All national banking associations, designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. The Secretary of the Treasury shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe-keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government: Provided, That the Secretary shall, on or before the 1st of January of each year, make a public statement of the securities required during that year for such deposits. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue, or for loans or stocks: Provided, That the Secretary of the Treasury shall distribute the deposits herein provided for, as far as practicable, equitably between the different States and sections.
Any national banking association may, upon the deposit with it of any funds by any State or political subdivision thereof or any agency or other governmental instrumentality of one or more States or political subdivisions thereof, including any officer, employee, or agent thereof in his official capacity, give security for the safekeeping and prompt payment of the funds so deposited to the same extent and of the same kind as is authorized by the law of the State in which such association is located in the case of other banking institutions in the State.
Any national banking association may, upon the deposit with it of any funds by any federally recognized Indian tribe, or any officer, employee, or agent thereof in his or her official capacity, give security for the safekeeping and prompt payment of the funds so deposited by the deposit of United States bonds and otherwise as may be prescribed by the Secretary of the Treasury for public funds under the first paragraph of this section.
Notwithstanding chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41, the Secretary may select associations as financial agents in accordance with any process the Secretary deems appropriate and their reasonable duties may include the provision of electronic benefit transfer services (including State-administered benefits with the consent of the States), as defined by the Secretary.
Notes of Decisions
Inland Waterways Corp. v. Young, 309 U.S. 517 (1940).
· cites it 6× “99 , 113, 12 U.S.C. § 90 . The deposits in question were made with the Commercial National Bank by three separate governmental agencies by the Inland Waterways Corporation and the *519 United States Shipping Board Merchant Fleet Corporation, [1] and by the Secretary of War on…”
O'Connor v. Rhodes, 79 F.2d 146 (D.C. Cir. 1935).
· cites it 3× “§ 5153, as amended (12 USCA § 90). The Attorney General moved to dismiss also on the ground that the suit is not maintainable because in effect a suit against the United States.”
Sneeden v. City of Marion, Ill., 64 F.2d 721 (7th Cir. 1933).
· cites it 4× “809 , 12 USCA § 90, which relates to depositories of public moneys and financial agents of the Government, it is provided that: "Any association may, upon the deposit with it of public money of a State or any political subdivision thereof, give security for the safe-keeping and…”
City of Fort Worth v. McCamey, 93 F.2d 964 (5th Cir. 1937).
· cites it 4× “These cases assert that prior to the Act *968 of June 25, 1930, 12 U.S.C.A. § 90 , a national bank was without power to pledge its assets to secure general deposits of public money, irrespective of what state banks could or did do.”
Scott v. J.P. Morgan Chase & Co., 296 F. Supp. 3d 98 (D.C. Cir. 2017).
“Rather, the court will permit the parties to conduct limited discovery concerning Defendant's assertion that it is immune from suit for its actions relating to the District of Columbia Courts' juror compensation program. I. BACKGROUND The Secretary of the United States…”
Inland Waterways Corp. v. Hardee, 100 F.2d 678 (D.C. Cir. 1938).
· cites it 3× “§ 5153, 12 U.S.C.A. § 90 , it was valid; 2d, that if the pledge was invalid the deposits, being public money, were received by the bank in violation of R.”
Fleming v. Hawkeye Pearl Button Co., 113 F.2d 52 (8th Cir. 1940).
“Justice Frankfurter said that “the history and purposes of the statute and the traditional policy of the National Government in utilizing the national banks as fiscal agencies must give meaning to the silence of the Act.” Hence, Section 45 was said to be not a departure from…”
Loughman v. Town of Pelham, 126 F.2d 714 (2d Cir. 1942).
· cites it 2× “The district court sustained the validity of the pledge and dismissed the complaint against the Town.”
Berger v. Chase Nat. Bank of City of New York, 105 F.2d 1001 (2d Cir. 1939).
· cites it 2× “1448 , 12 U.S.C.A. § 90 ); public money of a state or its political subdivisions where state banks are empowered to secure such deposits (Act of Congress June 25, 1930, 46 Stat.”
Hood v. Hardesty, 94 F.2d 26 (4th Cir. 1938).
· cites it 2× “Three questions are presented by the appeal before us: (1) Whether the pledge in question can be upheld as a pledge to secure a deposit of public money of a state within the meaning of the Act of June 25, 1930, 12 U.S.C.A. § 90 ; (2) if not, whether the plaintiff is precluded by…”
Queenan v. Mays, 90 F.2d 525 (10th Cir. 1937).
“The opposite party is entitled to notice of such a defense and to explore the attendant circumstances. $11,000.00 of the bonds for which recovery was allowed belonged to the bank; they were in no wise involved in the state court suit of Mays against the county.”
Annotations are extracted automatically from the opinions in the
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