§ 348. — Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve 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: 12USC348]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 348. Discount of obligations given for agricultural
purposes or based upon livestock; collateral security for
Federal reserve notes
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.
(Dec. 23, 1913, ch. 6, Sec. 13A (par.), formerly Sec. 13a, as added Mar.
4, 1923, ch. 252, title IV, Sec. 404, 42 Stat. 1479; amended Aug. 23,
1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; renumbered Sec. 13A,
Pub. L. 102-242, title I, Sec. 142(e)(1), Dec. 19, 1991, 105 Stat.
2281.)
References in Text
Section 16 of this Act, referred to in text, means section 16 of act
Dec. 23, 1913. For classification of section 16 to this title, see
Codification note set out under section 411 of this title.
Codification
Section is comprised of first par. of section 13A, formerly section
13a, as added Mar. 4, 1923. Pars. 2 to 5 of section 13A are set out as
sections 349 to 352 of this title, respectively.
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.
Section Referred to in Other Sections
This section is referred to in sections 349, 351, 412 of this title.
