12 U.S.C. § 2219b — Application of uninsured accounts

submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 107 words · no verdicts yet

in plain englishAI-generated · not legal advice

Application of uninsured accounts. 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 that other accounts known as “advanced payment accounts” or “future prepayment accounts” must, in the event the institution is placed in liquidation, be immediately applied as payment against the indebtedness of any outstanding loans of that borrower.

(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 that other accounts known as “advanced payment accounts” or “future prepayment accounts” must, in the event the institution is placed in liquidation, be immediately applied as payment against the indebtedness of any outstanding loans of that borrower. (b) Regulations The Farm Credit Administration must promulgate regulations— (1) that define the term “uninsured voluntary or involuntary account”; and (2) to otherwise effectively carry out this section.

the actual law source: uscode.house.gov ↗public domain

(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.

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.)

history & why it existsrecord from the source credit

1988Enacted · Pub. L. 92-181 · 101 Stat. 1585

A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.

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