31 U.S.C. § 3714

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 3714 - Keeping money due States in default

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.

31 U.S.C. § 3714

Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 972.

HISTORICAL AND REVISION NOTE
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.