§ 192. — Default in payment of circulating notes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC192]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XIII--RECEIVERSHIP
Sec. 192. Default in payment of circulating notes
On becoming satisfied, as specified in sections 131 and 132 \1\ 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.
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\1\ See References in Text note below.
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Provided, 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: Provided, 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.
(R.S. Sec. 5234; May 15, 1916, ch. 121, 39 Stat. 121; Aug. 23, 1935, ch.
614, title III, Sec. 339, 49 Stat. 721; Pub. L. 86-230, Sec. 17, Sept.
8, 1959, 73 Stat. 458; Pub. L. 103-325, title VI, Sec. 602(g)(11), Sept.
23, 1994, 108 Stat. 2294.)
References in Text
Sections 131 and 132 of this title, referred to in text, were
repealed by Pub. L. 103-325, title VI, Sec. 602(e)(14), (15), Sept. 23,
1994, 108 Stat. 2292.
Section 12B of the Federal Reserve Act, as amended, referred to in
text, formerly classified to section 264 of this title, has been
withdrawn from the Federal Reserve Act and incorporated in the Federal
Deposit Insurance Act which is classified generally to chapter 16
(Sec. 1811 et seq.) of this title.
Codification
R.S. Sec. 5234 derived from act June 3, 1864, ch. 106, Sec. 50, 13
Stat. 114, which was part of the National Bank Act. See section 38 of
this title.
Amendments
1994--Pub. L. 103-325 struck out ``has refused to pay its
circulating notes as therein mentioned, and'' before ``is in default''.
1959--Pub. L. 86-230 struck out provisions which required receiver
to enforce the personal liability of shareholders.
1935--Act Aug. 23, 1935, inserted second proviso in second par.
Transfer of Functions
For transfer of functions to Secretary of the Treasury, see note set
out under section 121 of this title.
Application to District of Columbia
Provisions of this section were made applicable to banks, etc., in
the District of Columbia by act Mar. 4, 1933, ch. 274, Sec. 4, 47 Stat.
1567.
Interest on Deposits
So 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
sections 371a, 371b, 374, 374a, 461, former sections 462 to 465, and
section 466 of this title, repealed, see section 371a of this title.
Section Referred to in Other Sections
This section is referred to in sections 55, 143, 197, 481, 501, 1467
of this title.
