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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 582 Receipt of United States or bank notes as collateral us united_states_code code_section 12 BANKS AND BANKING 5 CRIMES AND OFFENSES 582 12 U.S.C. § 582 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s582 data/legal/raw/us/code/title-12/usc12.xml 21c0edaf8823698c5bcea93d7a9add3868546e0902f945a1e86ee3669784edf5 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 994acaddbdec495693aecfa7efa5ac74d65049e8e745803309bb563504169fff 2026-07-04 official
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us-code

12 U.S.C. § 582 - Receipt of United States or bank notes as collateral

Text

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. § 5207.)

Notes

Editorial Notes

Codification R.S. § 5207 derived from act Feb. 19, 1869, ch. 32, 15 Stat. 270.