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12 U.S.C. § 32Liabilities and suits as affected by change of name or location

submitted 140 years ago by ch. 73 to r/title-12-BANKS-AND-BANKING · 56 words · no verdicts yet

in plain englishAI-generated · not legal advice

When a national bank changes its name or moves its location, this law says that change does not erase old debts or lawsuits. The bank stays liable under its old name, and any pending legal case continues.

This section protects people with claims against a national bank when the bank changes its name or its location under sections 30 and 31 of this title. It says nothing in those sections can be read to release the bank — under its old name or old location — from any liability it already had. It also says the change cannot affect any ongoing lawsuit or legal proceeding where the bank is, or becomes, a party or an interested party. In short, renaming or relocating a bank does not wipe out its past debts or interrupt cases already underway.
the actual law source: uscode.house.gov ↗public domain

Nothing contained in sections 30 and 31 of this title shall be so construed as in any manner to release any national banking association under its old name or at its old location from any liability, or affect any action or proceeding in law in which said association may be or become a party or interested.

Source credit: (May 1, 1886, ch. 73, § 4, 24 Stat. 19.)

history & why it existsrecord from the source credit
  • 1886Enacted · Act of May 1, 1886, ch. 73 · 24 Stat. 19

A history note hasn’t been published yet. The record shows enactment by ch. 73 on 1886-05-01.

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