---
kind: "section"
citation: "12 U.S.C. § 2159"
title: "12"
title_heading: "Banks and Banking"
number: "2159"
heading: "Purchase and sale of obligations"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2159"
units:
  - "Chapter 23 — Farm Credit System"
  - "Subchapter IV — Provisions Applicable to Two or More Classes of Institutions of the System"
  - "Part A — Funding"
---

# §2159. Purchase and sale of obligations


Each bank of the System may purchase its own obligations and the obligations of other banks of the System and may provide for the sale of obligations issued by it, consolidated obligations, or Systemwide obligations through a fiscal agent or agents, by negotiation, offer, bid, syndicate sale, and to deliver such obligations by book entry, wire transfer, or such other means as may be appropriate.


## Source credit

(Pub. L. 92–181, title IV, § 4.8, Dec. 10, 1971, 85 Stat. 612; Pub. L. 99–509, title I, § 1034, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–233, title II, § 205(a), Jan. 6, 1988, 101 Stat. 1607; Pub. L. 115–334, title V, § 5411(18), Dec. 20, 2018, 132 Stat. 4680.)

## Notes

### Editorial Notes

### Amendments

2018—Pub. L. 115–334 struck out subsec. (a) designation before “Each bank” and struck out subsec. (b) which described conditions under which each bank of the System could reduce the cost of its borrowings and amortize certain capitalizations through Dec. 31, 1992.

1988—Subsec. (b). Pub. L. 100–233 substituted “December 31, 1992” for “December 31, 1988” in two places.

1986—Pub. L. 99–509 designated existing provisions as subsec. (a) and added subsec. (b).