§ 2219b - Application of uninsured accounts

CHAPTER 23— FARM CREDIT SYSTEM › SUBCHAPTER IV— PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM

(a) 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) The Farm Credit Administration shall promulgate regulations—

(b)(1) that define the term “uninsured voluntary or involuntary account”; and

(b)(2) to otherwise effectively carry out this section.

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.