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12 U.S.C. § 346 — Discount of acceptances

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 99 words · no verdicts yet

in plain englishAI-generated · not legal advice

A Federal Reserve bank may discount short-term acceptances, maturing in 90 days or less. At least one member bank must have endorsed the acceptance. Farm-related acceptances secured by warehouse receipts for staples get up to six months to mature instead.

Any Federal Reserve bank may discount acceptances that mature within ninety days of being discounted (not counting days of grace), as long as at least one member bank has endorsed them. There is an exception: if an acceptance was made for an agricultural purpose and, at the time of acceptance, was secured by warehouse receipts or similar documents giving or securing title to easily-sold staple goods, it may be discounted even if it matures up to six months from the time of discount, not counting days of grace.
the actual law source: uscode.house.gov ↗public domain

Any Federal reserve bank may discount acceptances of the kinds hereinafter described, which have a maturity at the time of discount of not more than ninety days’ sight, exclusive of days of grace, and which are indorsed by at least one member bank: Provided, That such acceptances if drawn for an agricultural purpose and secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with a maturity at the time of discount of not more than six months’ sight exclusive of days of grace.

Source credit: (Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Mar. 4, 1923, ch. 252, title IV, § 403, 42 Stat. 1479.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 264
  • 1915Amended · Act of Mar. 3, 1915, ch. 93 · 38 Stat. 958
  • 1916Amended · Act of Sept. 7, 1916, ch. 461 · 39 Stat. 752
  • 1923Amended · Act of Mar. 4, 1923, ch. 252 · 42 Stat. 1479

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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