12 U.S.C. § 501

Liability of Federal reserve or member bank for certifying check when amount of deposit was inadequate

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It shall be unlawful for any officer, director, agent, or employee of any Federal reserve bank, or any member bank as defined in this chapter, to certify any check drawn upon such Federal reserve bank or member bank unless the person, firm, or corporation drawing the check has on deposit with such Federal reserve bank or member bank, at the time such check is certified, an amount of money not less than the amount specified in such check. Any check so certified by a duly authorized officer, director, agent, or employee shall be a good and valid obligation against such Federal reserve bank or member bank; but the act of any officer, director, agent, or employee of any such Federal reserve bank or member bank in violation of this section shall, in the discretion of the Board of Governors of the Federal Reserve System, subject such Federal reserve bank to the penalties imposed by subsection (h) of section 248 of this title, and shall subject such member banks, if a national bank, to the liability and proceedings on the part of the Comptroller of the Currency provided for in section 192 of this title, and shall, in the discretion of the Board of Governors of the Federal Reserve System, subject any other member bank to the penalties imposed by subchapter VIII of chapter 3 of this title for the violation of any of the provisions of this chapter.

Notes of Decisions

Cited in 3 cases, 1929–2020 · leading case: United States v. Salvatore Giordano

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United States v. Salvatore Giordano (1973) ca2 “411; 12 U.S.C. § 501 ). The violation described, if willfully done, is, by definition, done with an intent to defraud.”

Quig v. United States (1929) ca3 “The defendant was indicted for violation of the National Banking Laws under sections 5208 and 5209 of the Revised Statutes (12 USCA §§ 501, 591, 592). One Hunsberger was indicted as principal with Quig as accessory before the fact, the indictment containing four counts.”

Arthur L Marquez and Victoria E Marquez (2020) nmb “See 12 U.S.C. § 501 (c). It is unclear whether federal credit unions are nonprofit corporations.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.