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United States Code (Last Updated: May 24, 2014) |
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Title 31. MONEY AND FINANCE |
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SubTitle III. FINANCIAL MANAGEMENT |
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Chapter 37. CLAIMS |
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SubChapter II. CLAIMS OF THE UNITED STATES GOVERNMENT |
§ 3714. Keeping money due States in default
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The Secretary of the Treasury shall keep the necessary amount of money the United States Government owes a State when the State defaults in paying principal or interest on investments in stocks or bonds the State issues or guarantees and that the Government holds in trust. The money shall be used to pay the principal or interest or reimburse, with interest, money the Government advanced for interest due on the stocks or bonds.
Historical And Revision
Historical and Revision Notes | ||
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Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
3714 | 31:207. | R.S. § 3481. |
The word “amount” is substituted for “whole, or so much thereof” for clarity. The word “owes” is substituted for “due on any account from the . . . to” to eliminate unnecessary words. The words “or either” and “thereon” are omitted as surplus.