§ 633. — Potential liability on foreign accounts.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC633]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 633. Potential liability on foreign accounts
(a) Exceptions from repayment requirement
A member bank shall not be required to repay any deposit made at a
foreign branch of the bank if the branch cannot repay the deposit due
to--
(1) an act of war, insurrection, or civil strife; or
(2) an action by a foreign government or instrumentality
(whether de jure or de facto) in the country in which the branch is
located;
unless the member bank has expressly agreed in writing to repay the
deposit under those circumstances.
(b) Regulations
The Board and the Comptroller of the Currency may jointly prescribe
such regulations as they deem necessary to implement this section.
(Dec. 23, 1913, ch. 6, Sec. 25C, as added Pub. L. 103-325, title III,
Sec. 326(a), Sept. 23, 1994, 108 Stat. 2229.)
Codification
Section was enacted as section 25C of the Federal Reserve Act, and
not as part of section 25A of that Act which comprises this subchapter.
Existing Claims Not Affected
Section 326(c) of Pub. L. 103-325 provided that: ``Section 25C of
the Federal Reserve Act [this section] (as added by subsection (a))
shall not be applied retroactively and shall not be construed to affect
or apply to any claim or cause of action addressed by that section
arising from events or circumstances that occurred before the date of
enactment of this Act [Sept. 23, 1994].''
Section Referred to in Other Sections
This section is referred to in section 1828 of this title.
