12 U.S.C. § 582 — Receipt of United States or bank notes as collateral

FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER I—IN GENERAL

Receipt of United States or bank notes as collateral

12 U.S.C. § 582

ChapterSUBCHAPTER I—IN GENERAL

This text of 12 U.S.C. § 582 (Receipt of United States or bank notes as collateral) 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. § 582.

Text

No national banking association shall hereafter offer or receive United States notes or national-bank notes as security or as collateral security for any loan of money, or for a consideration agree to withhold the same from use, or offer or receive the custody or promise of custody of such notes as security, or as collateral security, or consideration for any loan of money. Any association offending against the provisions of this section shall be deemed guilty of a misdemeanor and shall be fined not more than $1,000 and a further sum equal to one-third of the money so loaned. The officer or officers of any association who shall make any such loan shall be liable for a further sum equal to one-quarter of the money loaned; and any fine or penalty incurred by a violation of this section shall

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No national banking association shall hereafter offer or receive United States notes or national-bank notes as security or as collateral security for any loan of money, or for a consideration agree to withhold the same from use, or offer or receive the custody or promise of custody of such notes as security, or as collateral security, or consideration for any loan of money. Any association offending against the provisions of this section shall be deemed guilty of a misdemeanor and shall be fined not more than $1,000 and a further sum equal to one-third of the money so loaned. The officer or officers of any association who shall make any such loan shall be liable for a further sum equal to one-quarter of the money loaned; and any fine or penalty incurred by a violation of this section shall be recoverable for the benefit of the party bringing such suit.

Source Credit

History

(R.S. §5207.)

Editorial Notes

Editorial Notes

Codification
R.S. §5207 derived from act Feb. 19, 1869, ch. 32, 15 Stat. 270.

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Bluebook (online)

12 U.S.C. § 582, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/582.