United States Code
USC most recently checked for updates: May 30, 2023
Default in payment of circulating notes
On becoming satisfied, as specified in sections 131 and 132 1
of this title, that any association is in default, the Comptroller of the Currency may forthwith appoint a receiver, and require of him such bond and security as he deems proper. Such receiver, under the direction of the Comptroller, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the real and personal property of such association, on such terms as the court shall direct. Such receiver shall pay over all money so made to the Treasurer of the United States, subject to the order of the Comptroller, and also make report to the Comptroller of all his acts and proceedings.
1See References in Text note below.
(R.S. § 5234; May 15, 1916, ch. 121, 39 Stat. 121; Aug. 23, 1935, ch. 614, title III, § 339, 49 Stat. 721; Pub. L. 86–230, § 17,
Sept. 8, 1959, 73 Stat. 458; Pub. L. 103–325, title VI, § 602(g)(11), Sept. 23, 1994, 108 Stat. 2294.)
cite as: 12 USC 192