Title 12 — Banks and BankingRelease 119-73not60
§2219b Application of Uninsured Accounts
Title 12 › Chapter 23— FARM CREDIT SYSTEM › Subchapter IV— PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM › Part G— Miscellaneous › § 2219b
Summary
On liquidation, money a borrower has in uninsured accounts that were allowed under Farm Credit Administration rules immediately before January 6, 1988 must be used to pay the borrower's loans. The Farm Credit Administration must define "uninsured voluntary or involuntary account" and make rules to carry out this requirement.
Full Legal Text
Title 12, §2219b
Banks and Banking — Source: USLM XML via OLRC
(a)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)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.
Legislative History
Notes & Related Subsidiaries
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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2219b
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60