Receipt of United States or bank notes as collateral

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 5 - CRIMES AND OFFENSES SUBCHAPTER I - IN GENERAL Sec. 582 - Receipt of United States or bank notes as collateral From the U.S. Government Publishing Office, www.gpo.gov

§582. Receipt of United States or bank notes as collateral

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.)

Editorial Notes

Codification R.S. §5207 derived from act Feb. 19, 1869, ch. 32, 15 Stat. 270.