§ 582. — Receipt of United States or bank notes as collateral.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC582]
TITLE 12--BANKS AND BANKING
CHAPTER 5--CRIMES AND OFFENSES
SUBCHAPTER I--IN GENERAL
Sec. 582. Receipt of United States or bank notes as collateral
No national banking association shall hereafter offer or receive
United States notes or national-bank notes as security or as collateral
security for any loan of money, or for a consideration agree to withhold
the same from use, or offer or receive the custody or promise of custody
of such notes as security, or as collateral security, or consideration
for any loan of money. Any association offending against the provisions
of this section shall be deemed guilty of a misdemeanor and shall be
fined not more than $1,000 and a further sum equal to one-third of the
money so loaned. The officer or officers of any association who shall
make any such loan shall be liable for a further sum equal to one-
quarter of the money loaned; and any fine or penalty incurred by a
violation of this section shall be recoverable for the benefit of the
party bringing such suit.
(R.S. Sec. 5207.)
Codification
R.S. Sec. 5207 derived from act Feb. 19, 1869, ch. 32, 15 Stat. 270.
