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12 U.S.C. § 2282Definitions

submitted 53 years ago by Pub. L. 93-224 to r/title-12-BANKS-AND-BANKING · 154 words · no verdicts yet

in plain englishAI-generated · not legal advice

This chapter defines Federal agency, obligation, guarantee, and Bank.

For this chapter: (1) “Federal agency” means an executive department, independent Federal establishment, or congressional corporation or other entity wholly or partly owned by the United States. (2) “Obligation” means a note, bond, debenture, or other evidence of debt, but not a Federal Reserve note or stock showing an ownership interest in the issuing agency. (3) “Guarantee” means a guarantee, insurance, or other pledge for paying all or part of an obligation’s principal or interest, but not deposit, share, or withdrawable-account insurance or a guarantee or pledge arising from a statutory duty to insure them. (4) “Bank” means the Federal Financing Bank established by section 2283.
the actual law source: uscode.house.gov ↗public domain

For the purposes of this chapter—

(1)

The term “Federal agency” means an executive department, an independent Federal establishment, or a corporation or other entity established by the Congress which is owned in whole or in part by the United States.

(2)

The term “obligation” means any note, bond, debenture, or other evidence of indebtedness, but does not include Federal Reserve notes or stock evidencing an ownership interest in the issuing Federal agency.

(3)

The term “guarantee” means any guarantee, insurance, or other pledge with respect to the payment of all or part of the principal or interest on any obligation, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions, or any guarantee or pledge arising out of a statutory obligation to insure such deposits, shares, or other withdrawable accounts.

(4)

The term “Bank” means the Federal Financing Bank established by section 2283 of this title.

Source credit: (Pub. L. 93–224, § 3, Dec. 29, 1973, 87 Stat. 937.)

history & why it existsrecord from the source credit
  • 1973Enacted · Pub. L. 93-224 · 87 Stat. 937

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-224 on 1973-12-29.

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