12 U.S.C. § 2219b

Current through P.L. 118-59 (published on www.congress.gov on 05/07/2024)

Section 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.

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.

EDITORIAL NOTES

CODIFICATIONAnother section 4.37 of Pub. L. 92-181 was renumbered section 4.38 and is classified to section 2219c of this title.

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.