31 U.S.C. § 3714 — Keeping money due States in default

FEDERAL · 31 U.S.C. · Chapter 37

Keeping money due States in default

Current through Pub. L. 119-102

Title 31 — Money and Finance·Ch. 37 — CLAIMS·Subch. II

The Secretary of the Treasury shall keep the necessary amount of money the United States Government owes a State when the State defaults in paying principal or interest on investments in stocks or bonds the State issues or guarantees and that the Government holds in trust. The money shall be used to pay the principal or interest or reimburse, with interest, money the Government advanced for interest due on the stocks or bonds.

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The Secretary of the Treasury shall keep the necessary amount of money the United States Government owes a State when the State defaults in paying principal or interest on investments in stocks or bonds the State issues or guarantees and that the Government holds in trust. The money shall be used to pay the principal or interest or reimburse, with interest, money the Government advanced for interest due on the stocks or bonds.

31 U.S.C. § 3714 (Keeping money due States in default) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 972.)

Editorial Notes

The word "amount" is substituted for "whole, or so much thereof" for clarity. The word "owes" is substituted for "due on any account from the . . . to" to eliminate unnecessary words. The words "or either" and "thereon" are omitted as surplus.