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2026-07-06 10:51:44 -04:00

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LegalText 31 U.S.C. § 3110 Sale of obligations of governments of foreign countries us united_states_code code_section 31 MONEY AND FINANCE 31 PUBLIC DEBT 3110 31 U.S.C. § 3110 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc31@119-100.zip /us/usc/t31/s3110 data/legal/raw/us/code/title-31/usc31.xml a0feb79d37f476402666e528c3124e8ee29d67845e2533ceb3b5ce09fe8321f2 94d3fba324cbbc12277242f872f8f47cff5250dbcdc0057fe857212764e4b704 80a6b995d961b3300da45f232b67fafc83153f77ded8ce2cf86d2e85ca20fcb5 2026-07-04 official
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31 U.S.C. § 3110 - Sale of obligations of governments of foreign countries

Text

(a) With the approval of the President, the Secretary of the Treasury may sell obligations of the government of a foreign country when the obligations were acquired under—

(1) the First Liberty Bond Act and matured before June 16, 1947;

(2) the Second Liberty Bond Act and matured before October 16, 1938; or

(3) section 7(a) of the Victory Liberty Loan Act.

(b) The Secretary may prescribe the conditions and frequency for receiving payment under obligations of a government of a foreign country acquired under the laws referred to in subsection (a) of this section. A sale of an obligation acquired under those Acts shall at least equal the purchase price and accrued interest. The proceeds of obligations sold under this section and payments received from governments on the principal of their obligations shall be used to redeem or buy (for not more than par value and accrued interest) bonds of the United States Government issued under this chapter. If those bonds cannot be redeemed or bought, the Secretary shall redeem or buy other outstanding interest-bearing obligations of the Government that are subject to redemption or which can be bought at not more than par value and accrued interest.

(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 942.)

Notes

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 311031:801.Sept. 24, 1917, ch. 56, § 3, 40 Stat. 289. 31:802, 803.Mar. 3, 1919, ch. 100, §§ 7(b), 8, 40 Stat. 1312, 1313. 31:804.Apr. 24, 1917, ch. 4, § 3, 40 Stat. 35. In the section, the words “government of a foreign country” are substituted for “foreign governments” for consistency in the revised title and with other titles of the United States Code. In subsection (a), the text of 31:801 and 802 (related to converting certain obligations of foreign governments into obligations bearing a higher rate of interest or with a longer term to maturity) is omitted as executed. In subsection (b), the text of 31:804 is omitted as unnecessary. The word “conditions” is substituted for “terms and conditions” because it is inclusive. The words “unless otherwise hereafter provided by law” are omitted as surplus.

Editorial Notes

References in TextThe First Liberty Bond Act, referred to in subsec. (a)(1), is act Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub. L. 97258, § 5(b), Sept. 13, 1982, 96 Stat. 1072. The Second Liberty Bond Act, referred to in subsec. (a)(2), is act Sept. 24, 1917, ch. 56, 40 Stat. 288, which enacted sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765, 766, 771, 773, and 801 and amended sections 745, 764, 769, and 774 of former Title 31, and was repealed by Pub. L. 97258, § 5(b), Sept. 13, 1982, 96 Stat. 1072. Section 7(a) of the Victory Liberty Loan Act, referred to in subsec. (a)(3), is section 7(a) of act Mar. 3, 1919, ch. 100, 40 Stat. 1309, and was repealed by Pub. L. 97258, § 5(b), Sept. 13, 1982, 96 Stat. 1072.