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LegalText 12 U.S.C. § 345 Rediscount of notes, drafts, and bills for member banks; limitation of amount us united_states_code code_section 12 BANKS AND BANKING 3 FEDERAL RESERVE SYSTEM 345 12 U.S.C. § 345 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/s345 data/legal/raw/us/code/title-12/usc12.xml 07eb1fa239e7b04d94f36067b52bf6572b91b57e3cd8958bff5507ea03d8de44 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 83205ba5c23bc32135701028894e2574c12341eb8bf814e7503b0d85bfc3e80b 2026-07-04 official
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12 U.S.C. § 345 - Rediscount of notes, drafts, and bills for member banks; limitation of amount

Text

The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of section 84 of this title: Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks.

(Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930, ch. 140, 46 Stat. 162.)

Notes

Editorial Notes

Codification Section is comprised of the fifth par. of section 13 of act Dec. 23, 1913, as amended. The fifth par. constituted the third par. of section 13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat. 1478), and became the fifth par. in 1932 (47 Stat. 715). For further details, see Codification notes set out under sections 343 and 344 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title.

Amendments1930—Act Apr. 12, 1930, among other changes, inserted proviso.