Except with regard to stock or participation certificates held by other Farm Credit System institutions, each production credit association shall have a first lien on stock and participation certificates the association issues, on allocated surplus, and on investments in equity reserve, for any indebtedness of the holder of the capital investments and, in the case of equity reserves, for charges for association losses in excess of reserves and surpluses.
Pub. L. 92–181, title II, § 2Pub. L. 101–624, title XVIII, § 1833(2)104 Stat. 3832(.6, as added , , .)
Editorial Notes
Prior Provisions
Pub. L. 92–181section 2077 of this titleA prior section 2.6 of was renumbered section 2.7 and is classified to .
Statutory Notes and Related Subsidiaries
Effective Date
section 1861(d) of Pub. L. 101–624section 2001 of Title 7Section effective , see , set out as an Effective Date of 1990 Amendment note under , Agriculture.