# 12 C.F.R. § 615.5452 (2026): Law governing rights and obligations of Federal Reserve Banks, Farm Credit banks, and Funding Corporation; rights of any person against Federal Reserve Banks, Farm Credit banks, and Funding Corporation > Federal · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5452 ## Section - **Citation:** 12 C.F.R. § 615.5452 (2026) - **Heading:** Law governing rights and obligations of Federal Reserve Banks, Farm Credit banks, and Funding Corporation; rights of any person against Federal Reserve Banks, Farm Credit banks, and Funding Corporation - **Jurisdiction:** Federal - **Kind:** Regulations - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Title 12 CFR: Banks and Banking / Chapter VI: FARM CREDIT ADMINISTRATION / Part 615: FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS / Subpart O: Book-Entry Procedures for Farm Credit Securities / § 615.5452: § 615.5452 Law governing rights and obligations of Federal Reserve Banks, Farm Credit banks, and Funding Corporation › rights of any person against Federal Reserve Banks, Farm Credit banks, and Funding Corporation. ## Text (a) Except as provided in paragraph (b) of this section, the following are governed solely by the regulations contained in this subpart O, the securities documentation, and Federal Reserve Bank Operating Circulars: (1) The rights and obligations of the Farm Credit banks, the Funding Corporation, and the Federal Reserve Banks with respect to: (i) A book-entry security or security entitlement, and (ii) The operation of the Book-entry System as it applies to Farm Credit securities; and (2) The rights of any person, including a participant, against the Farm Credit banks, the Funding Corporation, and the Federal Reserve Banks with respect to: (i) A book-entry security or security entitlement, and (ii) The operation of the Book-entry System as it applies to Farm Credit securities. (b) A security interest in a security entitlement that is in favor of a Federal Reserve Bank from a participant and that is not recorded on the books of a Federal Reserve Bank pursuant to § 615.5454(c)(1) of this subpart, is governed by the law (not including the conflict-of-law rules) of the jurisdiction where the head office of the Federal Reserve Bank maintaining the participant's securities account is located. A security interest in a security entitlement that is in favor of a Federal Reserve Bank from a person that is not a participant, and that is not recorded on the books of a Federal Reserve Bank pursuant to § 615.5454(c)(1)of this subpart, is governed by the law determined in the manner specified in § 615.5453 of this subpart. (c) If the jurisdiction specified in the first sentence of paragraph (b) of this section is a State that has not adopted revised Article 8 (see 31 CFR 357.2) then the law specified in paragraph (b) of this section shall be the law of that State as though revised Article 8 had been adopted by that State. [61 FR 67192, Dec. 20, 1996, as amended at 62 FR 53229, Oct. 14, 1997] ## Nearby sections - [12 C.F.R. § 615.5450 (2026) § 615.5450 Definitions.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5450.md) - [12 C.F.R. § 615.5451 (2026) § 615.5451 Book-entry and definitive securities.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5451.md) - [12 C.F.R. § 615.5452 (2026) § 615.5452 Law governing rights and obligations of Federal Reserve Banks, Farm Credit banks, and Funding Corporation; rights of any person against Federal Reserve Banks, Farm Credit banks, and Funding Corporation.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5452.md) - [12 C.F.R. § 615.5453 (2026) § 615.5453 Law governing other interests.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5453.md) - [12 C.F.R. § 615.5454 (2026) § 615.5454 Creation of participant's security entitlement; security interests.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5454.md) - [12 C.F.R. § 615.5455 (2026) § 615.5455 Obligations of the Farm Credit banks and the Funding Corporation; no adverse claims.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5455.md) - [12 C.F.R. § 615.5456 (2026) § 615.5456 Authority of Federal Reserve Banks.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5456.md) - [12 C.F.R. § 615.5457 (2026) § 615.5457 Withdrawal of eligible book-entry securities for conversion to definitive form.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5457.md) - [12 C.F.R. § 615.5458 (2026) § 615.5458 Waiver of regulations.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5458.md) - [12 C.F.R. § 615.5459 (2026) § 615.5459 Liability of Farm Credit banks, Funding Corporation and Federal Reserve Banks.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5459.md) - [12 C.F.R. § 615.5460 (2026) § 615.5460 Additional provisions.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5460.md) - [12 C.F.R. § 615.5461 (2026) § 615.5461 Lost, stolen, destroyed, mutilated or defaced Farm Credit securities, including coupons.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5461.md) - [12 C.F.R. § 615.5462 (2026) § 615.5462 Restrictive endorsement of bearer securities.](https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5462.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5452. 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