
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2277a-6]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
            Part E--Farm Credit System Insurance Corporation
 
Sec. 2277a-6. Overpayment and underpayment of premiums; remedies


(a) Overpayments

    The Corporation may refund to any insured System bank any premium 
payment made by the bank exceeding the amount due the Corporation.

(b) Underpayments

                            (1) Recovery

        The Corporation, in a suit brought at law or in equity in any 
    court of competent jurisdiction, may recover from any insured System 
    bank the amount of any unpaid premium lawfully payable by the bank 
    to the Corporation, whether or not the bank has filed any certified 
    statement under section 2277a-5 of this title, and whether or not 
    suit has been brought to compel the bank to file any such statement.

                           (2) Limitation

        Any action or proceeding for the recovery of any premium due the 
    Corporation under paragraph (1), or for the recovery of any amount 
    paid to the Corporation exceeding the amount due the Corporation, 
    shall be brought within 5 years after the right accrued for which 
    the claim is made. If an insured System bank has filed with the 
    Corporation a false or fraudulent certified statement with the 
    intent to evade, in whole or in part, the payment of a premium, the 
    claim shall not be deemed to have accrued until the Corporation 
    discovers that the certified statement is false or fraudulent.

(c) Failure to file statement or pay premium

                      (1) Forfeiture of rights

        If any insured System bank fails to file any certified statement 
    required to be filed by such bank under section 2277a-5 of this 
    title or fails to pay any premium required to be paid by such bank 
    under any provision of this part, and if the bank does not correct 
    such failure within 30 days after the Corporation gives written 
    notice to an officer of the bank, citing this subsection and stating 
    that the bank has failed to so file or pay as required by law, all 
    the rights, privileges, and franchises of the bank granted to it 
    under this chapter shall be thereby forfeited.

                           (2) Enforcement

        The Corporation may bring an action to enforce this subsection 
    against any such bank in any court of competent jurisdiction for the 
    judicial district in which the bank is located.

                     (3) Liability of directors

        Every director who participated in or assented to a failure 
    (described in paragraph (1)) shall be held personally liable for all 
    consequential damages.

(d) Effect on other remedies

    The remedies provided in subsections (b) and (c) of this section 
shall not be construed as limiting any other remedies against any 
insured System bank, but shall be in addition thereto.

(Pub. L. 92-181, title V, Sec. 5.57, as added Pub. L. 100-233, title 
III, Sec. 302, Jan. 6, 1988, 101 Stat. 1613; amended Pub. L. 100-399, 
title III, Sec. 302(g), (h), Aug. 17, 1988, 102 Stat. 994.)


                               Amendments

    1988--Subsec. (b)(1). Pub. L. 100-399, Sec. 302(g), struck out 
``made any report of condition required under section 2277a-4 of this 
title or'' after ``bank has'' and ``make any such report or'' after 
``bank to''.
    Subsec. (b)(2). Pub. L. 100-399, Sec. 302(h), substituted ``bank has 
filed'' for ``bank has made or filed''.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective as if enacted immediately 
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see 
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002 
of this title.
