12-U.S.C.-582
§582 – Receipt of United States Or Bank Notes As Collateral
Pathway
Title 12 > Chapter 5 > Subchapter I > Section 582
Details
- Reference: Section 582
- Legend: §582 – Receipt of United States Or Bank Notes As Collateral
- USCode Year: 2013
Provision Content
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.
(R.S. §5207.)
Codification
R.S. §5207 derived from act Feb. 19, 1869, ch. 32, 15 Stat. 270.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-4901 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-4901, 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.-4212 in the Legal Encyclopedia: Bank Fraud
In this entry about 12-U.S.C.-4212, find legal reference material, bibliographies and premiere content related to bank fraud in the American Encyclopedia of Law, presenting a comprehensive view of the United States bank fraud-specific issues, written by authorities in the field.
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