Property mortgaged or pledged to farm credit agencies
Official text prohibited actmental stateif conditionpenaltylegal term
Whoever, with intent to defraud, knowingly conceals, removes, disposes of, or converts to his own use or to that of another, any property mortgaged or pledged to, or held by, the Farm Credit Administration, any Federal intermediate credit bank, or the Federal Crop Insurance Corporation, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, any production credit association organized under sections 1131–1134m of Title 12, any regional agricultural credit corporation, or any bank for cooperatives, shall be or imprisoned not more than five years, or both; but if the value of such property does not exceed $1,000, he shall be or imprisoned not more than one year, or both.
History: (June 25, 1948, ch. 645, 62 Stat. 729 (PDF, 39 MB); May 24, 1949, ch. 139, §12, 63 Stat. 91 (PDF, 5.2 MB); Oct. 31, 1951, ch. 655, §21, 65 Stat. 718 (PDF, 4.2 MB); July 26, 1956, ch. 741, title I, §109, 70 Stat. 667 (PDF, 2.1 MB); Pub. L. 87–353, §3(r), Oct. 4, 1961, 75 Stat. 774; Pub. L. 101–624, title XXIII, §2303(e), Nov. 28, 1990, 104 Stat. 3981 (PDF, 110 MB); Pub. L. 103–322, title XXXIII, §§330004(7), 330016(1)(H), (K), Sept. 13, 1994, 108 Stat. 2141 (PDF, 52 MB), 2147; Pub. L. 104–294, title VI, §606(a), Oct. 11, 1996, 110 Stat. 3511; Pub. L. 106–78, title VII, §767, Oct. 22, 1999, 113 Stat. 1174.)
Simplified explanation
It is a federal crime to hide, remove, sell off, or take for oneself property that is pledged as security to (or held by) certain federal farm credit agencies, with intent to cheat.