31 CFR § 240.18

31 CFR · Money and Finance: Treasury

§ 240.18 — Lack of authority to shift liability.

31 CFR § 240.18

TitleTitle 31: Money and Finance: Treasury PartPart 240: Indorsement and Payment of Checks Drawn on the United States Treasury

SourceeCFR (current through Mar 30, 2026)

This text of 31 C.F.R. § 240.18 (Lack of authority to shift liability.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

31 C.F.R. § 240.18 (2026).

Text

§ 240.18 Lack of authority to shift liability.

(a)This part neither authorizes nor directs a financial institution to debit the account of any person or to deposit any funds from any account into a suspense account or escrow account or the equivalent. Nothing in this part shall be construed to affect a financial institution's contract with its depositor(s) under authority of state law.

(b)A financial institution's liability under this part is not affected by any action taken by it to recover from any person the amount of the financial institution's liability to the Treasury.

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§ 240.18 Lack of authority to shift liability.

(a) This part neither authorizes nor directs a financial institution to debit the account of any person or to deposit any funds from any account into a suspense account or escrow account or the equivalent. Nothing in this part shall be construed to affect a financial institution's contract with its depositor(s) under authority of state law.

(b) A financial institution's liability under this part is not affected by any action taken by it to recover from any person the amount of the financial institution's liability to the Treasury.