12 U.S.C. § 503
Liability of directors and officers of member banks
If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of sections 375, 375a, 375b, and 376 of this title or regulations of the board made under authority thereof, or any of the provisions of sections 217, 218, 219, 220,1
Notes of Decisions
Cited in 36
cases (10 in the last 5 years), 1941–2026 · leading case: Sylvester Marx v. Centran Corporation
Sylvester Marx v. Centran Corporation (1984)
“A cause of action for such violations is, however, provided by 12 U.S.C. § 503 . That statute states: If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions…”
Christopher White v. George Keely (2016)
“(collectively, “White”) 1 filed suit against several current and former officers of the National Bank of' Indianapolis (“NBI Employees”) pursuant to the Federal Reserve Act, 12 U.S.C. § 503 . That statute establishes civil liability for bank officers and directors *885 who…”
Judith Diane Duff Leach, Etc. v. Federal Deposit Insurance Corporation (1989)
“§ 1964(c), and the Federal Reserve Act, 12 U.S.C. § 503 . An earlier decision of this court, Crocker v.”
Lode v. Leonardo (1982)
“The plaintiffs contend that a private right of action is expressly provided for such violations of section 375b by nonmember banks under 12 U.S.C. § 503 . An examination of 12 U.”
Hometowne Builders, Inc. v. Atlantic National Bank (1979)
“§ 215 , thereby subjecting defendants to potential civil liability under 12 U.S.C. § 503 . Specifically, Count One of the Complaint alleges that defendants violated 12 U.”
Homes by Michelle, Inc. v. Federal Savings Bank (1990)
“Based on these violations, plaintiffs maintain that they are authorized to bring a private cause of action against defendants pursuant to 12 U.S.C. § 503 (1988). Even a cursory review of the applicable statutes should have revealed that FSB cannot be liable based on Count VII of…”
Marc Development, Inc. v. Wolin (1993)
“Defendant Wolin maintains that because he was neither officer nor director of Cosmopolitan he cannot be sued under 12 U.S.C. § 503 , which imposes individual liability on “directors or officers of any member bank.”
Marc Development, Inc. v. Wolin (1995)
“Vercillo under § 22(f) of the Federal Reserve Act, 12 U.S.C. § 503 , and under Illinois common law torts of intentional interference with contract, intentional interference with prospective business advantage, fraud and conversion.”
Lowe v. Viewpoint Bank (2013)
“Plaintiffs complaint may therefore be liberally construed as seeking recovery for this claim under 12 U.S.C. § 503 of the Federal Reserve Act (FRA).”
Adato v. Kagan (1979)
“Section 22(f), 12 U.S.C. § 503 , provides that any officer who knowingly participates in or assents to a violation of section 22(g) shall be personally liable for all damages “which the member bank, its shareholders, or any other persons shall have sustained in consequence of…”
Durante Bros. & Sons, Inc. v. Flushing National Bank (1983)
“Plaintiff bases its claim for damages for violation of these two provisions on 12 U.S.C. § 503 . That section recites, in substance, that a director or officer of any national bank who knowingly violates any of the provisions of, among other sections, 18 U.”
In Re Grand Jury Investigation (1976)
“§ 1005 (false statement of bank officer to deceive Comptroller of Currency, FDIC or Federal Reserve); 12 U.S.C. § 503 (personal civil liability for same).”
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