National banking under the Federal Reserve System

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Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Dividends

Collection:: Economics Books

LOANS A.~—GRANTED BY A NATIONAL BANK 1. On Improved Farm Land or Other Real Estate—Until the passage of the Federal Reserve Act it was not lawful for a national bank to loan money on real estate. The Reserve Act, however, provided that any national bank not situated in a central reserve city (i. e., New York, or Chicago) could make loans secured by improved and unen- cumbered farm land situated: Within its Federal Reserve District; Within one hundred miles of the place in which the bank is located, irrespective of district lines; and that it could also make loans secured by improved and unen- cumbered real estate situated: Within one hundred miles of the place in which the bank is located, irrespective of district lines. Loans secured by farm land could not be for a longer period than five years and those secured by other real estate for a longer period than one year; in respect of both classes of loans the amount of the loan could not exceed 50 per cent of the actual value of the property offered as security, and the aggregate was limited to one-third of the bank’s time deposits or one-fourth of its capital and surplus; the prop- erty securing the loan could have no prior liens upon it. Under the Federal Reserve Act as amended on February 25, 1927 any national bank may make loans secured by first lien upon approved real estate, including improved farm land, situated: Within its Federal Reserve District; } } ) Within one hundred miles of the place in which the bank is located irrespective of district lines: Such loans are defined as “obligations secured by mortgages, trust deed, or other such instrument upon real estate when the entire amount of such obligations is made or sold” to the bank. The loans are subject to the following conditions: (a) The amount of the loans must not exceed 50 per cent of the actual value of the property offered as security. [an] SO

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