Supervised Bank Account Law and Legal Definition

According to 7 CFR 761.2 [Title 7 – Agriculture, Subtitle B - Regulations of the Department of Agriculture, Chapter VII - Farm Service Agency, Department of Agriculture, Subchapter D - Special Programs, Part 761 - General Program Administration, Subpart A - General Provisions], supervised bank account is “an account with a financial institution established through a deposit agreement entered into between the borrower, the Agency, and the financial institution.”