12 U.S.C. § 392
Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries
No public funds of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this chapter: Provided, however, That nothing in this chapter shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries.
Notes of Decisions
Cited in 4
cases, 1939–2020 · leading case: Fed. Reserve Bank of St. Louis, a United States Corp. v. Metrocentre Improvement Dist. 1, City of Little Rock, Arkansas, 657 F.2d 183 (8th Cir. 1981).
Fed. Reserve Bank of St. Louis, a United States Corp. v. Metrocentre Improvement Dist. 1, City of Little Rock, Arkansas, 657 F.2d 183 (8th Cir. 1981). “12 U.S.C. § 392 ; (b) It can establish discount and advance rates to be charged to depository institutions *186 having transaction accounts or nonpersonal time deposits, and it can make advances and loans to institutions.”
Berger v. Chase Nat. Bank of City of New York, 105 F.2d 1001 (2d Cir. 1939). “265 ; now found in 12 U.S.C.A. § 392 . At the time of the enactment of this section only national banks were automatically made members of the federal reserve system.”
United States v. George H. Snow, 670 F.2d 749 (7th Cir. 1982). “§ 411 , and declared them to be legal tender, 12 U.S.C. § 392 , as well as “obligation^] or other security of the United States.”
Laferney v. United States (Fed. Cl. 2020). “265 (possibly a reference to 12 U.S.C. § 392 , titled “Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries”); (3) the Social Security Act; (4) “Art.”
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