Sec. 5.24. State Legislation
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/statute-compilations/comps-10314/sec-5-24A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 5.24 State Legislation **[**[12 U.S.C. 2259](/us/usc/t12/s2259)**]** Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this Act, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this Act. ### Part C Enforcement Powers of Farm Credit Administration
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Sec. 5.24
State Legislation
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