§ 632. — Jurisdiction of United States courts; disposition by banks of foreign owned property.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC632]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 632. Jurisdiction of United States courts; disposition by
banks of foreign owned property
Notwithstanding any other provision of law, all suits of a civil
nature at common law or in equity to which any corporation organized
under the laws of the United States shall be a party, arising out of
transactions involving international or foreign banking, or banking in a
dependency or insular possession of the United States, or out of other
international or foreign financial operations, either directly or
through the agency, ownership, or control of branches or local
institutions in dependencies or insular possessions of the United States
or in foreign countries, shall be deemed to arise under the laws of the
United States, and the district courts of the United States shall have
original jurisdiction of all such suits; and any defendant in any such
suit may, at any time before the trial thereof, remove such suits from a
State court into the district court of the United States for the proper
district by following the procedure for the removal of causes otherwise
provided by law. Such removal shall not cause undue delay in the trial
of such case and a case so removed shall have a place on the calendar of
the United States court to which it is removed relative to that which it
held on the State court from which it was removed.
Notwithstanding any other provision of law, all suits of a civil
nature at common law or in equity to which any Federal reserve bank
shall be a party shall be deemed to arise under the laws of the United
States, and the district courts of the United States shall have original
jurisdiction of all such suits; and any Federal reserve bank which is a
defendant in any such suit may, at any time before the trial thereof,
remove such suit from a State court into the district court of the
United States for the proper district by following the procedure for the
removal of causes otherwise provided by law. No attachment or execution
shall be issued against any Federal reserve bank or its property before
final judgment in any suit, action, or proceeding in any State, county,
municipal, or United States court.
Whenever (1) any Federal Reserve bank has received any property from
or for the account of a foreign state which is recognized by the
Government of the United States, or from or for the account of a central
bank of any such foreign state, and holds such property in the name of
such foreign state or such central bank; (2) a representative of such
foreign state who is recognized by the Secretary of State as being the
accredited representative of such foreign state to the Government of the
United States has certified to the Secretary of State the name of a
person as having authority to receive, control, or dispose of such
property; and (3) the authority of such person to act with respect to
such property is accepted and recognized by the Secretary of State, and
so certified by the Secretary of State to the Federal Reserve bank, the
payment, transfer, delivery, or other disposal of such property by such
Federal Reserve bank to or upon the order of such person shall be
conclusively presumed to be lawful and shall constitute a complete
discharge and release of any liability of the Federal Reserve bank for
or with respect to such property.
Whenever (1) any insured bank has received any property from or for
the account of a foreign state which is recognized by the Government of
the United States, or from or for the account of a central bank of any
such foreign state, and holds such property in the name of such foreign
state or such central bank; (2) a representative of such foreign state
who is recognized by the Secretary of State as being the accredited
representative of such foreign state to the Government of the United
States has certified to the Secretary of State the name of a person as
having authority to receive, control, or dispose of such property; and
(3) the authority of such person to act with respect to such property is
accepted and recognized by the Secretary of State, and so certified by
the Secretary of State to such insured bank, the payment, transfer,
delivery, or other disposal of such property by such bank to or upon the
order of such person shall be conclusively presumed to be lawful and
shall constitute a complete discharge and release of any liability of
such bank for or with respect to such property. Any suit or other legal
proceeding against any insured bank or any officer, director, or
employee thereof, arising out of the receipt, possession, or disposition
of any such property shall be deemed to arise under the laws of the
United States and the district courts of the United States shall have
exclusive jurisdiction thereof, regardless of the amount involved; and
any such bank or any officer, director, or employee thereof which is a
defendant in any such suit may, at any time before trial thereof, remove
such suit from a State court into the district court of the United
States for the proper district by following the procedure for the
removal of causes otherwise provided by law.
Nothing in this section shall be deemed to repeal or to modify in
any manner any of the provisions of the Gold Reserve Act of 1934, as
amended, the Silver Purchase Act of 1934, as amended, or subdivision (b)
of section 5 of the act of October 6, 1917, as amended, or any actions,
regulations, rules, orders, or proclamations taken, promulgated, made,
or issued pursuant to any of such statutes. In any case in which a
license to act with respect to any property referred to in this section
is required under any of said statutes, regulations, rules, orders, or
proclamations, notification to the Secretary of State by the proper
Government officer or agency of the issuance of an appropriate license
or that appropriate licenses will be issued on application shall be a
prerequisite to any action by the Secretary of State pursuant to this
section, and the action of the Secretary of State shall relate only to
such property as is included in such notification. Each such
notification shall include the terms and conditions of such license or
licenses and a description of the property to which they relate.
For the purposes of this section, (1) the term ``property'' includes
gold, silver, currency, credits, deposits, securities, choses in action,
and any other form of property, the proceeds thereof, and any right,
title, or interest therein; (2) the term ``foreign state'' includes any
foreign government or any department, district, province, county,
possession, or other similar governmental organization or subdivision of
a foreign government, and any agency or instrumentality of any such
foreign government or of any such organization or subdivision; (3) the
term ``central bank'' includes any foreign bank or banker authorized to
perform any one or more of the functions of a central bank; (4) the term
``person'' includes any individual, or any corporation, partnership,
association, or other similar organization; and (5) the term ``insured
bank'' shall have the meaning given to it in section 12B of this Act.
(Dec. 23, 1913, ch. 6, Sec. 25B, formerly Sec. 25(b), as added June 16,
1933, ch. 89, Sec. 15, 48 Stat. 184; amended Apr. 7, 1941, ch. 43,
Sec. 2, 55 Stat. 131; renumbered Sec. 25B, Pub. L. 102-242, title I,
Sec. 142(e)(3), Dec. 19, 1991, 105 Stat. 2281.)
References in Text
The Gold Reserve Act of 1934, as amended, referred to in text, is
act Jan. 30, 1934, ch. 6, 48 Stat. 337, as amended, which enacted
sections 315b, 405b, 408a, 408b, 440 to 446, 754a, 754b, 822a, 822b, and
824 of former Title 31, Money and Finance, and amended sections 314,
316, 733, 734, 752, 753, 767, 771, and 821 of former Title 31 and
sections 411, 412, 413, 414, 415, 417, and 467 of this title. Title 31
was revised, codified, and enacted into law by Pub. L. 97-258, Sec. 1,
Sept. 13, 1982, 96 Stat. 877. For disposition of sections of former
Title 31 into revised Title 31, see Table preceding section 101 of Title
31. For complete classification of this Act to the Code, see Tables.
The Silver Purchase Act of 1934, as amended, referred to in text, is
act June 19, 1934, ch. 674, 48 Stat. 1178, which was classified to
sections 311a, 316a, 316b, 405a, 448 to 448e, 734a, and 734b of former
Title 31, Money and Finance, and was repealed by Pub. L. 88-36, title I,
Sec. 1, June 4, 1963, 77 Stat. 54. For complete classification of this
Act to the Code, see Tables.
Subdivision (b) of section 5 of the act of October 6, 1917, referred
to in text, is classified to section 95a of this title and section 5(b)
of Title 50, Appendix, War and National Defense.
Section 12B of this Act, referred to in the text, was section 12B of
the Federal Reserve Act and was formerly classified to section 264 of
this title. Section 12B was withdrawn from the Federal Reserve Act and
made a separate act to be known as the Federal Deposit Insurance Act by
section 1 of act Sept. 21, 1950, ch. 967, 64 Stat. 873. The Federal
Deposit Insurance Act is classified generally to chapter 16 (Sec. 1811
et seq.) of this title.
Codification
Section was enacted as section 25B, formerly section 25(b), of the
Federal Reserve Act, and not as part of section 25A of that Act which
comprises this subchapter.
Amendments
1941--Act Apr. 7, 1941, added last four pars.
Section Referred to in Other Sections
This section is referred to in sections 358, 604a of this title.
