§ 348. Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes

341 words·~2 min read·/usc/title-12/section-348

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Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes, drafts, and bills of exchange issued or drawn for an agricultural purpose, or based upon livestock, and having a maturity, at the time of discount, exclusive of days of grace, not exceeding nine months, and such notes, drafts, and bills of exchange may be offered as collateral security for the issuance of Federal reserve notes under the provisions of section 16 of this Act:

Provided, That notes, drafts, and bills of exchange with maturities in excess of six months shall not be eligible as a basis for the issuance of Federal reserve notes unless secured by warehouse receipts or other such negotiable documents conveying or securing title to readily marketable staple agricultural products or by chattel mortgage upon livestock which is being fattened for market.

(Dec. 23, 1913, ch. 6, § 13A (par.), formerly § 13a, as added Mar. 4, 1923, ch. 252, title IV, § 404, 42 Stat. 1479; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 13A, Pub. L. 102–242, title I, § 142(e)(1), Dec. 19, 1991, 105 Stat. 2281.)

Connections2 cite this · traces to 1

Cited by 2 sections

U.S. Code

§ 349
Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031

statute-compilations

Sec. 13A
**[**discount of agricultural paper**]**

Traces to 1 document

U.S. Code

Issuance to reserve banks; nature of obligation; redemption
§ 411

7 references not yet in our index

Dec. 23, 1913, ch. 6, § 13A
Mar. 4, 1923, ch. 252
42 Stat. 1479
Aug. 23, 1935, ch. 614
49 Stat. 704
Pub. L. 102–242, title I, § 142(e)(1)
105 Stat. 2281

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cites case law

§ 348

Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes

Stat. Comp.×1

U.S.C.×1

U.S.C.§ 411

ActDec. 23, 1913, ch. 6, § 13A

ActMar. 4, 1923, ch. 252

Stat.42 Stat. 1479

ActAug. 23, 1935, ch. 614

Stat.49 Stat. 704

Cites 8 · showing 6Cited by 2 across 2 sources