FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER IX—POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Discount or purchase of bills to finance agricultural shipments
12 U.S.C. § 344
Title12 — Banks and Banking
ChapterSUBCHAPTER IX—POWERS AND DUTIES OF FEDERAL RESERVE BANKS
This text of 12 U.S.C. § 344 (Discount or purchase of bills to finance agricultural shipments) 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
12 U.S.C. § 344.
Text
Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, any Federal reserve bank may discount or purchase bills of exchange payable at sight or on demand which grow out of the domestic shipment or the exportation of nonperishable, readily marketable agricultural and other staples and are secured by bills of lading or other shipping documents conveying or securing title to such staples: Provided, That all such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made with reasonable promptness after the arrival of such staples at
Free access — add to your briefcase to read the full text and ask questions with AI
Related
Billings Utility Co. v. Advisory Committee
135 F.2d 108 (Eighth Circuit, 1943)
Source Credit
History
(Dec. 23, 1913, ch. 6, §13 (par.), as added Mar. 4, 1923, ch. 252, title IV, §402, 42 Stat. 1479; amended May 29, 1928, ch. 884, 45 Stat. 975; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704.)
Editorial Notes
Editorial Notes
Codification
Section is comprised of the fourth par. of section 13 of act Dec. 23, 1913, as amended. The act of Mar. 4, 1923, split the second par. of section 13, as amended in 1916 (39 Stat. 752), into two pars., the first of which constitutes the first par. of section 343 of this title and the second as this section, making it the third par. of section 13. However, the third par. became the fourth par. when act July 21, 1932, added a new par. to follow the second par. For further details, see Codification note set out under section 343 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title.
Amendments
1928—Act May 29, 1928, amended part of first sentence preceding proviso.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Codification
Section is comprised of the fourth par. of section 13 of act Dec. 23, 1913, as amended. The act of Mar. 4, 1923, split the second par. of section 13, as amended in 1916 (39 Stat. 752), into two pars., the first of which constitutes the first par. of section 343 of this title and the second as this section, making it the third par. of section 13. However, the third par. became the fourth par. when act July 21, 1932, added a new par. to follow the second par. For further details, see Codification note set out under section 343 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title.
Amendments
1928—Act May 29, 1928, amended part of first sentence preceding proviso.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Cite This Page — Counsel Stack
Bluebook (online)
12 U.S.C. § 344, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/344.