§335 — Title 18 Crimes and Criminal Procedure | U.S. Code

Summary

People like directors, officers, trustees, their agents, or anyone holding a corporation’s property to pay its debts, for a corporation created by Congress whose charter has expired, must not on purpose issue or circulate bills, notes, checks, drafts, or other securities that claim to come from that corporation or its officers. If they do, they can be fined, jailed for up to five years, 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