§91 — Title 12 Banks and Banking | U.S. Code

Summary

Any transfer of amounts owed to a national bank, its deposits, assignments of mortgages, sureties, judgments, or deposits of money, bullion, or other valuables for the bank’s use or for its shareholders or creditors, and any payments to the bank, that happen after an act showing insolvency or when insolvency is expected, and are done to stop its assets from being handled under chapter 4 of title 62 of the Revised Statutes or to favor one creditor over another, are void—except payments made to redeem its circulating notes. No State, county, or municipal court may issue an attachment, injunction, or execution against the bank or its property before a final judgment in any suit.

Title 12, §91

Banks and Banking — Source: USLM XML via OLRC

All transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any national banking association, or of deposits to its credit; all assignments of mortgages, sureties on real estate, or of judgments or decrees in its favor; all deposits of money, bullion, or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by chapter 4 of title 62 of the Revised Statutes, or with a view to the preference of one creditor to another, except in payment of its circulating notes, shall be utterly null and void; and no attachment, injunction, or execution, shall be issued against such association or its property before final judgment in any suit, action, or proceeding, in any State, county, or municipal court.

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References in Text

Chapter 4 of title 62 of the Revised Statutes, referred to in text, was in the original “this chapter”, meaning chapter 4 of title 62 of the Revised Statutes, consisting of R.S. §§ 5220 to 5244, which are classified to this section and section 16, 43, 93, 93a, 181, 182, 192 to 194, 196, and 481 to 485 of this title. See, also, section 709 of Title 18, Crimes and Criminal Procedure. For complete classification of R.S. §§ 5220 to 5244 to the Code, see Tables. Codification R.S. § 5242 derived from act June 3, 1864, ch. 106, § 52, 13 Stat. 115, which was the National Bank Act, and act Mar. 3, 1873, ch. 269, § 2, 17 Stat. 603. See section 38 of this title.

§91 Transfers by bank and other acts in contemplation of insolvency

Summary

Title 12, §91

Notes & Related Subsidiaries

Editorial Notes

References in Text

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