Source: https://www.law.cornell.edu/uscode/text/12/632
Timestamp: 2015-02-27 08:08:22
Document Index: 690988721

Matched Legal Cases: ['§ 632', '§ 632', '§ 632', '§ 25', '§ 25', '§ 15', '§ 2', '§ 25', '§ 142', '§ 1', '§ 1', '§ 1811', 'art 214', 'art 261']

12 U.S. Code § 632 - Jurisdiction of United States courts; disposition by banks of foreign owned property | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 6 › Subchapter II › § 632 12 U.S. Code § 632 - Jurisdiction of United States courts; disposition by banks of foreign owned property
any Federal Reserve bank has received any property from or for the account of a foreign state which is recognized by the Government of the United States, or from or for the account of a central bank of any such foreign state, and holds such property in the name of such foreign state or such central bank; (2)
a representative of such foreign state who is recognized by the Secretary of State as being the accredited representative of such foreign state to the Government of the United States has certified to the Secretary of State the name of a person as having authority to receive, control, or dispose of such property; and (3)
the authority of such person to act with respect to such property is accepted and recognized by the Secretary of State, and so certified by the Secretary of State to the Federal Reserve bank, the payment, transfer, delivery, or other disposal of such property by such Federal Reserve bank to or upon the order of such person shall be conclusively presumed to be lawful and shall constitute a complete discharge and release of any liability of the Federal Reserve bank for or with respect to such property.
any insured bank has received any property from or for the account of a foreign state which is recognized by the Government of the United States, or from or for the account of a central bank of any such foreign state, and holds such property in the name of such foreign state or such central bank; (2)
the authority of such person to act with respect to such property is accepted and recognized by the Secretary of State, and so certified by the Secretary of State to such insured bank, the payment, transfer, delivery, or other disposal of such property by such bank to or upon the order of such person shall be conclusively presumed to be lawful and shall constitute a complete discharge and release of any liability of such bank for or with respect to such property. Any suit or other legal proceeding against any insured bank or any officer, director, or employee thereof, arising out of the receipt, possession, or disposition of any such property shall be deemed to arise under the laws of the United States and the district courts of the United States shall have exclusive jurisdiction thereof, regardless of the amount involved; and any such bank or any officer, director, or employee thereof which is a defendant in any such suit may, at any time before trial thereof, remove such suit from a State court into the district court of the United States for the proper district by following the procedure for the removal of causes otherwise provided by law.
For the purposes of this section, (1)
the term “property” includes gold, silver, currency, credits, deposits, securities, choses in action, and any other form of property, the proceeds thereof, and any right, title, or interest therein; (2)
the term “foreign state” includes any foreign government or any department, district, province, county, possession, or other similar governmental organization or subdivision of a foreign government, and any agency or instrumentality of any such foreign government or of any such organization or subdivision; (3)
the term “central bank” includes any foreign bank or banker authorized to perform any one or more of the functions of a central bank; (4)
the term “person” includes any individual, or any corporation, partnership, association, or other similar organization; and (5)
the term “insured bank” shall have the meaning given to it in section 12B of this Act.
(Dec. 23, 1913, ch. 6, § 25B, formerly § 25(b), as added June 16, 1933, ch. 89, § 15,48 Stat. 184; amended Apr. 7, 1941, ch. 43, § 2,55 Stat. 131; renumbered § 25B,Pub. L. 102–242, title I, § 142(e)(3),Dec. 19, 1991, 105 Stat. 2281.)
The Gold Reserve Act of 1934, as amended, referred to in text, is act Jan. 30, 1934, ch. 6, 48 Stat. 337, as amended, which enacted sections 315b, 405b, 408a, 408b, 440 to 446, 754a, 754b, 822a, 822b, and 824 of former Title 31, Money and Finance, and amended sections 314, 316, 733, 734, 752, 753, 767, 771, and 821 of former Title 31 and sections 411, 412, 413, 414, 415, 417, and 467 of this title. Title 31 was revised, codified, and enacted into law by Pub. L. 97–258, § 1,Sept. 13, 1982, 96 Stat. 877. For disposition of sections of former Title 31 into revised Title 31, see Table preceding section 101 of Title 31. For complete classification of this Act to the Code, see Tables.
The Silver Purchase Act of 1934, as amended, referred to in text, is act June 19, 1934, ch. 674, 48 Stat. 1178, which was classified to sections 311a, 316a, 316b, 405a, 448 to 448e, 734a, and 734b of former Title 31, Money and Finance, and was repealed by Pub. L. 88–36, title I, § 1,June 4, 1963, 77 Stat. 54. For complete classification of this Act to the Code, see Tables.
Subdivision (b) of section 5 of the Act of October 6, 1917, referred to in text, is classified to section 95a of this title and section 5
(b) of Title 50, Appendix, War and National Defense.
Section 12B of this Act, referred to in the text, was section 12B of the Federal Reserve Act and was formerly classified to section 264 of this title. Section 12B was withdrawn from the Federal Reserve Act and made a separate act to be known as the Federal Deposit Insurance Act by section 1 of act Sept. 21, 1950, ch. 967, 64 Stat. 873. The Federal Deposit Insurance Act is classified generally to chapter 16 (§ 1811 et seq.) of this title.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 214 - RELATIONS WITH FOREIGN BANKS AND BANKERS (REGULATION N)12 CFR Part 261 - RULES REGARDING AVAILABILITY OF INFORMATION