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12 U.S.C. § 345 — Rediscount of notes, drafts, and bills for member banks; limitation of amount
Federal law — U.S. Code and appendices · legal_authorities
The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of [section 84 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section84&num=0&edition=prelim): Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks.
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Source file: Laws/federal/codes/united-states-code/title-12/section-345-rediscount-of-notes-drafts-and-bills-for-member-banks-limitation-of-amou--358e71cc6f.md
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Source location: Title 12, Chapter 3, § 345; chapter-003-federal-reserve-system.md
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The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of [section 84 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section84&num=0&edition=prelim): Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Total loans and extensions of credit**
(1) The total loans and extensions of credit by a national banking association to a person outstanding at one time and not fully secured, as determined in a manner consistent with paragraph (2) of this subsection, by collateral having a market value at least equal to the amount of the loan or extension of credit shall not exceed 15 per centum of the unimpaired capital and unimpaired surplus of the association.
(2) The total loans and extensions of credit by a national banking association to a person outstanding at one time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding shall not exceed 10 per centum of the unimpaired capital and unimpaired surplus of the association. This limitation shall be separate from and in addition to the limitation contained in paragraph (1) of this subsection.
**(b) Definitions** For the purposes of this section—
(1) the term “loans and extensions of credit” shall include—
(A) all direct or indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person;
(B) to the extent specified by the Comptroller of the Currency, any liability of a national banking association to advance funds to or on behalf of a person pursuant to a contractual commitment; and
(C) any credit exposure to a person arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between the national banking association and the person;
(2) the term “person” sha
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 84
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Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation or other items, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection may receive from other Federal reserve banks deposits of current funds in lawful money, national-bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district or other items, and maturing notes and bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or trust company or other depository institution deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation or other items, or maturing notes and bills: Provided, Such nonmember bank or trust company or other depository institution maintains with the Federal Reserve bank of its district a balance in such amount as the Board determines taking into account items in transit, services provided by the Federal Reserve bank, and other factors as the Board may deem appropriate: Provided further, That nothing in this or any other section of this chapter shall be construed as prohibiting a member or nonmember bank or other depository institution from making reasonable charges, to be determined and regulated by the Board of Governors of the Federal Reserve System, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remiss
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Federal law — U.S. Code and appendices · legal_authorities
Page 125
TITLE 12—BANKS AND BANKING
§ 347
1 See References in Text note below.
purchase bills of exchange payable at sight or on
demand which grow out of the domestic ship-
ment or the exportation of nonperishable, read-
ily marketable agricultural and other staples
and are secured by bills of lading or other ship-
ping documents conveying or securing title to
such staples: Provided, That all such bills of ex-
change shall be forwarded promptly for collec-
tion, and demand for payment shall be made
with reasonable promptness after the arrival of
such staples at their destination: Provided fur-
ther, That no such bill shall in any event be held
by or for the account of a Federal reserve bank
for a period in excess of ninety days. In dis-
counting such bills Federal reserve banks may
compute the interest to be deducted on the basis
of the estimated life of each bill and adjust the
discount after payment of such bills to conform
to the actual life thereof.
(Dec. 23, 1913, ch. 6, § 13 (par.), as added Mar. 4,
1923, ch. 252, title IV, § 402, 42 Stat. 1479; amended
May 29, 1928, ch. 884, 45 Stat. 975; Aug. 23, 1935,
ch. 614, title II, § 203(a), 49 Stat. 704.)
Editorial Notes
CODIFICATION
Section is comprised of the fourth par. of section 13
of act Dec. 23, 1913, as amended. The act of Mar. 4, 1923,
split the second par. of section 13, as amended in 1916
(39 Stat. 752), into two pars., the first of which con-
stitutes the first par. of section 343 of this title and the
second as this section, making it the third par. of sec-
tion 13. However, the third par. became the fourth par.
when act July 21, 1932, added a new par. to follow the
second par. For further details, see Codification note
set out under section 343 of this title. For classification
to t
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