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Type: Statute
Statute: 1971 ACT AS AMENDED
Title: Title IV Provisions Applicable to Two or More Classes of Institutions of the System
Part: Part G Miscellaneous
Subtitle:
Chapter Name:
U.S. Code Citation: 12 U.S.C. 2219b


12 U.S.C. 2219b SEC. 4.37. 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 the date of the enactment of this section), 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 the section.

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