Title 12, Banks and BankingRelease 119-102
§67 Individual Liability of Shareholders; Compromises; Authority of Receiver
Title 12 › CHAPTER 2 — NATIONAL BANKS › SUBCHAPTER II — CAPITAL, STOCK, AND STOCKHOLDERS › § 67
Summary
A receiver running a national bank can settle or reduce a shareholder’s personal responsibility for the bank’s debts. The Comptroller of the Currency must approve, and a court with proper authority must order it; the settlement can happen before or after a court judgment.
Full Legal Text
Title 12, §67
Banks and Banking, Source: USLM XML via OLRC
Any receiver of a national banking association is authorized, with the approval of the Comptroller of the Currency and upon the order of a court of record of competent jurisdiction, to compromise, either before or after judgment, the individual liability of any shareholder of such association.
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 to Secretary of the Treasury, see note set out under section 1 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 67
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102