US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 192

Default in payment of circulating notes

1

1 See References in Text note below.
On becoming satisfied, as specified in sections 131 and 132  of this title, that any association is in default, the Comptroller of the Currency may forthwith appoint a receiver, and require of him such bond and security as he deems proper. Such receiver, under the direction of the Comptroller, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the real and personal property of such association, on such terms as the court shall direct. Such receiver shall pay over all money so made to the Treasurer of the United States, subject to the order of the Comptroller, and also make report to the Comptroller of all his acts and proceedings.

ProvidedProvided, That the Comptroller may, if he deems proper, deposit any of the money so made in any regular Government depositary, or in any State or national bank either of the city or town in which the insolvent bank was located, or of a city or town as adjacent thereto as practicable; if such deposit is made he shall require the depositary to deposit United States bonds or other satisfactory securities with the Treasurer of the United States for the safekeeping and prompt payment of the money so deposited: , That no security in the form of deposit of United States bonds, or otherwise, shall be required in the case of such parts of the deposits as are insured under section 12B of the Federal Reserve Act, as amended. Such depositary shall pay upon such money interest at such rate as the Comptroller may prescribe, not less, however, than 2 per centum per annum upon the average monthly amount of such deposits.

May 15, 1916, ch. 12139 Stat. 121Aug. 23, 1935, ch. 61449 Stat. 721Pub. L. 86–230, § 1773 Stat. 458Pub. L. 103–325, title VI, § 602(g)(11)108 Stat. 2294(R.S. § 5234; , ; , title III, § 339, ; , , ; , , .)

Editorial Notes

References in Text

Pub. L. 103–325, title VI, § 602(e)(14)108 Stat. 2292Sections 131 and 132 of this title, referred to in text, were repealed by , (15), , .

section 264 of this titleSection 12B of the Federal Reserve Act, as amended, referred to in text, formerly classified to , has been withdrawn from the Federal Reserve Act and incorporated in the Federal Deposit Insurance Act which is classified generally to chapter 16 (§ 1811 et seq.) of this title.

Codification

act June 3, 1864, ch. 106, § 5013 Stat. 114section 38 of this titleR.S. § 5234 derived from , , which was part of the National Bank Act. See .

Amendments

Pub. L. 103–3251994— struck out “has refused to pay its circulating notes as therein mentioned, and” before “is in default”.

Pub. L. 86–2301959— struck out provisions which required receiver to enforce the personal liability of shareholders.

1935—Act , inserted second proviso in second par.

Statutory Notes and Related Subsidiaries

Application to District of Columbia

act Mar. 4, 1933, ch. 274, § 447 Stat. 1567Provisions of this section were made applicable to banks, etc., in the District of Columbia by , .

Interest on Deposits

section 466 of this titlesection 371a of this titleSo much of existing law requiring the payment of interest with respect to any funds deposited by the United States or by any public instrumentality, agency, or officer thereof, as is inconsistent with former section 371a, sections 371b, 374, 374a, and 461, former sections 462 to 465, and , repealed, see former .

Executive Documents

Transfer of Functions

section 55 of this titleFor transfer of functions to Secretary of the Treasury, see note set out under .