§ 7.1020. Purchase of open accounts by a national bank.
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/us/cfr/t12/s§ 7.1020·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General. The purchase of open accounts is a part of the business of banking and within the power of a national bank.
(b)Export transactions. A national bank may purchase open accounts in connection with export transactions; the accounts should be protected by insurance such as that provided by the Foreign Credit Insurance Association and the Export-Import Bank.