PUBLIC LAW 87-363-OCT. 4, 1961
Public Law 87-353 AN ACT To abolish the Federal Farm Mortgage Corporation, and for other purposes.
October 4, 1961 [S. 1040]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the Federal Mo^gagV croJoT^ F a r m 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 F a r m Mortgage Corporation are hereby confirmed to be in the Federal land bank of said district, and said bank is hereby authorized 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 F a r m Mortgage Corporation which have not been disposed of otherwise by the Federal F a r m Mortgage Corporation are hereby confirmed to be in the United States of America to be administered 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 by the Federal F a r m 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, a c t i o n ^ 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 supplemental petition filed at any time within twelve months after the date of such enactment, may allow the same to be maintained by or against the Secretary of the Treasury. Repeals SEC. 3. (a) Sections 1, 2, 3, 4, 5, 6, 12, 17, and 18 of the Federal amendments. and F a r m Mortgage Corporation Act, as amended (12 U.S.C. 1020, 1020a1020h, 992a, 723(f)), are hereby repealed. (b) Sections 32 (except the fourteenth sentence thereof), 33, 34, and 35 of the Emergency F a r m 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 38 Stat. 958. striking out "or by the deposit or pledge of Federal F a r m Mortgage Corporation bonds issued under the Federal F a r m Mortgage Corporation 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 38 Stat. 264. the Federal F a r m Mortgage Corporation having maturities from date of purchase of not exceeding six months,".