borrower to obtain additional sums during the term of the loan.
619.9235Outside director.#
A member of a board of directors selected or appointed by the board, who is not a director, officer, employee, agent, or stockholder of any Farm Credit System institution.
619.9240Participation agreement.#
A contract under which a lender agrees to sell a portion of a loan to one or more purchasers under specific terms set forth in the agreement.
619.9250Participation certificates.#
Evidence of investment in a bank or association to which all the rights and obligations of stock attach with the exception of the right to vote in the affairs of the institution.
619.9270Qualified Public Accountant or External Auditor.#
A qualified public accountant or external auditor is a person who:
(a)Holds a valid and unrevoked certificate, issued to such person by a legally constituted State authority, identifying such person as a certified public accountant;
(b)Is licensed to practice as a public accountant by an appropriate regulatory authority of a State or other political subdivision of the United States;
(c)Is in good standing as a certified and licensed public accountant under the laws of the State or other political subdivision of the United States in which is located the home office or corporate office of the institution that is to be audited;
(d)Is not suspended or otherwise barred from practice as an accountant or public accountant before the Securities and Exchange Commission (SEC) or any other appropriate Federal or State regulatory authority; and
(e)Is independent of the institution that is to be audited. For the purposes of this definition, the term “independent” has the same meaning as under the rules and interpretations of the authoritative body governing overall audit performance. At a minimum, an accountant hired to audit a System institution is not independent if he or she functions in the role of management, audits his or her own work, or serves in an advocacy role for the institution.
619.9310Senior officer.#
The Chief Executive Officer, the Chief Operations Officer, the Chief Financial Officer, the Chief Credit Officer, and the General Counsel, or persons in similar positions; and any other person responsible for a major policy-making function.
619.9330Speculative purposes.#
To buy or sell with the expectation of profiting by fluctuations in price.
619.9335Supplemental retirement plan or supplemental executive retirement plan.#
A nonqualified retirement plan that provides benefits in addition to those covered by other retirement plans for all employees and funded in whole or part by a Farm Credit institution.
619.9338Unincorporated business entities.#
An Unincorporated Business Entity means a Limited Partnership (LP), Limited Liability Partnership (LLP), Limited Liability Limited Partnership (LLLP), Limited Liability Company (LLC), Business or other Trust Entity (TE), or other business entity established and maintained under State law that is not incorporated under any law or chartered under Federal law.
United States Government work; public domain under 17 U.S.C. § 105.