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U.S. Code as of:
01/19/04
Section 632. Jurisdiction of United States courts; disposition by banks of foreign owned property
Notwithstanding any other provision of law, all suits of a civil
nature at common law or in equity to which any corporation
organized under the laws of the United States shall be a party,
arising out of transactions involving international or foreign
banking, or banking in a dependency or insular possession of the
United States, or out of other international or foreign financial
operations, either directly or through the agency, ownership, or
control of branches or local institutions in dependencies or
insular possessions of the United States or in foreign countries,
shall be deemed to arise under the laws of the United States, and
the district courts of the United States shall have original
jurisdiction of all such suits; and any defendant in any such suit
may, at any time before the trial thereof, remove such suits from a
State court into the district court of the United States for the
proper district by following the procedure for the removal of
causes otherwise provided by law. Such removal shall not cause
undue delay in the trial of such case and a case so removed shall
have a place on the calendar of the United States court to which it
is removed relative to that which it held on the State court from
which it was removed.
Notwithstanding any other provision of law, all suits of a civil
nature at common law or in equity to which any Federal reserve bank
shall be a party shall be deemed to arise under the laws of the
United States, and the district courts of the United States shall
have original jurisdiction of all such suits; and any Federal
reserve bank which is a defendant in any such suit may, at any time
before the trial thereof, remove such suit from a State court into
the district court of the United States for the proper district by
following the procedure for the removal of causes otherwise
provided by law. No attachment or execution shall be issued against
any Federal reserve bank or its property before final judgment in
any suit, action, or proceeding in any State, county, municipal, or
United States court.
Whenever (1) any Federal Reserve bank has received any property
from or for the account of a foreign state which is recognized by
the Government of the United States, or from or for the account of
a central bank of any such foreign state, and holds such property
in the name of such foreign state or such central bank; (2) a
representative of such foreign state who is recognized by the
Secretary of State as being the accredited representative of such
foreign state to the Government of the United States has certified
to the Secretary of State the name of a person as having authority
to receive, control, or dispose of such property; and (3) the
authority of such person to act with respect to such property is
accepted and recognized by the Secretary of State, and so certified
by the Secretary of State to the Federal Reserve bank, the payment,
transfer, delivery, or other disposal of such property by such
Federal Reserve bank to or upon the order of such person shall be
conclusively presumed to be lawful and shall constitute a complete
discharge and release of any liability of the Federal Reserve bank
for or with respect to such property.
Whenever (1) any insured bank has received any property from or
for the account of a foreign state which is recognized by the
Government of the United States, or from or for the account of a
central bank of any such foreign state, and holds such property in
the name of such foreign state or such central bank; (2) a
representative of such foreign state who is recognized by the
Secretary of State as being the accredited representative of such
foreign state to the Government of the United States has certified
to the Secretary of State the name of a person as having authority
to receive, control, or dispose of such property; and (3) the
authority of such person to act with respect to such property is
accepted and recognized by the Secretary of State, and so certified
by the Secretary of State to such insured bank, the payment,
transfer, delivery, or other disposal of such property by such bank
to or upon the order of such person shall be conclusively presumed
to be lawful and shall constitute a complete discharge and release
of any liability of such bank for or with respect to such property.
Any suit or other legal proceeding against any insured bank or any
officer, director, or employee thereof, arising out of the receipt,
possession, or disposition of any such property shall be deemed to
arise under the laws of the United States and the district courts
of the United States shall have exclusive jurisdiction thereof,
regardless of the amount involved; and any such bank or any
officer, director, or employee thereof which is a defendant in any
such suit may, at any time before trial thereof, remove such suit
from a State court into the district court of the United States for
the proper district by following the procedure for the removal of
causes otherwise provided by law.
Nothing in this section shall be deemed to repeal or to modify in
any manner any of the provisions of the Gold Reserve Act of 1934,
as amended, the Silver Purchase Act of 1934, as amended, or
subdivision (b) of section 5 of the act of October 6, 1917, as
amended, or any actions, regulations, rules, orders, or
proclamations taken, promulgated, made, or issued pursuant to any
of such statutes. In any case in which a license to act with
respect to any property referred to in this section is required
under any of said statutes, regulations, rules, orders, or
proclamations, notification to the Secretary of State by the proper
Government officer or agency of the issuance of an appropriate
license or that appropriate licenses will be issued on application
shall be a prerequisite to any action by the Secretary of State
pursuant to this section, and the action of the Secretary of State
shall relate only to such property as is included in such
notification. Each such notification shall include the terms and
conditions of such license or licenses and a description of the
property to which they relate.
For the purposes of this section, (1) the term "property"
includes gold, silver, currency, credits, deposits, securities,
choses in action, and any other form of property, the proceeds
thereof, and any right, title, or interest therein; (2) the term
"foreign state" includes any foreign government or any department,
district, province, county, possession, or other similar
governmental organization or subdivision of a foreign government,
and any agency or instrumentality of any such foreign government or
of any such organization or subdivision; (3) the term "central
bank" includes any foreign bank or banker authorized to perform any
one or more of the functions of a central bank; (4) the term
"person" includes any individual, or any corporation, partnership,
association, or other similar organization; and (5) the term
"insured bank" shall have the meaning given to it in section 12B of
this Act.
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