12 USC 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.
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
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.