31 U.S.C.
United States Code, 2010 Edition
Title 31 - MONEY AND FINANCE
SUBTITLE III - FINANCIAL MANAGEMENT
CHAPTER 37 - CLAIMS
SUBCHAPTER II - CLAIMS OF THE UNITED STATES GOVERNMENT
Sec. 3714 - Keeping money due States in default
From the U.S. Government Printing Office, www.gpo.gov

§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.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 972.)

Historical and Revision Notes
Revised SectionSource (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.