APPLICATION OF UNINSURED ACCOUNTS.

SEC. 110. APPLICATION OF UNINSURED ACCOUNTS. Part F of title IV (12 U.S.C. 2219 et seq.) is amended by adding at the end thereof the following new section: “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 liouidation, 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.”.