Finance and Credit



Farmers must often borrow large amounts of capital and incur sizeable debts in order to operate and maintain their farming operations. Therefore, the complex network of state and federal statutes, regulations, case law, and lending institutions that comprise the area of farm credit is of increasing significance to those involved in all aspects agricultural production. Read the full overview.


Note: Recently added resources are posted at the top of the applicable sections.

Major Statutes

Agricultural Credit, 7 U.S.C. §§ 1921—2009ee-3
Farm Credit System, 12 U.S.C. §§ 2001—2279cc
Consolidated Farm and Rural Development Act, 7 U.S.C. §§ 1921–2009dd-7
State Agricultural Loan Mediation Programs, 7 U.S.C. §§ 5101–5106
Adjustment and Cancellation of Farm Loans, 12 U.S.C. §§ 1150–1150c
Agricultural Marketing Act, 12 U.S.C. §§ 1141–1141j
Regional Agricultural Credit Corporations, 12 U.S.C. §§ 1148–1148d
Local Agriculture-Credit Corporations, Livestock-Loan Companies and Like Organizations,12 U.S.C. §§ 1401–1404
Equal Credit Opportunity Act  (ECOA), 15 U.S.C. §§ 1691–1691f
Uniform Commercial Code
States’ Alternative Dispute Resolution (ADR) Statutes
Updated Compilation of States’ Statutory Agricultural Lien Charts


National Appeals Division, 7 C.F.R. pt. 11
Guaranteed Farm Loans, 7 C.F.R. pt. 762
Emergency Loans, 7 C.F.R. pt. 764
Assignment of Payments, 7 C.F.R. pt. 1404
Direct Operating Loans, 7 C.F.R. pt. 1941
Direct Farm Ownership Loans, 7 C.F.R. pt. 1943
Servicing and Collections, 7 C.F.R. pt. 1951
Property Management, 7 C.F.R. pt. 1955
Debt Settlement, 7 C.F.R. pt. 1956
Personal Property, 7 C.F.R. pt. 1962
Farm Credit Administration, 12 C.F.R. pts. 600-655
Farm Credit System Insurance Corporation, 12 C.F.R. pts. 1400-1403; 1408; 1410-1411
Federal Register Rules Open for Comment

Case Law

Case Law Index for Finance and Credit

Center Research Publications

Financing the Farm: A Law Bulleting Series on Legal Arrangements for Farm Financing (Kirk Hall & Bachelor, 2019)
Updated Statutory Agricultural Lien Charts (Springsteen & Fiser, 2009)
U.C.C. Forms and Filing Information (Springsteen, 2009)
2005 Commercial Law Update (Meyer, 2006)
The Farmer’s Legal Guide to Producer Marketing Associations (O’Brien, Hamilton & Luedeman, 2006)
Rabobank Offer to Purchase FCS of America (O’Brien, 2004)
Chapter 12 Bankruptcy: On Again, Off Again (Schneider, 2003)
Husband and Wife Farmers in Ag Bankruptcy: The “Tools of the Trade” Exemption (Pittman, 2002)
Enforcement of Money Judgments Across Indian Reservation Boundaries (Laurence, 2002)
Statutory Ag Liens Under Revised Article 9 (Schneider, 2002)

Congressional Research Service Reports

Reports– published and made available by CRS beginning in 2017
Subjects- published by CRS and made available by NALC until 2018:

Finance and Credit
Federal Loan Programs

2018 Farm Bill Primer: Rural Development Programs (IF11225, Cowan)
Rural Development Provisions in the 2018 Farm Bill (P.L. 115-334) (R46235, Casey)
COVID-19 and USDA Farm Loan Flexibilities (IN11415, Monke)
Farmer Mac and Its Board Members (IF11595, Monke)

Agricultural Law Bibliography

Introduction   |   Keyword Search   |   Browse Categories

Legal publications on Finance & Credit:

Federal Loan Programs (Farmers Home Administration/Farm Service Agency)
Finance and Credit
Land Sales/Real Estate Finance, Mortgages/Foreclosures
Leases, Landlord-Tenant
Uniform Commercial Code

Reference Resources

Farm Credit System

Farm Credit Services
Farm Credit: Community Engagement
Young and Beginning Farmers
Farmer Veterans
Local and Regional Food Systems
Opportunity in Ag
Rural Communities
Federal Farm Credit Banks Funding Corporation

Farm Service Agency (FSA)

Farm Service Agency Farm Loans Program Homepage
FSA Direct Loan Program Information Sheet
Guaranteed Loans
FSA Guaranteed Loan Program Information Sheet
Lender Types
Fact Sheet: Socially Disadvantaged Farmers and Ranchers
Beginning Farmer and Rancher Loans
Fact Sheet: Loans for Beginning Farmers and Ranchers
FSA Handbook for Farm Loan Programs
General Program Administration
Guaranteed Loan Making and Servicing
Direct Loanmaking
Regular Direct Loan Servicing
Direct Loan Servicing – Special and Inventory Property Management
Special Programs
Farm Loan Analysis Group
Sign Up for Notices

Economic Research Service (ERS)

Topics: Risk Management
Agricultural Income and Finance Situation and Outlook
Publication: The Debt Finance Landscape for U.S. Farming and Farm Businesses (Harris et al., 2009)
Credit in Rural America (1997)
Issues in Agricultural and Rural Finance (1998)

Congressional Resources

Reports on Ag Credit (General Accounting Office, GAO)
Reports on Farm Finance (GAO)
Reports on Farm Credit System (GAO)
Reports on Farm Service Agency (GAO)

Other Federal Resources

Farm Credit Administration
Federal Reserve AgLetter
Farmer Mac (Federal Agricultural Mortgage Corporation)
Farm Credit Administration Office of General Counsel Legal Opinion Summaries
Office of Civil Rights


A Guide to Borrower Litigation Against the FCS and the Rights of FCS Borrowers (1990)
Agricultural Lending- Version 1.3 (Office of the Comptroller of the Currency, Updated 2018)
2017 Annual Report on the Farm Credit System (FCS, 2018)
Overview of Financial Systems for New and Beginning Farmers (Virginia Tech, 2016)
Leverage of U.S. Farmers: A Deeper Perspective (Ellinger et al., 2016)
Farm Debt Use by Farms with Crop Insurance (Ifft et al., 2013)
Debt, Income, and Farm Financial Stress (Federal Reserve Bank of Kansas City, 2010)
The Farm Credit System (American Bank Association, Ely 2006)
Trends in Agricultural Finance (Kaiser & Ormison, 2016)
Ag Bankruptcies (Massouh, 2016)
Update on the Sec. 1031 AND Sec. 1033 Like Kind Exchanges in Agriculture (Rattikin, 2017)
Farmer’s Guide to the Farm Service Agency Microloan Program (FLAG, 2014)
Agricultural Handbook, ch. 3 (FDIC 2014)
A Quick Guide to Understanding “Farm Filings” (CSC 2014)
Farm Collateral Under the UCC: “Those Some Mighty Tall Silos, Ain’t They Fella?” (Miller, 1975)
Farmer’s Guide to Disaster Assistance (FLAG, 2008)
Bankruptcy Reform: Changes to Chapter 12 – Family Farmer Reorganization (FLAG, 2005)
Making the Most of Your Milk Check: What Dairy Farmers Need to know About Assignments (FLAG, 2005)
Managing Debt to Prepare for Farm Transfer (FLAG, 2006)
Rights of Farmers in Failed Grain Elevators (McEowen & Harl, 2000)

Additional Resources

Finance & Credit Posts (Ag & Food Law Blog)
Farmdoc – Finance (U. IL – Urbana)
American Bankers Association Agricultural and Rural Bankers Committee
Ten Tips for Tough Times in Farming (MSU, 2017)
2017 Farm Bank Performance Report (American Bankers Association)
Ag Risk + Farm Management Library (U. MN.)