12 USC 372 - Bankers’ acceptances

U.S Code last checked for updates: Nov 22, 2024

§ 372.

Bankers’ acceptances

(a)

Institutions; drafts and bills of exchange; types

Any member bank and any Federal or State branch or agency of a foreign bank subject to reserve requirements under section 3105 of this title (hereinafter in this section referred to as “institutions”), may accept drafts or bills of exchange drawn upon it having not more than six months’ sight to run, exclusive of days of grace—

(i)

which grow out of transactions involving the importation or exportation of goods;

(ii)

which grow out of transactions involving the domestic shipment of goods; or

(iii)

which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples.

(b)

Ratio limit of bills to unimpaired capital stock and surplus

(c)

Authorization for special ratio limit; foreign banks

(d)

Ratio limit for domestic transactions

(e)

Ratio limit for single entity; foreign banks; security

(f)

Exception for participation agreements

(g)

Definitions by Board

(h)

Dollar equivalent of foreign bank paid-up capital stock and surplus

(Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; June 21, 1917, ch. 32, § 5, 40 Stat. 235; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 97–290, title II, § 207, Oct. 8, 1982, 96 Stat. 1239.)

cite as: 12 USC 372