12 U.S.C. § 2219b — Application of uninsured accounts

FEDERAL · 12 U.S.C. · Chapter 23

Application of uninsured accounts

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 23 — FARM CREDIT SYSTEM·Subch. IV·Pt. G

(a)In general Money of a borrower held by a Farm Credit System institution in an uninsured voluntary or involuntary account as authorized under regulations issued by the Farm Credit Administration (as in effect immediately before January 6, 1988), including all such other accounts known as "advanced payment accounts" or "future prepayment accounts" shall, in the event the institution is placed in liquidation, be immediately applied as payment against the indebtedness of any outstanding loans of such borrower.

(b)Regulations The Farm Credit Administration shall promulgate regulations—

(1)that define the term "uninsured voluntary or involuntary account"; and

(2)to otherwise effectively carry out this section.

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(a) In general
Money of a borrower held by a Farm Credit System institution in an uninsured voluntary or involuntary account as authorized under regulations issued by the Farm Credit Administration (as in effect immediately before January 6, 1988), including all such other accounts known as "advanced payment accounts" or "future prepayment accounts" shall, in the event the institution is placed in liquidation, be immediately applied as payment against the indebtedness of any outstanding loans of such borrower.
(b) Regulations
The Farm Credit Administration shall promulgate regulations—
(1) that define the term "uninsured voluntary or involuntary account"; and
(2) to otherwise effectively carry out this section.

12 U.S.C. § 2219b (Application of uninsured accounts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 92–181, title IV, §4.37, as added Pub. L. 100–233, title I, §110, Jan. 6, 1988, 101 Stat. 1585.)

Editorial Notes

Editorial Notes

Codification
Another section 4.37 of Pub. L. 92–181 was renumbered section 4.38 and is classified to section 2219c of this title.