U.S. Code » Title 12 » Chapter CHAPTER 2— NATIONAL BANKS › Subchapter SUBCHAPTER XIII— RECEIVERSHIP

12 U.S.C. § 721

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The purpose of this part [enacting this provision] is to terminate the closed receivership fund by—“(1) providing final notice of availability of liquidating dividends to creditors of national banks which have been closed and for which the Comptroller has appointed a receiver other than the Federal Deposit Insurance Corporation;“(2) barring rights of creditors to collect liquidating dividends from the Comptroller of the Currency after a reasonable period of time following such final notice; and“(3) refunding to the Comptroller the principal amount of such fund and any income earned thereon.
Notes of Decisions
Cited in 5 cases, 1932–1984 · leading case: Knox Nat'l Farm Loan Ass'n v. Phillips, 300 U.S. 194 (1937).
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Knox Nat'l Farm Loan Ass'n v. Phillips, 300 U.S. 194 (1937). · cites it 4× “Section 7; 12 U. S. C. § 721 . From time to time thereafter there were payments on account with the result that the loan had been reduced by March, 1933, to $2122.”
Fed. Land Bank of New Orleans v. Jones, 456 So. 2d 1 (Ala. 1984). “12 USCA § 721. "In other ways the association is empowered to stand sponsor for the member it has recommended to the bank.”
Fed. Land Bank of Wichita v. Bd. of Cnty. Commissioners, 368 U.S. 146 (1961). “See 12 U. S. C. §§ 721 , 733. Cf. 12 U. S. C.”
Gantt v. Gunter, 145 So. 146 (Ala. 1932). “12 USCA § 721. In other ways the association is empowered to stand sponsor for the member it has recommended to the bank.”
Miller v. Steward, 529 F.2d 310 (9th Cir. 1976). “As was required by 12 U.S.C. §§ 721 , 733 (since repealed but in force on the date of this transaction), Forester upon his own credit caused $7,000 in Federal Land Bank stock to be pledged to the bank to secure the loan.”
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