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Title 12 — Banks and BankingRelease 119-73not60

§198 Purchase by Receiver of Property of Bank; Request to Comptroller

Title 12 › Chapter 2— NATIONAL BANKS › Subchapter XIII— RECEIVERSHIP › § 198

Last updated Apr 3, 2026|Official source

Summary

When a receiver appointed by the Comptroller of the Currency has taken the job and it is needed to protect the trust’s interest in real or personal property that is about to be sold in a court sale (for example, a foreclosure), the receiver can ask the Comptroller for permission to use trust money to buy that property at the sale. The receiver must send a statement saying the facts of the case, his estimate of the property’s value and the trust’s equity in it, and a request for authority to spend the needed trust funds.

Full Legal Text

Title 12, §198

Banks and Banking — Source: USLM XML via OLRC

Whenever the receiver of any national bank duly appointed by the Comptroller of the Currency, and who shall have duly qualified and entered upon the discharge of his trust, shall find it in his opinion necessary, in order to fully protect and benefit his said trust, to the extent of any and all equities that such trust may have in any property, real or personal, by reason of any bond, mortgage, assignment, or other proper legal claim attaching thereto, and which said property is to be sold under any execution, decree of foreclosure, or proper order of any court of jurisdiction, he may certify the facts in the case, together with his opinion as to the value of the property to be sold, and the value of the equity his said trust may have in the same, to the Comptroller of the Currency, together with a request for the right and authority to use and employ so much of the money of said trust as may be necessary to purchase such property at such sale.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Application to District of ColumbiaProvisions of this section were made applicable to banks, etc., in the District of Columbia by act Mar. 4, 1933, ch. 274, § 4, 47 Stat. 1567.

Executive Documents

Exception as to

Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in

Transfer of Functions

to Secretary of the Treasury, see note set out under section 1 of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 198

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60