Us Code § 3714 - Keeping money due States in default
Full text of Us Code United States Code § 3714 — Keeping money due States in default, with citation guidance and answers to common questions.
§ 3714. Keeping money due States in default
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.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 972.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3714 | 31:207. | R.S. §3481. |
The word "amount" is substituted for "whole, or so much thereof" for clarity. The word "owes" is substituted for "due on any account from the . . . to" to eliminate unnecessary words. The words "or either" and "thereon" are omitted as surplus.
About This Section
31 U.S.C. § 3714 is part of Title 31 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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