§192 Default in Payment of Circulating Notes

Summary

When the Comptroller of the Currency finds under sections 131 and 132 that an association is in default, the Comptroller may immediately name a receiver and require a bond. The receiver, working under the Comptroller, must take control of the association’s books, records, and assets and collect what is owed to it. If a court orders it, the receiver may settle or sell bad or doubtful debts and may sell the association’s real or personal property on the court’s terms. The receiver must send all money collected to the Treasurer of the United States under the Comptroller’s direction and must report his actions to the Comptroller. The Comptroller may put any of that money into a federal depository or into a State or national bank in the same or a nearby town. If money is deposited this way, the bank must give U.S. bonds or other acceptable securities to the Treasurer for safekeeping and quick payment, except for amounts already insured under section 12B of the Federal Reserve Act. The depositary must pay interest at a rate the Comptroller sets, but not less than 2 percent per year on the average monthly balance.