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Simple English definitions for legal terms
federal land bank
Read a random definition: general intangible
A quick definition of federal land bank:
A federal land bank is a type of bank that was created in 1916 to help farmers get loans to buy land. There were 12 of these banks across the country. Today, these banks have merged with other banks to create the federal farm-credit system.
A more thorough explanation:
Definition: A federal land bank is one of the 12 regional banks established in 1916 to offer mortgage loans to farmers. These banks were merged with federal intermediate credit banks to create the federal farm-credit system.
Example: A farmer in Iowa needs a loan to buy new equipment for his farm. He can apply for a mortgage loan from the Federal Land Bank of Omaha, which serves his region.
Explanation: The Federal Land Bank provides mortgage loans to farmers who need financial assistance to purchase land, equipment, or other resources necessary for their farming operations. The example illustrates how a farmer can apply for a loan from a specific regional bank within the Federal Land Bank system.