ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

12 U.S.C. § 415 — Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 100 words · no verdicts yet

in plain englishAI-generated · not legal advice

A Federal Reserve bank can lower its note debt. It does this by depositing its own notes with the Federal Reserve agent. It can also deposit gold certificates, Special Drawing Right certificates, or U.S. money. Deposited notes can't be reissued unless the bank meets the original issue rules. The debt also drops by what the bank pays the Treasury under the Old Series Currency Adjustment Act.

This section is one undivided provision, with no lettered subsections. A Federal Reserve bank can reduce how much it owes on the Federal Reserve notes it has put into circulation. It does this by depositing certain items with the Federal Reserve agent: its own Federal Reserve notes, gold certificates, Special Drawing Right certificates, or lawful money of the United States. This can happen at any time. Once Federal Reserve notes are deposited this way, the bank cannot put them back into circulation unless it follows the same conditions required for issuing brand-new notes in the first place. A Federal Reserve bank's debt for its outstanding notes is also reduced by any amount the bank pays to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act — a separate law dealing with older note series.
the actual law source: uscode.house.gov ↗public domain

Any Federal Reserve bank may at any time reduce its liability for outstanding Federal Reserve notes by depositing with the Federal Reserve agent its Federal Reserve notes, gold certificates, Special Drawing Right certificates, or lawful money of the United States. Federal Reserve notes so deposited shall not be reissued, except upon compliance with the conditions of an original issue. The liability of a Federal Reserve bank with respect to its outstanding Federal Reserve notes shall be reduced by an amount paid by such bank to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act.

Source credit: (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267; June 21, 1917, ch. 32, § 7, 40 Stat. 237; Jan. 30, 1934, ch. 6, § 2(b)(5), 48 Stat. 339; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 87–66, § 8(a), June 30, 1961, 75 Stat. 147; Pub. L. 90–269, § 5, Mar. 18, 1968, 82 Stat. 50; Pub. L. 90–349, § 5(b), June 19, 1968, 82 Stat. 189.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 267
  • 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 237
  • 1934Amended · Act of Jan. 30, 1934, ch. 6 · 48 Stat. 339
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1961Amended · Pub. L. 87-66 · 75 Stat. 147
  • 1968Amended · Pub. L. 90-269 · 82 Stat. 50
  • 1968Amended · Pub. L. 90-349 · 82 Stat. 189

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

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case