12-U.S.C.-633

§633 – Potential Liability On Foreign Accounts

Pathway

Title 12 > Chapter 6 > Subchapter II > Section 633

Details

• Reference: Section 633
• Legend: §633 – Potential Liability On Foreign Accounts
• USCode Year: 2013

Provision Content

(a) Exceptions from repayment requirement

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—

(1) an act of war, insurrection, or civil strife; or

(2) 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.

(b) Regulations

The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.

(Dec. 23, 1913, ch. 6, §25C, as added Pub. L. 103–325, title III, §326(a), Sept. 23, 1994, 108 Stat. 2229.)

Codification

Section was enacted as section 25C of the Federal Reserve Act, and not as part of section 25A of that Act which comprises this subchapter.

Existing Claims Not Affected

Pub. L. 103–325, title III, §326(c), Sept. 23, 1994, 108 Stat. 2229, provided that: Section 25C of the Federal Reserve Act [this section] (as added by subsection (a)) shall not be applied retroactively and shall not be construed to affect or apply to any claim or cause of action addressed by that section arising from events or circumstances that occurred before the date of enactment of this Act [Sept. 23, 1994].

U.S. Encyclopedia of Law Coverage

12-U.S.C.-629 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-629, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-622 in the Legal Encyclopedia: Foreign Banking

In this entry about 12-U.S.C.-622, find legal reference material, bibliographies and premiere content related to foreign banking in the American Encyclopedia of Law, presenting a comprehensive view of the United States foreign banking-specific issues, written by authorities in the field.

Topic Map

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