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12 U.S.C. § 121a — Redemption of notes unidentifiable as to bank of issue

submitted 93 years ago by ch. 62 to r/title-12-BANKS-AND-BANKING · 62 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. Treasurer can redeem old Federal Reserve notes even without knowing which bank issued them. This applies to Federal Reserve bank notes and Federal Reserve notes people bring in for redemption. The Secretary of the Treasury sets the rules for how this works.

If someone brings Federal Reserve bank notes or Federal Reserve notes to the U.S. Treasurer to be redeemed, but the notes can't be identified as coming from a specific issuing bank, the Treasurer may still redeem them. The Secretary of the Treasury decides the rules and regulations that govern how this redemption works.
the actual law source: uscode.house.gov ↗public domain

Whenever any Federal Reserve bank notes or Federal Reserve notes are presented to the Treasurer of the United States for redemption and such notes cannot be identified as to the bank of issue or the bank through which issued, the Treasurer of the United States may redeem such notes under such rules and regulations as the Secretary of the Treasury may prescribe.

Source credit: (June 13, 1933, ch. 62, § 1, 48 Stat. 127; Pub. L. 89–427, § 4(a), May 20, 1966, 80 Stat. 161; Pub. L. 103–325, title VI, § 602(g)(8)(A), Sept. 23, 1994, 108 Stat. 2294.)

history & why it existsrecord from the source credit
  • 1933Enacted · Act of June 13, 1933, ch. 62 · 48 Stat. 127
  • 1966Amended · Pub. L. 89-427 · 80 Stat. 161
  • 1994Amended · Pub. L. 103-325 · 108 Stat. 2294

A history note hasn’t been published yet. The record shows enactment by ch. 62 on 1933-06-13.

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