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LegalText 12 U.S.C. § 198 Purchase by receiver of property of bank; request to Comptroller us united_states_code code_section 12 BANKS AND BANKING 2 NATIONAL BANKS 198 12 U.S.C. § 198 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/s198 data/legal/raw/us/code/title-12/usc12.xml 0368710fea22ff150366c160998eecf04da1934bb09a6fb947442300c7b9a43d e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 17d903399f3e8715c8e86bf659a5108e93456d27eb80f69d3b814fdf2c389655 2026-07-04 official
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12 U.S.C. § 198 - Purchase by receiver of property of bank; request to Comptroller

Text

Whenever the receiver of any national bank duly appointed by the Comptroller of the Currency, and who shall have duly qualified and entered upon the discharge of his trust, shall find it in his opinion necessary, in order to fully protect and benefit his said trust, to the extent of any and all equities that such trust may have in any property, real or personal, by reason of any bond, mortgage, assignment, or other proper legal claim attaching thereto, and which said property is to be sold under any execution, decree of foreclosure, or proper order of any court of jurisdiction, he may certify the facts in the case, together with his opinion as to the value of the property to be sold, and the value of the equity his said trust may have in the same, to the Comptroller of the Currency, together with a request for the right and authority to use and employ so much of the money of said trust as may be necessary to purchase such property at such sale.

(Mar. 29, 1886, ch. 28, § 1, 24 Stat. 8.)

Notes

Statutory Notes and Related Subsidiaries

Application to District of ColumbiaProvisions of this section were made applicable to banks, etc., in the District of Columbia by act Mar. 4, 1933, ch. 274, § 4, 47 Stat. 1567.

Executive Documents

Exception as to Transfer of Functions Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.