First Revision of Sec. 16 and the Federal Reserve Bank
Title
First Revision of Sec. 16 and the Federal Reserve Bank
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18866
Date
No date
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
FIRST REVISE.
Sec. 16. That the Federal Reserve Bank shall have a first and paramount lien upon all of the assets of every national banking association for all debts and liabilities of such banking associations due to the Federal Reserve Bank, except as to the claims of the United States, and that the Federal Reserve Bank shall likewise have a first aind paramount lien upon all the assets of every state bank and banking association organized under the laws of the various states for all debts and liabilities due to the Federal Reserve Bank, except debts due by such banks and banking associations to the United States and to the state of their incorporation, and except with respect to trust funds held by trust companies.
Sec. 16. That the Federal Reserve Bank shall have a first and paramount lien upon all of the assets of every national banking association for all debts and liabilities of such banking associations due to the Federal Reserve Bank, except as to the claims of the United States, and that the Federal Reserve Bank shall likewise have a first aind paramount lien upon all the assets of every state bank and banking association organized under the laws of the various states for all debts and liabilities due to the Federal Reserve Bank, except debts due by such banks and banking associations to the United States and to the state of their incorporation, and except with respect to trust funds held by trust companies.
Original Format
Miscellaneous
Files
Collection
Citation
Strong, Benjamin, 1872-1928 , “First Revision of Sec. 16 and the Federal Reserve Bank,” No date, WWP18866, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.