§ 493. — Bonds and obligations of certain lending agencies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 18USC493]
TITLE 18--CRIMES AND CRIMINAL PROCEDURE
PART I--CRIMES
CHAPTER 25--COUNTERFEITING AND FORGERY
Sec. 493. Bonds and obligations of certain lending agencies
Whoever falsely makes, forges, counterfeits or alters any note,
bond, debenture, coupon, obligation, instrument, or writing in imitation
or purporting to be in imitation of, a note, bond, debenture, coupon,
obligation, instrument or writing, issued by the Reconstruction Finance
Corporation, Federal Deposit Insurance Corporation, National Credit
Union Administration, Home Owners' Loan Corporation, Farm Credit
Administration, Department of Housing and Urban Development, or any land
bank, intermediate credit bank, insured credit union, bank for
cooperatives or any lending, mortgage, insurance, credit or savings and
loan corporation or association authorized or acting under the laws of
the United States, shall be fined under this title or imprisoned not
more than 10 years, or both.
Whoever passes, utters, or publishes, or attempts to pass, utter or
publish any note, bond, debenture, coupon, obligation, instrument or
document knowing the same to have been falsely made, forged,
counterfeited or altered, contrary to the provisions of this section,
shall be fined under this title or imprisoned not more than 10 years, or
both.
(June 25, 1948, ch. 645, 62 Stat. 711; Pub. L. 87-353, Sec. 3(p), Oct.
4, 1961, 75 Stat. 774; Pub. L. 90-19, Sec. 24(a), May 25, 1967, 81 Stat.
27; Pub. L. 91-468, Sec. 3, Oct. 19, 1970, 84 Stat. 1016; Pub. L. 103-
322, title XXXIII, Sec. 330016(1)(L), Sept. 13, 1994, 108 Stat. 2147;
Pub. L. 107-56, title III, Sec. 374(i), Oct. 26, 2001, 115 Stat. 341.)
Historical and Revision Notes
Based on sections 264(t), 982, 1126, 1138d(b), 1316, 1441(b),
1467(b), 1731(b) of title 12, U.S.C., 1940 ed., Banks and Banking, and
section 616(b) of title 15, U.S.C. 1940 ed., Commerce and Trade (Dec.
23, 1913, ch. 6, Sec. 12B(t), as added June 16, 1933, ch. 89, Sec. 8, 48
Stat. 178, and amended Aug. 23, 1935, ch. 614, Sec. 101, 49 Stat. 684;
July 17, 1916, ch. 245, Sec. 31 (second paragraph), 39 Stat. 383; July
17, 1916, ch. 245, Sec. 211(f), as added Mar. 4, 1923, ch. 252, title I,
Sec. 2, 42 Stat. 1460; Mar. 4, 1923, ch. 252, title II, Sec. 216(f), 42
Stat. 1472; Jan. 22, 1932, ch. 8, Sec. 16(b), 47 Stat. 11; July 22,
1932, ch. 522, Sec. 21(b), 47 Stat. 738; June 13, 1933, ch. 64,
Sec. 8(b), 48 Stat. 134; June 16, 1933, ch. 98, Sec. 64(b), 48 Stat.
268; June 27, 1934, ch. 847, Sec. 512(b), 48 Stat. 1265).
Each of the nine sections from which this section was derived
contained similar provisions with respect to one or more named agencies
or corporations. The punishment was the same in each section except that
in sections 982, 1126, and 1316 of title 12, U.S.C., 1940 ed., Banks and
Banking, the maximum fine was $5,000. This section adopts the $10,000
maximum fine provided in the other six former sections.
This section condenses and simplifies the form of the former
sections without change of substance, except where the maximum fine
differs as noted above.
The enumeration of ``note, bond, debenture, coupon, obligation,
instrument, or writing'' does not occur in any one of the original
sections but is an adequate enumeration of the instruments mentioned in
each.
Certain specific agencies are enumerated by name as are ``land bank,
intermediate credit bank, bank for cooperatives,'' but the phrase ``or
any lending, mortgage, insurance, credit, or savings and loan
corporation or association'' was used to embrace the following: National
Farm Loan Association, Federal Savings and Loan Insurance Corporation,
Federal Savings and Loan Associations, National Agricultural Credit
Corporation, Production Credit Corporations, Production Credit
Associations, Home Loan Banks, National Mortgage Associations, and
Central Bank for Cooperatives, Regional Agricultural Credit Corporation,
or any instrumentalities created for similar purposes.
Reference to persons causing, procuring, aiding or assisting was
omitted as unnecessary, such persons being principals by section 2 of
this title.
The section was written in two paragraphs; the first denouncing
forgery, counterfeiting, and altering; the second, passing, uttering,
and publishing. This arrangement, together with the simplified style of
the rewritten section, will permit the repeal of similar provisions in
at least nine complicated sections now in title 12, U.S.C., 1940 ed.,
Banks and Banking.
Section 1138d(f) of title 12, U.S.C., 1940 ed., Banks and Banking,
was omitted from this revision and recommended for repeal. It provides
as follows: ``Whoever conspires with another to accomplish any of the
acts made unlawful by the preceding provisions of this section shall, on
conviction thereof, be subject to the same fine or imprisonment, or
both, as is applicable in the case of conviction for doing such unlawful
act.''
The only case construing such subsection (f) is United States v.
Halbrook, D.C. Mo. 1941, 36 F. Supp. 345, in which the District Judge
said by way of obiter dictum in a footnote that ``Under this section no
overt act need be shown as is true in the case of a prosecution under
section 37 of the Criminal Code'', now section 371 of this title.
Indeed the indictment upon which Halbrook was acquitted was drawn
under section 88 of title 18, U.S.C., 1940 ed., now section 371 of this
title, which required allegation and proof of an overt act and provided
punishment by fine of not more than $10,000, or imprisonment for not
more than 2 years, or both. The second indictment charged only
substantive violations and involved neither conspiracy section.
It will be noted that section 1138d(f) of title 12, U.S.C., 1940
ed., Banks and Banking, applies in terms only to the Farm Credit
Administration, intermediate credit banks, Federal Farm Mortgage
Corporation, and by reference to the banks for cooperatives, Production
Credit Associations and Production Credit Corporations, and is not
applicable to land banks, loan associations, Federal Housing
Administration, Home Owners' Loan Corporation, or other institutions.
It is also noted that in the only reported case involving this
section, the United States attorney drew his conspiracy indictment not
under section 1138d(f) of title 12, U.S.C., 1940 ed., Banks and Banking,
but under section 88 of title 18, U.S.C., 1940 ed., which is now section
371 of this title, indicating considerable doubt as to the scope and
effect of section 1138d(f) of said title 12, U.S.C., 1940 ed., Banks and
Banking.
There is no sound reason for differentiating between types of
credit, insurance, banking and lending agencies in the punishment of
conspiracy or in the requirement as to proof of overt acts. Since
conspiracies involving offenses equally serious such as obstruction of
justice, bribery, embezzlements, counterfeiting and false statements and
offenses against the Treasury of the United States as well as the
Federal Deposit Insurance Corporation and the Home Owners' Loan
Corporation are punishable under the general conspiracy statute, the
same rule should be applied to lesser agencies.
The blanket provision for punishment of ``any person who willfully
violates any other provision of this Act'' was omitted as useless, in
view of the specific provisions for penalties elsewhere in the Act.
Amendments
2001--Pub. L. 107-56 substituted ``10 years'' for ``five years'' in
two places.
1994--Pub. L. 103-322 substituted ``fined under this title'' for
``fined not more than $10,000'' in two places.
1970--Pub. L. 91-468 inserted National Credit Union Administration
and insured credit unions in enumeration of lending agencies.
1967--Pub. L. 90-19 substituted ``Department of Housing and Urban
Development'' for ``Federal Housing Administration''.
1961--Pub. L. 87-353 struck out reference to the Federal Farm
Mortgage Corporation.
Termination Date of 2001 Amendment
Amendments by title III of Pub. L. 107-56 to terminate effective on
and after the first day of fiscal year 2005 if Congress enacts a joint
resolution that such amendments no longer have the force of law, see
section 303 of Pub. L. 107-56, set out as a Four-Year Congressional
Review; Expedited Consideration note under section 5311 of Title 31,
Money and Finance.
Exceptions From Transfer of Functions
Functions of corporations of Department of Agriculture, boards of
directors and officers of such corporations; Advisory Board of Commodity
Credit Corporation; and Farm Credit Administration or any agency,
officer or entity of, under, or subject to supervision of said
Administration excepted from functions of officers, agencies, and
employees transferred to Secretary of Agriculture by Reorg. Plan No. 2
of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out
in the Appendix to Title 5, Government Organization and Employees.
Abolition of Reconstruction Finance Corporation
Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22
F.R. 4633, 71 Stat. 647, set out in the Appendix to Title 5, Government
Organization and Employees, abolished the Reconstruction Finance
Corporation.
Abolition of Home Owners' Loan Corporation
For dissolution and abolition of Home Owners' Loan Corporation,
referred to in this section, by act June 30, 1953, ch. 170, Sec. 21, 67
Stat. 126, see note set out under section 1463 of Title 12, Banks and
Banking.
Farm Credit Administration
Establishment of Farm Credit Administration as independent agency,
and other changes in status, function, etc., see Ex. Ord. No. 6084 set
out prec. section 2241 of Title 12, Banks and Banking. See also section
2001 et seq. of Title 12.
Section Referred to in Other Sections
This section is referred to in section 3056 of this title.
