12 U.S.C. § 633 — Potential liability on foreign accounts
submitted 113 years ago by Pub. L. 103-325 to r/title-12-BANKS-AND-BANKING · 106 words · no verdicts yet
This section excuses a member bank from repaying certain deposits made at its foreign branch when the branch cannot repay because of war, civil disorder, or foreign-government action. The exception does not apply if the bank agreed in writing to repay in those circumstances.
(a) Exceptions from repayment requirement. A member bank does not have to repay a deposit made at its foreign branch if the branch cannot repay it because of (1) war, insurrection, or civil strife, or (2) an action by a foreign government or instrumentality, whether legally or practically established, in the country where the branch is located. This exception does not apply if the member bank expressly agreed in writing to repay the deposit in those circumstances.
(b) Regulations. The Board and the Comptroller of the Currency may jointly issue regulations they consider necessary to carry out this section.
A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to—
an act of war, insurrection, or civil strife; or
an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located;
unless the member bank has expressly agreed in writing to repay the deposit under those circumstances.
The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.
Source credit: (Dec. 23, 1913, ch. 6, § 25C, as added Pub. L. 103–325, title III, § 326(a), Sept. 23, 1994, 108 Stat. 2229.)
- 1913Enacted · Pub. L. 103-325 · 108 Stat. 2229
A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-325 on 1913-12-23.
all 0 arguments · sorted by: best
no arguments yet — make the first case