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38 U.S.C. § 6101 — Misappropriation by fiduciaries

submitted 68 years ago by Pub. L. 85-857 to r/title-38-VETERANS-BENEFITS · 150 words · no verdicts yet

in plain englishAI-generated · not legal advice

A fiduciary who unlawfully misuses money or property held for a beneficiary under laws administered by the Secretary may be fined, imprisoned for up to five years, or both. Willfully refusing required accountings or reports is prima facie evidence of that misuse.

(a) A fiduciary for a minor, incompetent person, or other beneficiary under laws administered by the Secretary who, without legal authorization, lends, borrows, pledges, hypothecates, uses, exchanges for other funds or property, embezzles, or otherwise misappropriates money or property that came under the fiduciary’s control through the trust or office or service as fiduciary, may be fined under title 18, imprisoned for up to 5 years, or both. (b) Willfully neglecting or refusing to make and file proper accountings or reports about that money or property when law requires it is prima facie evidence of embezzlement or misappropriation.

the actual law source: uscode.house.gov ↗public domain
(a)

Whoever, being a fiduciary (as defined in section 5506 of this title) for the benefit of a minor, incompetent, or other beneficiary under laws administered by the Secretary, shall lend, borrow, pledge, hypothecate, use, or exchange for other funds or property, except as authorized by law, or embezzle or in any manner misappropriate any such money or property derived therefrom in whole or in part and coming into such fiduciary’s control in any manner whatever in the execution of such fiduciary’s trust, or under color of such fiduciary’s office or service as such fiduciary, shall be fined in accordance with title 18, or imprisoned not more than five years, or both.

(b)

Any willful neglect or refusal to make and file proper accountings or reports concerning such money or property as required by law shall be taken to be sufficient evidence prima facie of such embezzlement or misappropriation.

Source credit: (Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1239, § 3501; Pub. L. 99–576, title VII, § 701(82), Oct. 28, 1986, 100 Stat. 3298; renumbered § 6101, Pub. L. 102–40, title IV, § 402(b)(1), May 7, 1991, 105 Stat. 238; Pub. L. 102–54, § 14(d)(7), June 13, 1991, 105 Stat. 286; Pub. L. 102–83, § 4(a)(1), Aug. 6, 1991, 105 Stat. 403; Pub. L. 103–446, title XII, § 1201(e)(17), Nov. 2, 1994, 108 Stat. 4686; Pub. L. 108–454, title V, § 501(c), Dec. 10, 2004, 118 Stat. 3618.)

history & why it existsrecord from the source credit
  • 1958Enacted · Pub. L. 85-857 · 72 Stat. 1239
  • 1986Amended · Pub. L. 99-576 · 100 Stat. 3298
  • 1991Amended · Pub. L. 102-40 · 105 Stat. 238
  • 1991Amended · Pub. L. 102-54 · 105 Stat. 286
  • 1991Amended · Pub. L. 102-83 · 105 Stat. 403
  • 1994Amended · Pub. L. 103-446 · 108 Stat. 4686
  • 2004Amended · Pub. L. 108-454 · 118 Stat. 3618

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-857 on 1958-09-02.

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