Title 12Banks and BankingRelease 119-73

§122a Redeemed notes of unidentifiable issue; funds charged against

Title 12 › Chapter CHAPTER 2— - NATIONAL BANKS › Subchapter SUBCHAPTER VI— - REDEMPTION AND REPLACEMENT OF CIRCULATING NOTES › § 122a

Last updated Apr 6, 2026|Official source

Summary

When the U.S. Treasurer redeems Federal Reserve bank notes under section 121a, the cost must be charged to the deposit balance set aside to retire those notes under sections 122 and 445. The Board of Governors of the Federal Reserve System must split those charges among the twelve Federal Reserve banks.

Full Legal Text

Title 12, §122a

Banks and Banking — Source: USLM XML via OLRC

Federal Reserve bank notes redeemed by the Treasurer of the United States under section 121a of this title shall be charged against the balance of deposits for the retirement of Federal Reserve bank notes under the provisions of section 122 and 445 11 See References in Text note below. of this title; and charges for Federal Reserve notes redeemed by the Treasurer of the United States under section 121a of this title shall be apportioned among the twelve Federal Reserve banks as determined by the Board of Governors of the Federal Reserve System.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 122 of this title, referred to in text, was repealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068. section 445 of this title, referred to in text, was repealed by act June 12, 1945, ch. 186, § 3, 59 Stat. 238.

Amendments

1994—Pub. L. 103–325 struck out “National-bank notes and” before “Federal Reserve bank notes redeemed” and “national-bank notes and” after “deposits for the retirement of”. 1966—Pub. L. 89–427 substituted provisions allowing the Board of Governors of the Federal Reserve System to determine the proper apportioning between the Federal Reserve banks of the charges for the redemption by the Treasurer of the United States of Federal Reserve notes that are unidentifiable as to bank of issue for provisions that set out the exact formula for determining the proper apportioning of charges using a proportion based upon the amount of Federal Reserve notes of each Federal Reserve bank in circulation in the 31st day of December of the year preceding the date of redemption, with the amount apportioned under the formula charged by the Treas­urer of the United States against deposit in the gold-redemption fund made by the bank or its Federal Reserve agent.

Executive Documents

Transfer of Functions

For

Transfer of Functions

to Secretary of the Treasury, see note set out under section 55 of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 122a

Title 12Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73