Us Code § 633 - Potential liability on foreign accounts
Full text of Us Code United States Code § 633 — Potential liability on foreign accounts, with citation guidance and answers to common questions.
§ 633. Potential liability on foreign accounts
(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.)
Editorial Notes
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.
Statutory Notes and Related Subsidiaries
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]."
CHAPTER 6A—EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER I—GENERAL PROVISIONS
SUBCHAPTER II—EXPORT FINANCING
SUBCHAPTER III—TIED AID CREDIT EXPORT SUBSIDIES
SUBCHAPTER I—GENERAL PROVISIONS
About This Section
12 U.S.C. § 633 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.
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