12 U.S.C. § 411
Issuance to reserve banks; nature of obligation; redemption
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
Notes of Decisions
Cited in 63
cases (36 in the last 5 years), 1974–2026 · leading case: United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019).
United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019). “The loans in this case are also money provided by the United States in a further sense. The Board puts Federal reserve notes into circulation by supplying them to the FRBs, which are the actual direct issuers.”
United States v. John F. Grismore, 546 F.2d 844 (10th Cir. 1976). “”12 U.S.C.A. § 411. We have held that mutilated federal reserve notes are obligations of the United States.”
United States v. Lowell G. Anderson, 584 F.2d 369 (10th Cir. 1978). “Congress has exercised this power by means of delegation to the Federal Reserve System, 12 U.S.C. § 411 , and the definition of federal reserve notes as legal tender.”
Donald H. Mathes & Patricia Marie Mathes v. Comm'r of Internal Revenue, 576 F.2d 70 (5th Cir. 1978). “§ 412 (1968), 1 and has defined Federal Reserve notes as legal tender for taxes, 31 U.S.C. § 392 (1965). Taxpayers’ attempt to devalue the Federal Reserve notes they received as income is, therefore, not lawful under the laws of the United States.”
State v. Scoby, 815 P.2d 1362 (Wash. 1991). “1 Under 12 U.S.C. § 411 (1988), Federal Reserve Notes "shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks .”
Joseph J. Birkenstock & Generose M. Birkenstock v. Comm'r of Internal Revenue, 646 F.2d 1185 (7th Cir. 1981). “Commissioner, supra, the Fifth Circuit stated: Congress has delegated the power to establish this national currency which is lawful money to the Federal Reserve Sys *1187 tem.”
Allnutt v. State, 478 A.2d 321 (Md. Ct. Spec. App. 1984). “§ 408a, 12 U.S.C. § 411 , 31 U.S.C. § 742 . In addition, Allnutt asked that the jury be instructed with respect to Md.”
United States v. George H. Snow, 670 F.2d 749 (7th Cir. 1982). “Pursuant to that authority, Congress has authorized the issuance of Federal Reserve Notes, 12 U.S.C. § 411 , and declared them to be legal tender, 12 U.”
Rothacker v. Rockwall Cnty. Cent. Appraisal Dist., 703 S.W.2d 235 (Tex. App. 1985). “Congress has delegated its power to the Federal Reserve System pursuant to 12 U.S.C.A. § 411 (West 1945). .Federal Reserve Notes are declared to be legal tender by 31 U.”
Mobley M. Milam v. United States of Am., 524 F.2d 629 (9th Cir. 1974). “] The power so precisely described in Juilliard has been delegated to the Federal Reserve System under the provisions of 12 U.S.C. § 411 . Appellant’s challenge to the validity of this legislation is meritless.”
United States v. Luther Thomas, 319 F.3d 640 (3rd Cir. 2003). “” 12 U.S.C. § 411 (2002). These bills are not “money” per se but promissory notes supported by the monetary reserves of the United States.”
Provenza v. Comptroller of the Treasury, 497 A.2d 831 (Md. Ct. Spec. App. 1985). “She cites as her authority 12 U.S.C. § 411 : Issuance to reserve banks, nature of obligation; redemption Federal Reserve Notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks…”
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