31 U.S.C. § 3714 — Keeping money due States in default

in plain englishAI-generated · not legal advice

This section requires the Secretary of the Treasury to withhold money owed by the Government to a State that defaults on principal or interest on certain stocks or bonds held in trust. The money must be used for the debt or reimbursement.

The Secretary of the Treasury shall keep the necessary amount of money the United States Government owes a State when the State defaults in paying principal or interest on investments in stocks or bonds the State issues or guarantees and that the Government holds in trust. The money shall be used to pay the principal or interest or reimburse, with interest, money the Government advanced for interest due on the stocks or bonds.

the actual law source: uscode.house.gov ↗public domain

The Secretary of the Treasury shall keep the necessary amount of money the United States Government owes a State when the State defaults in paying principal or interest on investments in stocks or bonds the State issues or guarantees and that the Government holds in trust. The money shall be used to pay the principal or interest or reimburse, with interest, money the Government advanced for interest due on the stocks or bonds.

Source credit: (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 972.)

history & why it existsrecord from the source credit

1982Enacted · Pub. L. 97-258 · 96 Stat. 972

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-258 on 1982-09-13.