12 U.S.C. § 502
Liability of shareholders of Federal reserve banks on contracts, etc.
The shareholders of every Federal reserve bank shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such bank to the extent of the amount of their subscriptions to such stock at the par value thereof in addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part under the provisions of this chapter.
Notes of Decisions
Cited in 2
cases, 1980–2002 · leading case: Marques, Santiago v. v. Fed'l Reserve Bank
Marques, Santiago v. v. Fed'l Reserve Bank (2002)
“They want the bank ordered to redeem the bonds for face value plus simple interest at 4 percent since 1934 (although the bonds matured in 1965); the total amount of money they are seeking is thus close to $100 billion.”
Presidential Authority to Permit the Withdrawal of Iranian Assets Now in the Federal Reserve Bank (1980)
“See 12 U.S.C. § 502 (emphasis added). If a private national bank can be held civilly liable for wrongful release of attached funds, we find no clear indication that a Federal Reserve Bank can or should be accorded a different treat ment.”
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