Browse Arkansas Code titles and sections
12 U.S.C. § 1825 — Issuance of notes, debentures, bonds, and other obligations; exemptions
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority: Provided, That interest upon or any income from any such obligations and gain from the sale or other disposition of such obligations shall not have any exemption, as such, and loss from the sale or other disposition of such obligations shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The Corporation, including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
**(b) Other exemptions** When acting as a receiver, the following provisions shall apply with respect to the Corporation:
(1) The Corporation including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation imposed by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed, except that, notwithstanding the failure
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1825
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: e03b70cad7b131827334bc9c31a0596274e35e4eae8ea03002dd01e5bb1b2868. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_9c0f4edcc1547af78ca5e5d4
Source file: Laws/federal/codes/united-states-code/title-12/section-1825-issuance-of-notes-debentures-bonds-and-other-obligations-exemptions--8c27edc600.md
Pages: Not recorded – Not recorded
Passage SHA-256: 8bcf7ad7bb9879bf681188dd335ef8db63a8a1d5ea4fbdc9c65a34859e176178
Source location: Title 12, Chapter 16, § 1825; chapter-016-federal-deposit-insurance-corporation.md
Stored source content
**(a) General rule** All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority: Provided, That interest upon or any income from any such obligations and gain from the sale or other disposition of such obligations shall not have any exemption, as such, and loss from the sale or other disposition of such obligations shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The Corporation, including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
**(b) Other exemptions** When acting as a receiver, the following provisions shall apply with respect to the Corporation:
(1) The Corporation including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation imposed by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed, except that, notwithstanding the failure of any person to challenge an assessment under State law of such property’s value, such value, and the tax thereon, shall be determined as of the period for which such tax is imposed.
(2) No property of the Corporation shall be subject to levy, attachment, garnishment, foreclosure, or sale without the consent of the Corporation, nor shall any involuntary lien attach to the property of the Corporation.
(3) The Corporation shall not be liable for any amounts in the nature of penalties or fines, including those arising from the failure of any person to pay any real property, personal property, probate, or recording tax or any recording or filing fees when due.
(4) **Exemption from criminal prosecution.—** — The Corporation shall be exempt from all prosecution by the United States or any State, county, municipality, or local authority for any criminal offense arising under Federal, State, county, municipal, or local law, which was allegedly committed by the institution, or persons acting on behalf of the institution, prior to the appointment of the Corporation as receiver.
This subsection shall not apply with respect to any tax imposed (or other amount arising) under the Internal Revenue Code of 1986.
**(c) Limitation on borrowing**
(1) **Cost estimate for outstanding obligations, guarantees, and liabilities** — As soon as practicable after August 9, 1989, the Corporation shall estimate the aggregate cost to the Corporation for all outstanding obligations and guarantees of the Corporation which were issued, and all outstanding liabilities which were incurred, by the Corporation before August 9, 1989.
(2) **Estimate of notes and other obligations required** — Before issuing an obligation or making a guarantee, the Corporation shall estimate the cost of such obligations or guarantees.
(3) **Inclusion of estimates in financial statements** — The Corporation shall—
(A) reflect in its financial statements the estimates made by the Corporation under paragraphs (1) and (2) of the aggregate amount of the costs to the Corporation for outstanding obligations and other liabilities, and
(B) make such adjustments as are appropriate in the estimate of such aggregate amount not less frequently than quarterly.
(4) **Estimate of other assets required** — The Corporation shall—
(A) estimate the market value of assets held by it as a result of case resolution activities, with a reduction for expenses expected to be incurred by the Corporation in connection with the management and sale of such assets;
(B) reflect the amounts so estimated in its financial statements; and
(C) make such adjustments as are appropriate of such market value not less than quarterly.
(5) **Maximum amount limitation on outstanding obligations** — Notwithstanding any other provisions of this chapter, the Corporation may not issue or incur any obligation, if, after issuing or incurring the obligation, the aggregate amount of obligations of the Deposit Insurance Fund, outstanding would exceed the sum of—
(A) the amount of cash or the equivalent of cash held by the Deposit Insurance Fund;
(B) the amount which is equal to 90 percent of the Corporation’s estimate of the fair market value of assets held by the Deposit Insurance Fund, other than assets described in subparagraph (A); and
(C) the total of the amounts authorized to be borrowed from the Secretary of the Treasury pursuant to [section 1824(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1824/a&num=0&edition=prelim).
(6) **“Obligation” defined**
(A) *In general* — For purposes of paragraph (5), the term “obligation” includes—
(i) any guarantee issued by the Corporation, other than deposit guarantees;
(ii) any amount borrowed pursuant to [section 1824 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1824&num=0&edition=prelim); and
(iii) any other obligation for which the Corporation has a direct or contingent liability to pay any amount.
(B) *Valuation of contingent liabilities* — The Corporation shall value any contingent liability at its expected cost to the Corporation.
**(d) Full faith and credit** The full faith and credit of the United States is pledged to the payment of any obligation issued after August 9, 1989, by the Corporation, with respect to both principal and interest, if—
(1) the principal amount of such obligation is stated in the obligation; and
(2) the term to maturity or the date of maturity of such obligation is stated in the obligation.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Borrowing from Treasury**
(1) **In general** — The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $100,000,000,000 outstanding at any one time, subject to the approval of the Secretary of the Treasury: Provided, That the rate of interest to be charged in connection with any loan made pursuant to this subsection shall not be less than an amount determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. For such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of the sale of any securities hereafter issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include such loans. Any such loan shall be used by the Corporation solely in carrying out its functions with respect to such insurance. All loans and repayments under this subsection shall be treated as public-debt transactions of the United States. The Corporation may employ any funds obtained under this section for purposes of the Deposit Insurance Fund and the borrowing shall become a liability of the Deposit Insurance Fund to the extent funds are employed therefor.
(2) **Funding** — There are hereby appropriated to the Secretary, for fiscal year 1989 and each fiscal year thereafter, such sums as may be necessary to carry out this subsection.
(3)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1824
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, act Dec. 23, 1913, ch. 6, § 12B, as added June 16, 1933, ch. 89, § 8, 48 Stat. 168; amended June 16, 1934, ch. 546, § 1 (1)–(10), 48 Stat. 969, 970; June 28, 1935, ch. 335, 49 Stat. 435; Aug. 23, 1935, ch. 614, title I, § 101, 49 Stat. 684; Apr. 21, 1936, ch. 244, 49 Stat. 1237; May 25, 1938, ch. 276, 52 Stat. 442; June 16, 1938, ch. 489, 52 Stat. 767; June 20, 1939, ch. 214, § 2, 53 Stat. 842; Apr. 13, 1943, ch. 62, § 1, 57 Stat. 65; Aug. 5, 1947, ch. 492, §§ 2, 4, 61 Stat. 773; June 25, 1948, ch. 645, § 21, 62 Stat. 862; Oct. 15, 1949, ch. 695, § 4, 63 Stat. 880; Aug. 17, 1950, ch. 729, §§ 5–7, 64 Stat. 457, relating to the Federal Deposit Insurance Corporation, was withdrawn from the Federal Reserve Act and made a separate act to be known as the Federal Deposit Insurance Act, by section 1 of act Sept. 21, 1950, ch. 967, 64 Stat. 873. The Federal Deposit Insurance Act is classified to chapter 16 (§ 1811 et seq.) of this title.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 264
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
**(b) Asset disposition division**
(1) **Establishment** — The Corporation shall have a separate division of asset disposition.
(2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.
(3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1811
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Deposit insurance**
(1) **Insured amounts payable**
(A) *In general* — The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter.
(B) *Net amount of insured deposit* — The net amount due to any depositor at an insured depository institution shall not exceed the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E) and (F) and paragraph (3).
(C) *Aggregation of deposits* — For the purpose of determining the net amount due to any depositor under subparagraph (B), the Corporation shall aggregate the amounts of all deposits in the insured depository institution which are maintained by a depositor in the same capacity and the same right for the benefit of the depositor either in the name of the depositor or in the name of any other person, other than any amount in a trust fund described in paragraph (1) or (2) of [section 1817(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i&num=0&edition=prelim) or any funds described in [section 1817(i)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i/3&num=0&edition=prelim).
(D) *Coverage for certain employee benefit plan deposits*
(i) *Pass-through insurance* — The Corporation shall provide pass-through deposit insurance for the deposits of any employee benefit plan.
(ii) *Prohibition on acceptance of benefit plan deposits* — An insured depository institution that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits.
(iii) *Definitions* — For purposes of this subparagraph, the following definitions shall apply:
(I) *Capital standards* — The terms “well ca
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1821
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a) Definitions of bank and related terms**
(1) **Bank** — The term “bank”—
(A) means any national bank and State bank, and any Federal branch and insured branch;
(B) includes any former savings association.
(2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which—
(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and
(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,
including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
(3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
**(b) Definition of savings associations and related terms**
(1) **Savings association** — The term “savings association” means—
(A) any Federal savings association;
(B) any State savings association; and
(C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association.
(2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1813
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1104
TITLE 12—BANKS AND BANKING
§ 1825
are employed therefor. There are hereby appropriated
to the Secretary, for fiscal year 1989 and each fiscal
year thereafter, such sums as may be necessary to
carry out this section.’’
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Committee on Banking, Finance and Urban Affairs of
House of Representatives treated as referring to Com-
mittee on Banking and Financial Services of House of
Representatives by section 1(a) of Pub. L. 104–14, set
out as a note preceding section 21 of Title 2, The Con-
gress. Committee on Banking and Financial Services of
House of Representatives abolished and replaced by
Committee on Financial Services of House of Rep-
resentatives, and jurisdiction over matters relating to
securities and exchanges and insurance generally trans-
ferred from Committee on Energy and Commerce of
House of Representatives by House Resolution No. 5,
One Hundred Seventh Congress, Jan. 3, 2001.
EFFECTIVE DATE OF 2006 AMENDMENT
Amendment by Pub. L. 109–173 effective Mar. 31, 2006,
see section 8(b) of Pub. L. 109–173, set out as a note
under section 1813 of this title.
Amendment by Pub. L. 109–171 effective no later than
the first day of the first calendar quarter that begins
after the end of the 90-day period beginning Feb. 8, 2006,
see section 2102(c) of Pub. L. 109–171, set out as a Merger
of BIF and SAIF note under section 1821 of this title.
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by Pub. L. 104–208 effective Jan. 1, 1999,
if no insured depository institution is a savings asso-
ciation on that date, see section 2704(c) of Pub. L.
104–208, formerly set out as a note under section 1821 of
this title.
EFFECTIVE DATE OF 1992 AMENDMENT
Amendment by Pub. L. 102–550 effective as if includ
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1825
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.