An Act to abolish the Federal Farm Mortgage Corporation and for other purposes
PL 87-353 (S.1040), enacted 10/04/1961

75 
S T A T . ] 
PUBLIC LAW 87-363-OCT. 4, 1961 
77a 
Public Law 87-353 
AN ACT 
October 4, 1961 
[S. 1040] 
To abolish the Federal Farm Mortgage CJorporation, and for other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That (a) the Federal Mo^gagV croJoT^ 
Farm Mortgage Corporation, established by the Act of January 31, tion. 
1934 (48 Stat. 344; 12 U.S.C. 1020), is hereby abolished; and, except 
Abolishment, 
as provided in subsection (d), all of the powers, duties, functions, 
and authority of such Corporation are hereby terminated. 
(b) All right, title, and interest in or to real property other than 
reserved mineral interests which may appear of public record in any 
farm credit district to be in the Land Bank Commissioner or the 
Federal Farm Mortgage Corporation are hereby confirmed to be in 
the Federal land bank of said district, and said bank is hereby author-
ized in its own name or in the name of the Federal Farm Mortgage 
Corporation to execute any assignment, release, satisfaction, or other 
instrument as may be necessary or appropriate in connection therewith 
to perfect title of record in the true owners. 
(c) All right, title, and interest to any reserved mineral interests 
of the Federal Farm Mortgage Corporation which have not been dis-
posed of otherwise by the Federal Farm Mortgage Corporation are 
hereby confirmed to be in the United States of America to be admin-
istered by the Secretary of the Interior under the mineral laws of 
the United States. 
(d) There are hereby transferred to the Secretary of the Treasury 
(1) all cash, accounts receivable, and other assets owned bv the 
Federal Farm Mortgage Corporation, and (2) all authority of such 
corporation relating to the collection of notes receivable from the 
Federal land banks. 
(e) Any cash received by the Secretary of the Treasury, and any 
moneys collected by him, by virtue of the transfer made under this 
section shall be deposited in the general fund of the Treasury as 
miscellaneous receipts. 
SEC. 2. No suit, action^r other proceeding lawfully commenced by 
or against the Federal Farm Mortgage Corporation shall abate by 
reason of the enactment of this Act, but the court, on motion or sup-
plemental petition filed at any time within twelve months after the 
date of sucn enactment, may allow the same to be maintained by or 
against the Secretary of the Treasury. 
SEC. 3. (a) Sections 1, 2, 3, 4, 5, 6, 12, 17, and 18 of the Federal 
Farm Mortgage Corporation Act, as amended (12 U.S.C. 1020,1020a-
1020h, 992a, 723(f)), are hereby repealed. 
(b) Sections 32 (except the fourteenth sentence thereof), 33, 34, 
and 35 of the Emergency Farm Mortgage Act of 1933, as amended 
(12 U.S.C. 1016-1019, except 1016(h), second sentence), are hereby 
repealed, and the fourteenth sentence of such section 32 (12 U.S.C. 
1016(h), second sentence) is hereby amended by deleting therefrom 
the word "such". 
(c) The first sentence of the eighth paragraph of section 13 of the 
Federal Keserve Act, as amended (12 U.S.C. 347), is amended by 
striking out "or by the deposit or pledge of Federal Farm Mortgage 
Corporation bonds issued under the Federal Farm Mortgage Corpora-
tion Act,". 
(d) The first sentence of section 14(b) of the Federal Reserve Act, 
as amended (12 U.S.C. 355), is amended by striking out "bonds of 
the Federal Farm Mortgage Corporation having maturities from date 
of purchase of not exceeding six months,". 
R e p e a l s 
a n d 
amendments. 
38 Stat. 958. 
38 Stat. 264. 
774 
PUBLIC LAW 87-353-OCT. 4, 1961 
[75 STAT. 
48 Stat. 44. 
48 Stat. 347. 
(e) The fourteenth paragraph of section 7 of the Federal Farm 
Loan Act, as amended (12 U.S.C. 723(c)), is amended by striking out 
the fourth sentence thereof, 
staf ^*46' ^'°' ^* 
^^^ ^^^ ^^^^ paragraph of section 12 of the Federal Farm Loan 
Act, as amended (12 U.S.C. 772), is amended to read as follows: 
"Amounts transmitted to Federal land bank associations by Federal 
land banks to be loaned to its members shall, at the option of the bank, 
be in current funds or, at the option of the borrower, in farm loan 
bonds." 
(g) Paragraph Eighth of section 13 of the Federal Farm Loan Act, 
59 Stat. 267. 
.^g amended (12 U.S.C. 781), is amended to read as follows: 
"Eighth. 
To buy and sell United States Government obligations 
direct or fully guaranteed." 
(h) Section 13 of the Federal Farm Loan Act, as amended (12 
U.S.C. 781), is amended by striking out paragraphs Fifteenth, Six-
teenth, and Twentieth thereof. 
(i) Section 22 of the Federal Farm Loan Act, as amended (12 
39 Stat. 378. 
U.S.C. 897), is amended by (1) striking out clause (e) under the 
heading "In the case of a Federal land bank", and (2) striking out 
clause (e) under the heading "In the case of a joint-stock land bank", 
(j) Section 62 of the Farm Credit Act of 1933, as amended (12 
U.S.C. 1138b), is amended by striking out "the Federal Farm Mort-
gage Corporation,". 
(k) The Act of June 4, 1936, as amended (49 Stat. 1461; 12 U.S.C. 
773a), is amended by striking out "the Federal Farm Mortgage Corpo-
ration," and "the Land Bank Commissioner". 
(1) Section 7(b) of the First Deficiency Appropriation Act, fiscal 
year 1936, approved June 22,1936 (49 Stat. 1648; 15 U.S.C. 712a(b)), 
is amended by striking out item 4 thereof and by redesignating items 
6 to 13, inclusive, as 4 to 12, respectively. 
(m) The Act of September 6, 1950 (64 Stat. 769; 7 U.S.C. 1036), 
is amended by striking out section 4 thereof. 
(n) Section 7(a) of the Farm Credit Act of 1953, as amended (12 
stat^ 662*' ^^^' ^^ U.S.C. 636f(a)), is amended by striking out the second and third 
sentences thereof. 
(o) The second sentence of section 433 of title 18 of the United 
62 Stat. 703. 
States Code is amended by striking out "the Federal Farm Mortgage 
Corporation Act,". 
(p) The first paragraph of section 493 of title 18 of the United 
62 Stat. 711. 
States Code is amended by striking out "Federal Farm Mortgage 
Corporation". 
62 Stat. 729. 
(q) Scctiou 657 of title 18 of the United States Code is amended by 
striking out "Federal Farm Mortgage Corporation,". 
65 Stat. 718. 
(j.) Sectiou 658 of title 18 of the United States Code is amended 
by striking out "Federal Farm Mortgage Corporation,". 
62 Stat. 750. 
(s) Section 1006 of title 18 of the United States Code is amended by 
striking out "Federal Farm Mortgage Corporation,". 
62 Stat. 752. 
(t) Sectiou 1014 of title 18 of the United States Code is amended 
by striking out "or the Federal Farm Mortgage Corporation,", 
(u) Section 101 of the Government Corporation Control Act, as 
59 Stat. 597. 
amended (31 U.S.C. 846), is amended by striking out "Federal Farm 
Mortgage Corporation;". 
(v) The Department of Agriculture Organic Act of 1944, as 
amended (58 Stat. 741; 12 U.S.C. 1020a-l), is amended by striking 
out section 603 thereof. 
4
8
^ Stat' 41 
(^) "^^^ ^^^^ paragraph of section 32 of the Federal Farm Loan 
Act, as amended (12 U.S.C. 992, 993), is hereby repealed. 
Approved October 4, 1961.