PRIA, Government Policy, Made Personal

Summary

Directors, officers, trustees, agents, or anyone holding property to pay or redeem debts for a corporation created by Congress whose charter has expired who knowingly issues or circulates bills, notes, checks, drafts, or other securities claiming to be from that corporation is subject to a federal fine, up to five years in prison, or both.

Title 18, §335

Crimes and Criminal Procedure, Source: USLM XML via OLRC

Whoever, being a director, officer, or agent of a corporation created by Act of Congress, the charter of which has expired, or trustee thereof, or an agent of such trustee, or a person having in his possession or under his control the property of such corporation for the purpose of paying or redeeming its notes and obligations, knowingly issues, reissues, or utters as money, or in any other way knowingly puts in circulation any bill, note, check, draft, or other security purporting to have been made by any such corporation, or by any officer thereof, or purporting to have been made under authority derived therefrom, shall be fined under this title or imprisoned not more than five years, or both.

Notes & Related Subsidiaries

Historical and Revision Notes

Based on title 18, U.S.C., 1940 ed., § 289 (Mar. 4, 1909, ch. 321, § 174, 35 Stat. 1122). The reference to persons aiding was omitted as unnecessary, since such persons are made principals by section 2 of this title. The last sentence excepting bona fide holders in due course was omitted as surplusage. Other changes in phraseology also were made.

Editorial Notes

Amendments

1994—Pub. L. 103–322 substituted “fined under this title” for “fined not more than $10,000”.

§335 Circulation of Obligations of Expired Corporations