Us Code § 2219b - Application of uninsured accounts
Full text of Us Code United States Code § 2219b — Application of uninsured accounts, with citation guidance and answers to common questions.
§ 2219b. Application of uninsured accounts
(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.
(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
Codification
Another section 4.37 of Pub. L. 92–181 was renumbered section 4.38 and is classified to section 2219c of this title.
About This Section
12 U.S.C. § 2219b is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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