Farm Loan Act

Farm Loan Act
A federal statute enacted to provide loans on farm lands or assistance in obtaining such loans. 3 Am J2d Agri § 25. An act of Congress providing for the creation of federal land banks and joint stock land banks to facilitate the making of loans upon farm security at low rates of interest. 12 USC §§ 641 et seq., 810 et seq.; 10 Am J2d Bks § 21. The beneficent purpose of loans under this statute is to enable farmers who are in debt, and without ability to make payment, to constitute the federal agency the sole creditor and thereby eliminate, by way of compromise, all other creditors. International Harvester Co. v Young, 288 Mich 436, 285 NW 12.

Ballentine's law dictionary. . 1998.

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