12 CFR 611.1260
§ 611.1260 Payment of debts and assessments—terminating association.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 611.1260, § 611.1260 Payment of debts and assessments—terminating association, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47667
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Full text
(a) General rule. If your institution is a terminating association, you must pay or make adequate provision for the payment of all outstanding debt obligations and assessments.
(b) No OFI relationship. If the successor institution will not become an OFI, you must either:
(1) Pay debts and assessments owed to your affiliated Farm Credit bank at termination; or
(2) With your affiliated Farm Credit bank's concurrence, arrange to pay any obligations or assessments to the bank after termination.
(c) Obligations to other Farm Credit institutions. You must pay or make adequate provision for payment of obligations to any Farm Credit institution (other than your affiliated bank) under any loss-sharing or other agreement.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.