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

FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER IV—PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM

Application of uninsured accounts

12 U.S.C. § 2219b

ChapterSUBCHAPTER IV—PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM

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This text of 12 U.S.C. § 2219b (Application of uninsured accounts) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

12 U.S.C. § 2219b.

Text

(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.

Source Credit

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.

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Bluebook (online)

12 U.S.C. § 2219b, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/2219b.