Title 12, Banks and BankingRelease 119-102
§198 Purchase by Receiver of Property of Bank; Request to Comptroller
Title 12 › CHAPTER 2 — NATIONAL BANKS › SUBCHAPTER XIII — RECEIVERSHIP › § 198
Summary
If a receiver of a national bank has been properly appointed and has started work, and he thinks it is needed to protect the bank’s claim in property that will be sold by court order, he can send a written report to the Comptroller of the Currency. The report says what happened, gives his estimate of the property’s value and the bank’s share, and asks permission to use trust money to buy the property at the sale.
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
Aug 21, 2026
Release point: 119-102