12 USC 633 - Potential liability on foreign accounts

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

§ 633.

Potential liability on foreign accounts

(a)

Exceptions from repayment requirement

A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to—

(1)

an act of war, insurrection, or civil strife; or

(2)

an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located;

unless the member bank has expressly agreed in writing to repay the deposit under those circumstances.

(b)

Regulations

(Dec. 23, 1913, ch. 6, § 25C, as added Pub. L. 103–325, title III, § 326(a), Sept. 23, 1994, 108 Stat. 2229.)

cite as: 12 USC 633