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U.S.C. 981 and Sup.) as amended; paragraphs (a) to (e), inclusive, of section 211 of the Agricultural Credits Act of 1923 (42 Stat. 1459; 12 U.S.C. 1121-1125) as amended; paragraphs (b), (c), and (d) of section 15 of the Agricultural Marketing Act (46 Śtat. 18; 12 U.S.C. 1141j and Sup.); section 3 (b) of the Act of February 3, 1933 (47 Stat. 795); section 10 (g) of the Act of May 12, 1933 (Agricultural Adjustment Act) (48 Stat. 37; 7 U.S.C. 610 and Sup.); and paragraphs (a), (c), (e), and (f) of section 64 of the Farm Credit Act of 1933 48 Stat. 267; 12 U.S.C. 1138d). (Sec. 6, 47 Stat. 14, sec. 17, 39 Stat. 375, sec. 2, 42 Stat. 1459, secs. 1-43, 60-66, 48 Stat. 257 ff. as amended, sec. 4, 46 Stat. 13, sec. 201 (e), 47 Stat. 713, sec. 16, 48 Stat. 1221, sec. 6, 44 Stat. 803; 12 U.S.C. 665, 831, 1101, 1131–1138f, 1141b, 1148, 1766 and Sup., 7 U.S.C. 456) [FCA Order 18, Oct. 18, 1933]

4.2 Granting of information to outside persons or agencies. (a) No lists of employees of the Farm Credit Administration or of any of the institutions under its control shall be given out unless with the approval of the Governor, one of the Deputy Governors, or the Executive Officer, except that:

(b) The Land Bank Commissioner may authorize the giving out of lists of

(1) Officers and employees of Federal land banks and joint stock land banks; (2)

Appraisers; (3) Officers of national farm loan associations; and

National farm loan associations, together with the names of the towns and states in which they have their legal headquarters.

(c) The Intermediate Credit Commissioner may authorize the giving out of lists of officers and employees of the Federal intermediate credit banks;

(d) The Production Credit Commissioner may authorize the giving out of lists of officers and employees of the production credit corporations and production credit associations; and

(e) The Cooperative Bank Commissioner may authorize the giving out of lists of officers and employees of the banks for cooperatives. (Sec. 6, 47 Stat. 14, sec. 17, 39 Stat. 375, sec. 2, 42 Stat. 1459, secs. 1-43, 48 Stat. 257 ff., as amended, sec. 4, 46 Stat. 13, sec. 201 (e), 47 Stat. 713, sec. 16, 48 Stat. 1221, sec. 6, 44 Stat. 803; 12 U.S.C. 665, 831, 1101, 1131-1138f, 1141b, 1148, 1766 and Sup., 7 U.S.C. 456) [FCA Order 48, Apr. 20, 1934, FCA Order 77, Nov. 26, 1934)

4.3 Loan files, confidential information. All information obtained by officers, agents, and employees of the Farm Credit Administration, and/or by corporations operating under its supervision, in connection with applicants for loans and their property, shall be received and held in strict confidence; and except with the specific approval of the Governor of the Farm Credit Administration access to and/or copies of the following listed documents shall be denied any person, firm, or corporation other than the Farm Credit Administration (its duly accredited officers, agents, or employees) and corporations operating under the supervision of the Farm Credit Administration : loan applications, supplementary statements by applicants, reports of appraisers and/or inspectors, letters and/or statements rel

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ative to the character and credit standing of applicants, recommendations of loan committees or other groups authorized to consider and/or act upon loan applications, etc.

Nothing in this section shall be deemed to prohibit access to information in the possession of the Farm Credit Administration or of a corporation under its supervision, where such access is officially requested by some department or independent office of the Government of the United States, for use in connection with the execution of the official duties of such department or office. (Sec. 6, 47 Stat. 14, sec. 17, 39 Stat. 375, sec. 2, 42 Stat. 1459, secs. 1-43, 48 Stat. 257 ff., as amended, sec. 4, 46 Stat. 13, sec. 201 (é), 47 Stat. 713, sec. 16, 48 Stat. 1221, sec. 6, 44 Stat. 803; 12 U.S.C. 665, 831, 1101, 1131-1138f, 1141b, 1148, 1766 and Sup., 7 U.S.C. 456) [FĆA Order 96, May 15, 1935]

, 4.4 Prohibiting divulgence of information. Except upon prior approval of the Governor of the Farm Credit Administration, all employees of the Farm Credit Administration, acting pursuant to the Acts of Congress approved February 23, 1934 (48 Stat. 354) June 19, 1934 (48 Stat. 1055) and Executive Order 6747, June 23, 1934 (6 CFR 1.3); February 20, 1935 (49 Stat. 28); April 8, 1935 (49 Stat. 115) and Executive Order 7305, February 28, 1936 (6 CFR 1.4); January 29, 1937 (50 Stat. 5; 12 U.S.C., Sup., 1020i); and the Joint Resolution of Congress approved February 4, 1938 (52 Stat. 26), in administering emergency crop and feed loans made pursuant thereto, are prohibited from disclosing or furnishing, to any person other than an employee of the Federal Government, any information contained in any report upon or in any application for å loan authorized as aforesaid, or from giving out any copies thereof in court or from appearing as witnesses in any litigation, except on behalf of the United States in connection with a case referred to a United States attorney by the Governor, for the purpose of testifying to any facts or knowledge secured by them through any such applications or reports. Whenever subpenas shall have been served on such employees, except subpenas issued at the request of a United States attorney in connection with a case referred to him by the Governor, they will appear in court in answer thereto and, except with the prior approval aforesaid, will respectfully decline to testify to matters herein referred to as confidential, or to produce records thereof, on the grounds that the same are confidential, and they are prohibited from so doing. No copy of any application or report shall be furnished to any court of the United States or to any other court except on a rule of that court upon the Governor of the Farm Credit Administration requesting such a copy. Whenever such a rule of court shall have been obtained, employees of the Farm Credit Administration are directed to prepare carefully a copy of the application or report containing the information called for and to send it to the Director of the Emergency Crop and Feed Loan Section at Washington, D. C., whereupon (unless existing circumstances or conditions should make it necessary to decline, in the interests of public service, to furnish such a copy) it will be submitted to the Governor of the Farm Credit Administration with the request that it be authenticated under the seal of the Farm Credit

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Administration and transmitted to the judge of the court requesting it.

Also, no information of the character hereinabove described as confidential shall be released to an employee of the Federal Government, other than employees of the Emergency Crop and Feed Loan Section, except on the prior approval of the Director of the Emergency Crop and Feed Loan Section. (E.O. 6747, June 23, 1934, 6 CFR 1.3. 48 Stat. 354, 48 Stat. 1055) [FCA Order 75, Oct. 29, 1934) (49 Stat. 28) [FCA Order 91, Mar. 22, 1935] (E.O. 7305, Feb. 28, 1936, 6 CFR 1.4. 49 Stat. 115) [FCA Order 122, Mar. 7, 1936] (50 Stat. 5; 12 U.S.C., Sup., 1020i) (FCA Order 174, Feb. 5, 1937] (50 Stat. 5, 52 Stat. 26; 12 U.S.C., Sup., 1020i, 10200 note) [FCA Order 212, Feb. 4, 1938]

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Subchapter B-Federal Land Banks, National Farm

Loan Associations, Federal Farm Mortgage Corporation and Joint Stock Land Banks

PART 10-FEDERAL LAND BANKS GENERALLY

Sec.

Sec.
Special classes of applicants

Farm unit 10.7 Executors and administrators.

10.257 Farm unit; required area and

yield of farm. 10.8 Heirs, devisees and grantees of

Computing maximum amount a deceased owner of farm land.

loanable 10.9 Trustees.

10.321 Method of computing maximum 10.12 Guardians.

amount loanable. 10.13 Persons not sui juris (including

Special interest rates
infants, insane persons, and in-
competents) when not repre-

10.330-50 Special interest rates on cer

tain Federal land bank sented by a guardian.

loans. 10.14 Landlords.

Insurance regulations 10.15 Owners of future interests.

10.331 Buildings on which insurance 10.16 Tenants for years.

must be maintained by mort10.17 Life tenants.

gagor; amount and type of in10.18 Owners of undivided interests

surance. (including partners).

10.332 Additional insurance requirable. 10.19 Husband and wife.

10.333 Insurance to be maintained when 10.20 Aliens.

full amount cannot be provided. 10.21 Individuals taking title from a

10.334 Reduced insurance to be maincorporation (bona fide owner

tained under certain other cir. ship required).

cumstances. 10.22 Corporations.

10.335 Acceptable insurers. 10.23 Livestock corporations.

10.336 Losses to be made payable to

land bank. Definitions in connection with 10.337 Mortgagor's option to use loss loans for certain purposes

proceeds for reconstruction. 10.36 "Equipment” and "Improve

10.338 Subsequent owners. ment" defined.

10.339 Exercise of mortgagor's option to

use loss proceeds. Use of loan proceeds

10.340 Reconstruction of improvements 10.47 Agreement as to use of loan pro

in different form. ceeds.

10.341 Evidence that mortgagor can

supply additional funds; meanBasis of appraisal

ing of term "reconstruction". 10.213 Normal agricultural value as 10.342 Evidence required for disbursebasis of appraisal.

ment of loss proceeds.

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Sec.

Sec. 10.343 Application of loss proceeds to Lost, stolen, destroyed, muti. mortgage debt.

lated, or defaced bonds and cou. 10.344 Circumstances under which

pons mortgagor's option to use loss 10.671 Bonds issued by individual Fedproceeds does not obtain.

eral land banks. 10.345 Endorsement of loss proceeds on 10.672 Bonds issued by individual mortgage or note.

banks; indemnity by applicants 10.346 Maintenance of additional col.

for relief. lateral for loss proceeds held by 10.673 Consolidated Federal farm loan land bank.

bonds. 10.347 Unconditional release of loss pro- 10.674 Proof required from applicants. ceeds.

10.675 Affidavits of persons having Direct loan regulations

knowledge of facts. 10.361 Authorization to make direct 10.676 Submission of application to loans.

Land Bank Commissioner. 10.362 Territories in which direct loans 10.677 Recovery of original bond. may be made.

10.678 Immaterial defacements and mu. 10.363 Applicability of association loan

tilations. regulations.

10.679 Affidavits. 10.364 Interest.

10.680 Bonds of indemnity. 10.365 Subscription to stock.

Acknowledgment of transfer of 10.366 Stock held as collateral security.

bonds 10.367 Cancelation of direct loan stock. 10.681 Bonds issued by individual Fed. 10.368 Receipt evidencing stock sub

eral land banks. scription.

10.682 Consolidated Federal farm loan Refinancing of acquired mort

bonds. gages

Call of bonds 10.382 Refinancing mortgages acquired 10.697 Method of calling bonds issued by Federal land banks.

by individual Federal land Prepayment of loans

banks.

10.698 Procedure where less than entire 10.386 Payments in advance after five

issue called. years. 10.387 Payment in full before five years. Exempted securities under Secu. Exchange of bonds

rities Exchange Act of 1934 10.662 Bonds issued by Federal land 10.709 Exempted securities under Secubanks individually and bonds

rities Exchange Act of 1934, issued by joint stock land banks. Conditional payments by bor. 10.663 Consolidated bonds issued by the

rowers for subsequent credit 12 Federal land banks.

10.769 Conditional payments by bor. 10.664 Maximum fees for exchange of

rowers for subsequent credit bonds of individual banks.

upon indebtedness to land bank.

SPECIAL CLASSES OF APPLICANTS

Section 10.7 Executors and administrators. Loans may be made to executors and administrators (including temporary administrators) when (a) either some individual beneficiary of the decedent's estate, or the executor, administrator, or any coexecutor or coadministrator of the estate, independently of his representative capacity, is (1) eligible as a borrower, and (2) owns, or is about to become the owner of, an interest in the property on which the loan is sought, and (3) can and will incur personal liability for the loan and assume the obligations of national farm loan association membership; and (b) a valid lien can and will be given on the property on which the loan is sought. As used in this section, the term "eligible as a borrower" means a person who is engaged in farming operations, or

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who is shortly to become engaged in farming operations, or who derives the principal part of his income from farming operations.t (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 “Sixth”, 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 "Sixth”, and Sup.)

tin 88 10.7 to 10.769, inclusive, the numbers to the right of the decimal point correspond with the respective section numbers in the Manual for Federal land banks, issued as of April 1, 1938, by the Land Bank Commissioner and approved by the Executive Committee of the Federal Farm Mortgage Corporation insofar as the Manual sections deal with matters relating to the Federal Farm Mortgage Corporation.

10.8 Heirs, devisees and grantees of a deceased owner of farm land. Loans may be made to heirs (including a sole heir taking without administration), devisees and grantees of a deceased owner of farm land under the same conditions as will permit a loan being made to any other owner of farm land. (Sec. 6, 47 Stat. 14, sec. 12 “Sixth”, 39° Stat. 371, as amended; 12 U.S.C., 665, 771 “Sixth”, and Sup.)

10.9 Trustees. Loans may be made to trustees (whether appointed by will or deed inter vivos) when (a) the trustee in his fiduciary capacity is engaged, or shortly to become engaged, in farming operations, or the beneficiaries of the trust are engaged in farming operations or derive the principal part of their income from farming operations; and (b) a valid lien can and will be given on the property on which the loan is sought; and (c) the trustee, or any cotrustee, or some individual beneficiary of the trust can and will incur personal liability for the loan, and assume the obligations of national farm loan association membership. (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 “Sixth", 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 “Sixth”, and Sup.)

10.12 Guardians. Loans may be made to guardians when (a) the guardian in his fiduciary capacity is engaged, or shortly to become engaged, in farming operations, or the wards are engaged in farming operations or derive

the principal part of their income from farming operations; and (b) a valid lien can and will be given on the property on which the loan is sought; and (c) the guardian, or any coguardian, independently of his fiduciary capacity owns an interest in the property, and can and will incur personal liability for the loan and assume the obligations of national farm loan association membership.t (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 "Sixth", 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 “Sixth”, and Sup.)

10.13 Persons not sui juris (including infants, insane persons, and incompetents) when not represented by a guardian. Loans may not be made to persons not sui juris (including infants, insane persons, and incompetents) when not represented by a guardian; and property in which such a person, not represented by a guardian, owns an interest is ineligible as security for a loan.t (Sec. 6, 47 Stat. 14, secs. 7, 9, 12 “Sixth”, 39 Stat. 365, 368, 371, as amended; 12 U.S.C. 665, 716, 745, 771 “Sixth”, and Sup.)

*For source citation, see note to § 10.7.

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