Title 12, Banks and BankingRelease 119-102
§345 Rediscount of Notes, Drafts, and Bills for Member Banks; Limitation of Amount
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER IX — POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 345
Summary
Notes, drafts, and bills a person or company is liable for, when rediscounted for a member bank, cannot exceed the liability limit set in section 84. This does not change what paper Federal Reserve banks may rediscount.
Full Legal Text
Title 12, §345
Banks and Banking, Source: USLM XML via OLRC
The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of section 84 of this title: Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of the fifth par. of section 13 of act Dec. 23, 1913, as amended. The fifth par. constituted the third par. of section 13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat. 1478), and became the fifth par. in 1932 (47 Stat. 715). For further details, see Codification notes set out under section 343 and 344 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title.
Amendments
1930—Act Apr. 12, 1930, among other changes, inserted proviso.
Reference
Citations & Metadata
Citation
12 U.S.C. § 345
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102