12 U.S.C. § 464
Checking against and withdrawal of reserve balance
The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities.
Notes of Decisions
Cited in 9
cases, 1929–2016 · leading case: Michelsen v. Penney
Michelsen v. Penney (1943)
“By 12 U.S.C.A. § 464 , it was provided: "The required balance *428 carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against and withdrawn by such member…”
Alaska Trustee, LLC v. Ambridge (2016)
“In the 1976 United States Code, “section 5(d) of the Home Owners Loan Act of 1933” was codified as 12 U.S.C. § 464 ; “section 407 of the National Housing Act” was codified as 12 U.”
Amsouth Bank (03-5517) First Tennessee Bank (03-5521) v. George Dale (2004)
“§ 248 (o)); and § 19(f) ( 12 U.S.C. § 464 ). None of these sections provide specific authority for the Fedwire system — instead, they are general provisions — and none of them reference causes of action having to do with the Federal Reserve system, or any of the markers…”
Federal Deposit Ins. Corp. v. Dannen (1990)
“Defendants argue that Michelsen should not be used as precedent because it deals solely with 12 U.S.C. § 464 , which was not mentioned in any other liability section of the Federal Reserve Act at the time the case was decided.”
Manufacturas International, Ltda. v. Manufacturers Hanover Trust Co. (1992)
“(as amended by the Electronic Communications Privacy Act of 1986), the Federal Reserve Act, 12 U.S.C. § 464 et seq., and the Foreign Intelligence Surveillance Act, 50 U.”
Federal Reserve Bank of Richmond v. Early (1929)
“12 USCA § 464. These regulations, however, fixed the reserve requirements and prescribed penalties for deficiencies in the reserve.”
Hutchins v. Modern Woodmen Fraternal Financial (2013)
“§ 248 (o)); and § 19(f) ( 12 U.S.C. § 464 ). None of these sections provide specific authority for the Fedwire system — instead, they are general provisions — and none of thém reference causes of action having to do with the Federal Reserve system, or any of the markers…”
Michelsen v. Penney (1941)
“” 12 U.S.C.A. § 464 . This provision of law should be construed to mean precisely what it says.”
First TN Bank v. Dale (2004)
“§ 248 (o)); and § 19(f) ( 12 U.S.C. § 464 ). matter jurisdiction now exists.”
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