Browse Arkansas Code titles and sections
12 U.S.C. § 415 — Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes
Federal law — U.S. Code and appendices · legal_authorities
Any Federal Reserve bank may at any time reduce its liability for outstanding Federal Reserve notes by depositing with the Federal Reserve agent its Federal Reserve notes, gold certificates, Special Drawing Right certificates, or lawful money of the United States. Federal Reserve notes so deposited shall not be reissued, except upon compliance with the conditions of an original issue. The liability of a Federal Reserve bank with respect to its outstanding Federal Reserve notes shall be reduced by an amount paid by such bank to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 415
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: bd50818c1f814dbdf1a87965952360c2694bac2904d400b4cdcbb043cb51db6e. 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_e1788a2ff177c2c4825d1bca
Source file: Laws/federal/codes/united-states-code/title-12/section-415-reduction-of-liability-for-outstanding-notes-by-depositing-notes-and-col--fb1014c8e4.md
Pages: Not recorded – Not recorded
Passage SHA-256: f447a67eb899a2fe884cdb2e4da0b0bcefac4b4827d542d9ba62266954d59fba
Source location: Title 12, Chapter 3, § 415; chapter-003-federal-reserve-system.md
Stored source content
Any Federal Reserve bank may at any time reduce its liability for outstanding Federal Reserve notes by depositing with the Federal Reserve agent its Federal Reserve notes, gold certificates, Special Drawing Right certificates, or lawful money of the United States. Federal Reserve notes so deposited shall not be reissued, except upon compliance with the conditions of an original issue. The liability of a Federal Reserve bank with respect to its outstanding Federal Reserve notes shall be reduced by an amount paid by such bank to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act.
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
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 411
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
The Secretary of the Treasury is authorized and directed to receive deposits of gold or of gold certificates or of Special Drawing Right certificates with the Treasurer or any designated depositary of the United States when tendered by any Federal Reserve bank or Federal Reserve agent for credit to its or his account with the Board of Governors of the Federal Reserve System. The Secretary shall prescribe by regulation the form of receipt to be issued by the Treasurer or designated depositary to the Federal Reserve bank or Federal Reserve agent making the deposit, and a duplicate of such receipt shall be delivered to the Board of Governors of the Federal Reserve System by the Treasurer at Washington upon proper advices from any designated depositary that such deposit has been made. Deposits so made shall be held subject to the orders of the Board of Governors of the Federal Reserve System and deposits of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the subtreasury of the United States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent. The order used by the Board of Governors of the Federal Reserve System in making such payments shall be signed by the chairman or vice chairman, or such other officers or members as the Board may by regulation prescribe. The form of such order shall be approved by the Secretary of the Treasury.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 467
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 160
TITLE 12—BANKS AND BANKING
§ 415
AMENDMENTS
1968—Pub. L. 90–269 repealed first sentence provisions
that Board of Governors require each Federal Reserve
bank to maintain on deposit in the Treasury a sum in
gold certificates sufficient, in the judgment of the Sec-
retary of the Treasury, for redemption of Federal Re-
serve notes issued to such bank, but not less than 5 per-
cent of total amount of notes issued less amount of
gold certificates held by the Federal Reserve agent as
collateral security, and counting and including such de-
posit of gold certificates as part of the 25 percent re-
serve formerly required by section 413 of this title to be
maintained against Federal Reserve notes in actual cir-
culation and substituted in the first, formerly second
sentence, ‘‘Board of Governors of the Federal Reserve
System’’ for ‘‘Board’’.
1945—Act June 12, 1945, substituted in first sentence
‘‘25 per centum reserve required by section 413 of this
title to be maintained against Federal Reserve notes in
actual circulation’’ for ‘‘40 per centum reserve required
by section 413 of this title’’.
1934—Act Jan. 30, 1934, amended first sentence.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
§ 415. Reduction of liability for outstanding notes
by depositing notes and collateral and pay-
ment of notes of series prior to 1928; reissue
of deposited notes
Any Federal Reserve bank may at any time re-
duce its liability for outstanding Federal Re-
serve notes by depositing with the Federal Re-
serve agent its Federal Reserve notes, gold cer-
tificates, Special Drawing Right certificates, or
lawful money of the United States.
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 415
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.