FCSIC as receiver.

CFR · 2024-01-01 · US · Title 12

(a) (2) Upon appointing FCSIC as the receiver of an institution, the Chairman of the Farm Credit Administration shall immediately notify such institution and, in the case of an association, its funding bank. The Farm Credit Administration will immediately publish notice of the appointment of the receiver in the (b) (c) (2) The Farm Credit Administration Board simultaneously will cancel the charter of the institution when it appoints FCSIC as receiver. (d) (1) Such accounts ceased earning interest from the date the Farm Credit Administration Board placed the institution into receivership; and (2) FCSIC, as receiver, will immediately apply the funds in a borrower's uninsured account(s) as payment against the outstanding balance of the borrower's loan(s). (e)

official document · source cfr-2024 · id 12:§ 627.20