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12 U.S.C. § 348 — Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes
Federal law — U.S. Code and appendices · legal_authorities
Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes, drafts, and bills of exchange issued or drawn for an agricultural purpose, or based upon livestock, and having a maturity, at the time of discount, exclusive of days of grace, not exceeding nine months, and such notes, drafts, and bills of exchange may be offered as collateral security for the issuance of Federal reserve notes under the provisions of section 16 of this Act: Provided, That notes, drafts, and bills of exchange with maturities in excess of six months shall not be eligible as a basis for the issuance of Federal reserve notes unless secured by warehouse receipts or other such negotiable documents conveying or securing title to readily marketable staple agricultural products or by chattel mortgage upon livestock which is being fattened for market.
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Source file: Laws/federal/codes/united-states-code/title-12/section-348-discount-of-obligations-given-for-agricultural-purposes-or-based-upon-li--53b7c0c78c.md
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Source location: Title 12, Chapter 3, § 348; chapter-003-federal-reserve-system.md
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Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes, drafts, and bills of exchange issued or drawn for an agricultural purpose, or based upon livestock, and having a maturity, at the time of discount, exclusive of days of grace, not exceeding nine months, and such notes, drafts, and bills of exchange may be offered as collateral security for the issuance of Federal reserve notes under the provisions of section 16 of this Act: Provided, That notes, drafts, and bills of exchange with maturities in excess of six months shall not be eligible as a basis for the issuance of Federal reserve notes unless secured by warehouse receipts or other such negotiable documents conveying or securing title to readily marketable staple agricultural products or by chattel mortgage upon livestock which is being fattened for market.
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Federal law — U.S. Code and appendices · legal_authorities
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
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Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, rediscount such notes, drafts, and bills mentioned in [section 348 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section348&num=0&edition=prelim) for any Federal intermediate credit bank, except that no Federal reserve bank shall rediscount for a Federal intermediate credit bank any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal reserve system in accordance with subchapter VIII of this chapter. Any Federal reserve bank may also, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes payable to and bearing the indorsement of any Federal intermediate credit bank covering loans or advances made by such bank pursuant to the provisions of section 1031 11 See References in Text note below. of this title which have maturities at the time of discount of not more than nine months, exclusive of days of grace, and which are secured by notes, drafts, or bills of exchange eligible for rediscount by Federal Reserve banks.
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Federal law — U.S. Code and appendices · legal_authorities
Page 129
TITLE 12—BANKS AND BANKING
§ 348
section (b) [amending this section] shall take effect at
the end of the 2-year period beginning on the date of
enactment of this Act [Dec. 19, 1991].’’
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96–221 effective on first day of
sixth month which begins after Mar. 31, 1980, see sec-
tion 108 of Pub. L. 96–221, set out as a note under sec-
tion 248 of this title.
Executive Documents
EXPIRATION
Proclamation No. 2076, Feb. 16, 1934, 48 Stat. 1734, ex-
tended section to Mar. 3, 1935. See 1935 amendment note
above.
§ 347c. Advances to individuals, partnerships,
and corporations; security; interest rate
Subject to such limitations, restrictions, and
regulations as the Board of Governors of the
Federal Reserve System may prescribe, any Fed-
eral reserve bank may make advances to any in-
dividual, partnership, or corporation on the
promissory notes of such individual, partner-
ship, or corporation secured by direct obliga-
tions of the United States or by any obligation
which is a direct obligation of, or fully guaran-
teed as to principal and interest by any agency
of the United States. Such advances shall be
made for periods not exceeding 90 days and shall
bear interest at rates fixed from time to time by
the Federal reserve bank, subject to the review
and determination of the Board of Governors of
the Federal Reserve System.
(Dec. 23, 1913, ch. 6, § 13 (par.), as added Mar. 9,
1933, ch. 1, title IV, § 403, 48 Stat. 7; amended
Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704;
Pub. L. 90–505, § 3(b), Sept. 21, 1968, 82 Stat. 856.)
Editorial Notes
CODIFICATION
Section is comprised of the thirteenth par. of section
13 of act Dec. 23, 1913, as added by act Mar. 9, 1933. For
additional details
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 348
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