§370.45. What is the status of a security if the remittance cannot be collected?
31 C.F.R. § 370.45
If we cannot promptly collect all of the remittance for a security, we may in our discretion cancel the security unless it has been legally transferred for value to a third person who had no knowledge of the improper debit entry at the time of the transfer.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 391; 31 U.S.C. chapter 31.
Source
Source: 64 FR 40487, July 26, 1999, unless otherwise noted.