# 12 C.F.R. § 615.5455 (2026): Obligations of the Farm Credit banks and the Funding Corporation; no adverse claims > Federal · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/CFR_T12_P615_S615_5455 ## Section - **Citation:** 12 C.F.R. § 615.5455 (2026) - **Heading:** Obligations of the Farm Credit banks and the Funding Corporation; no adverse claims - **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 / § 615.5455: § 615.5455 Obligations of the Farm Credit banks and the Funding Corporation › no adverse claims. ## Text (a) Except in the case of a security interest in favor of the United States or a Federal Reserve Bank or otherwise as provided in § 615.5454(c)(1), for the purposes of this subpart O, the Farm Credit banks, the Funding Corporation and the Federal Reserve Banks shall treat the participant to whose securities account an interest in a book-entry security has been credited as the person exclusively entitled to issue a transfer message, to receive interest and other payments with respect thereof and otherwise to exercise all the rights and powers with respect to such security, notwithstanding any information or notice to the contrary. The Federal Reserve Banks, the Farm Credit banks, and the Funding Corporation are not liable to a person asserting or having an adverse claim to a security entitlement or to a book-entry security in a participant's securities account, including any such claim arising as a result of the transfer or disposition of a book-entry security by a Federal Reserve Bank pursuant to a transfer message that the Federal Reserve Bank reasonably believes to be genuine. (b) The obligation of the Farm Credit banks and the Funding Corporation to make payments (including payments of interest and principal) with respect to book-entry securities is discharged at the time payment in the appropriate amount is made as follows: (1) Interest or other payments on book-entry securities are either credited by a Federal Reserve Bank to a funds account maintained at the Federal Reserve Bank or otherwise paid as directed by the participant. poration to make payments (including payments of interest and principal) with respect to book-entry securities is discharged at the time payment in the appropriate amount is made as follows: (1) Interest or other payments on book-entry securities are either credited by a Federal Reserve Bank to a funds account maintained at the Federal Reserve Bank or otherwise paid as directed by the participant. (2) Book-entry securities are redeemed in accordance with their terms by a Federal Reserve Bank withdrawing the securities from the participant's securities account in which they are maintained and by either crediting the amount of the redemption proceeds, including both principal and interest, where applicable, to a funds account at the Federal Reserve Bank or otherwise paying such principal and interest as directed by the participant. No action by the participant is required in connection with the redemption of a book-entry security. [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_5455. 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