Us Code § 582 - Receipt of United States or bank notes as collateral
Full text of Us Code United States Code § 582 — Receipt of United States or bank notes as collateral, with citation guidance and answers to common questions.
§ 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.
About This Section
12 U.S.C. § 582 is part of Title 12 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.
This section may be cited in legal writing as 12 U.S.C. § 582. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
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