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12 U.S.C. § 582 — Receipt of United States or bank notes as collateral

submitted date unrecorded by Congress to r/title-12-BANKS-AND-BANKING · 150 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section addresses Receipt of United States or bank notes as collateral. It sets out the requirements, permissions, limits, or definitions stated in the section.

No national banking association must from now on offer or receive United States notes or national-bank notes as security or as collateral security for any loan of money, or for a consideration agree to withhold the same from use, or offer or receive the custody or promise of custody of such notes as security, or as collateral security, or consideration for any loan of money. Any association offending against the provisions of this section must be deemed guilty of a misdemeanor and must be fined not more than $1,000 and a further sum equal to one-third of the money so loaned. The officer or officers of any association who must make any such loan must be liable for a further sum equal to one-quarter of the money loaned; and any fine or penalty incurred by a violation of this section must be recoverable for the benefit of the party bringing such suit.
the actual law source: uscode.house.gov ↗public domain

No national banking association shall hereafter offer or receive United States notes or national-bank notes as security or as collateral security for any loan of money, or for a consideration agree to withhold the same from use, or offer or receive the custody or promise of custody of such notes as security, or as collateral security, or consideration for any loan of money. Any association offending against the provisions of this section shall be deemed guilty of a misdemeanor and shall be fined not more than $1,000 and a further sum equal to one-third of the money so loaned. The officer or officers of any association who shall make any such loan shall be liable for a further sum equal to one-quarter of the money loaned; and any fine or penalty incurred by a violation of this section shall be recoverable for the benefit of the party bringing such suit.

Source credit: (R.S. § 5207.)

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