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e-CFR data is current as of July 14, 2020

Title 7Subtitle BChapter XVIIISubchapter HPart 1902Subpart A → Appendix


Title 7: Agriculture
PART 1902—SUPERVISED BANK ACCOUNTS
Subpart A—Supervised Bank Accounts of Loan, Grant, and Other Funds


Exhibit B to Subpart A of Part 1902—United States Department of Agriculture, Farmers Home Administration or Its Successor Agency Under Public Law 103-354—Interest-Bearing Deposit Agreement

BECAUSE certain funds of _____ referred to as the “Depositor,” are now on deposit with the _____, referred to as the “Financial Institution,” under a Deposit Agreement, dated ___________, 20__, providing for supervision by the United States of America, acting through the Farmers Home Administration or its successor agency under Public Law 103-354, referred to as the “Government,” which Deposit Agreement grants to the Government security and/or other interest in the funds covered by that Deposit Agreement, and

BECAUSE certain of these funds are not now required for immediate disbursement and it is the desire of the Depositor to place these funds in interest-bearing deposits with the Financial Institution:

THEREFORE, the Depositor and the Government authorize and direct the Financial Institution to place ____ Dollars ($____) of the funds subject to that Deposit Agreement in interest-bearing deposits as follows:

____ for a period of _____ months at _____% interest.

____ for a period of _____ months at _____% interest.

____ for a period of _____ months at _____% interest.

These interest-bearing deposits and the income earned on them at all times shall be considered a part of the account covered by said Deposit Agreement except that the right of the Depositor and the Government to jointly withdraw all or a portion of the funds in the account covered by the Deposit Agreement by an order of the Depositor countersigned by a representative of the Government, and the right of the Government to make written demand for the balance or any portion of the balance, is modified by the above time deposit maturity schedule. The evidence of such time deposits shall be issued in the names of the Depositor and the Farmers Home Administration or its successor agency under Public Law 103-354.

A copy of this Agreement shall be attached to and become a part of each certificate, passbook, or other evidence of deposit that may be issued to represent such interest-bearing deposits.

Executed this _______ day of _______, 20__.

UNITED STATES OF AMERICA

By:

County Supervisor

Farmers Home Administration or its successor agency under Public Law 103-354

U.S. Department of Agriculture

 

(Depositor)

By:
Title:

Accepted on the above terms and conditions this ______ day of ________, 20__.

 

(Financial Institution)

 

(Office or Branch)

By:
Title:

[53 FR 35671, Sept. 14, 1988, as amended at 55 FR 21524, May 25, 1990; 70 FR 59228, Oct. 12, 2005]

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