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18 U.S.C. § 335Circulation of obligations of expired corporations

submitted 78 years ago by ch. 645 to r/title-18-CRIMES-AND-CRIMINAL-PROCEDURE · 120 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law makes it a crime to keep circulating a defunct corporation's notes, checks, or other paper money-like documents. It applies to that corporation's directors, officers, agents, trustees, or anyone holding its property to pay off its debts. Breaking this law can mean a fine, up to five years in prison, or both.

This law targets people connected to a corporation that Congress created by law, but whose charter has since expired. It covers directors, officers, or agents of that corporation, any trustee handling its affairs, an agent of that trustee, or anyone holding the corporation's property in order to pay off or redeem its old notes and debts. If any of these people knowingly issue, reissue, or otherwise put into circulation a bill, note, check, draft, or other paper that looks like it was created by the expired corporation — or by one of its officers, or under its authority — they have broken this law. It doesn't matter whether they create a brand-new document or just recirculate an old one; what matters is that they know what they're doing. Anyone who violates this law can be fined under this title, imprisoned for up to five years, or both.
the actual law source: uscode.house.gov ↗public domain

Whoever, being a director, officer, or agent of a corporation created by Act of Congress, the charter of which has expired, or trustee thereof, or an agent of such trustee, or a person having in his possession or under his control the property of such corporation for the purpose of paying or redeeming its notes and obligations, knowingly issues, reissues, or utters as money, or in any other way knowingly puts in circulation any bill, note, check, draft, or other security purporting to have been made by any such corporation, or by any officer thereof, or purporting to have been made under authority derived therefrom, shall be fined under this title or imprisoned not more than five years, or both.

Source credit: (June 25, 1948, ch. 645, 62 Stat. 700; Pub. L. 103–322, title XXXIII, § 330016(1)(L), Sept. 13, 1994, 108 Stat. 2147.)

history & why it existsrecord from the source credit
  • 1948Enacted · Act of June 25, 1948, ch. 645 · 62 Stat. 700
  • 1994Amended · Pub. L. 103-322 · 108 Stat. 2147

A history note hasn’t been published yet. The record shows enactment by ch. 645 on 1948-06-25.

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