§ 198. — Purchase by receiver of property of bank; request to Comptroller.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC198]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XIII--RECEIVERSHIP
Sec. 198. Purchase by receiver of property of bank; request to
Comptroller
Whenever the receiver of any national bank duly appointed by the
Comptroller of the Currency, and who shall have duly qualified and
entered upon the discharge of his trust, shall find it in his opinion
necessary, in order to fully protect and benefit his said trust, to the
extent of any and all equities that such trust may have in any property,
real or personal, by reason of any bond, mortgage, assignment, or other
proper legal claim attaching thereto, and which said property is to be
sold under any execution, decree of foreclosure, or proper order of any
court of jurisdiction, he may certify the facts in the case, together
with his opinion as to the value of the property to be sold, and the
value of the equity his said trust may have in the same, to the
Comptroller of the Currency, together with a request for the right and
authority to use and employ so much of the money of said trust as may be
necessary to purchase such property at such sale.
(Mar. 29, 1886, ch. 28, Sec. 1, 24 Stat. 8.)
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under section 1
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.
