Title 12 — Banks and Banking
Part G · Chapter 23 — Farm Credit System
§ 2219b. Application of uninsured accounts
Statutory text
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 ), 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.
Regulations
The Farm Credit Administration shall promulgate regulations—
that define the term “uninsured voluntary or involuntary account”; and
to otherwise effectively carry out this section.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Farm Credit Act of 1971
Pub. L. 92–181 title IV § 4 · 85 Stat. 583
Enacted · 12 U.S.C. § 2219b
(Pub. L. 92–181, title IV, § 4.37, as added Pub. L. 100–233, title I, § 110, Jan. 6, 1988, 101 Stat. 1585.)
Source evidence
Code source credit
(Pub. L. 92–181, title IV, § 4.37, as added Pub. L. 100–233, title I, § 110, Jan. 6, 1988, 101 Stat. 1585.)Enacted provision · exact public law section
(4) Sue and be sued.
1 of 1 references resolved to an enrolled provision
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.
Credits
(Pub. L. 92–181, title IV, § 4.37, as added Pub. L. 100–233, title I, § 110, , 101 Stat. 1585.)