§ 433. Exemptions with respect to certain contracts

Statutory text

Sections 431 and 432 of this title shall not extend to any contract or agreement made or entered into, or accepted by any incorporated company for the general benefit of such corporation; nor to the purchase or sale of bills of exchange or other property where the same are ready for delivery and payment therefor is made at the time of making or entering into the contract or agreement. Nor shall the provisions of such sections apply to advances, loans, discounts, purchase or repurchase agreements, extensions, or renewals thereof, or acceptances, releases or substitutions of security therefor or other contracts or agreements made or entered into under the Reconstruction Finance Corporation Act, the Agricultural Adjustment Act, the Federal Farm Loan Act, the Emergency Farm Mortgage Act of 1933, the Farm Credit Act of 1933, or the Home Owners Loan Act of 1933, the Farmers’ Home Administration Act of 1946, the Bankhead-Jones Farm Tenant Act, or to crop insurance agreements or contracts or agreements of a kind which the Secretary of Agriculture may enter into with farmers.

Any exemption permitted by this section shall be made a matter of public record.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1948
Pub. L. 80–645 · 62 Stat. 683
Enacted · 18 U.S.C. § 433
June 25, 1948, ch. 645, 62 Stat. 703
Source evidence
Code source credit
June 25, 1948, ch. 645, 62 Stat. 703
1961
Pub. L. 87–353 § 3 · 75 Stat. 773
Struck · 18 U.S.C. § 433
Pub. L. 87–353 struck out “the Federal Farm Mortgage Corporation Act,” after “the Emergency Farm Mortgage Act of 1933,”
Source evidence
Code amendment note
Pub. L. 87–353 struck out “the Federal Farm Mortgage Corporation Act,” after “the Emergency Farm Mortgage Act of 1933,”.
Enacted provision · exact public law section
Sec. 3. (a) Sections 1, 2, 3, 4, 5, 6, 12, 17, and 18 of the Federal Repeals and amendments. Farm Mortgage Corporation Act, as amended (12 U.S.C. 1020, 1020a-1020h, 992a, 723(f)), are hereby repealed. (b) Sections 32 (except the fourteenth sentence thereof), 33, 34, and 35 of the Emergency Farm Mortgage Act of 1933, as amended (12 U.S.C. 1016–1019, except 1016(h), second sentence), are hereby repealed, and the fourteenth sentence of such section 32 (12 U.S.C. 1016(h), second sentence) is hereby amended by deleting therefrom the word “such”. (c) The first sentence of the eighth paragraph of section 13 of the Federal Reserve Act, as amended (12 U.S.C. 347), is amended by 38 Stat. 958. striking out “or by the deposit or pledge of Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage Corporation Act,”. (d) The first sentence of section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is amended by striking out “bonds of 38 Stat. 264. the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months,”. (e) The fourteenth paragraph of section 7 of the Federal Farm 48 Stat. 44. Loan Act, as amended (12 U.S.C. 723(c)), is amended by striking out the fourth sentence thereof, (f) 39 Stat. 370; 48 Stat. 346. The last paragraph of section 12 of the Federal Farm Loan Act, as amended (12 U.S.C. 772), is amended to read as follows: “Amounts transmitted to Federal land bank associations by Federal land banks to be loaned to its members shall, at the option of the bank, be in current funds or, at the option of the borrower, in farm loan bonds.” (g) Paragraph Eighth of section 13 of the Federal Farm Loan Act, 59 Stat. 267. as amended (12 U.S.C. 781), is amended to read as follows: “Eighth. To buy and sell United States Government obligations direct or fully guaranteed.” (h) Section 13 of the Federal Farm Loan Act, as amended (12 U.S.C. 781), is amended by striking out paragraphs Fifteenth, Sixteenth, and Twentieth thereof. (i) Section 22 of the Federal Farm Loan Act, as amended (12 39 Stat. 378. U.S.C. 897), is amended by (1) striking out clause (e) under the heading “In the case of a Federal land bank”, and (2) striking out clause (e) under the heading “In the case of a joint-stock land bank”, (j) Section 62 of the Farm Credit Act of 1933, as amended (12 48 Stat. 347. U.S.C. 1138b), is amended by striking out “the Federal Farm Mortgage Corporation,”. (k) The Act of June 4, 1936, as amended (49 Stat. 1461; 12 U.S.C. 773a), is amended by striking out “the Federal Farm Mortgage Corporation,” and “the Land Bank Commissioner”. (l) Section 7(b) of the First Deficiency Appropriation Act, fiscal year 1936, approved June 22, 1936 (49 Stat. 1648; 15 U.S.C. 712a(b)), is amended by striking out item 4 thereof and by redesignating items 6 to 13, inclusive, as 4 to 12, respectively. (m) The Act of September 6, 1950 (64 Stat. 769; 7 U.S.C. 1036), is amended by striking out section 4 thereof. (n) Section 7(a) of the Farm Credit Act of 1953, as amended (12 67 Stat. 393; 69 Stat. 662. U.S.C. 636f(a)), is amended by striking out the second and third sentences thereof. (o) The second sentence of section 433 of title 18 of the United 62 Stat. 703. States Code is amended by striking out “the Federal Farm Mortgage Corporation Act,”. (p) The first paragraph of section 493 of title 18 of the United 62 Stat. 711. States Code is amended by striking out “Federal Farm Mortgage Corporation”. (q) 62 Stat. 729. Section 657 of title 18 of the United States Code is amended by striking out “Federal Farm Mortgage Corporation,”. (r) 65 Stat. 718. Section 658 of title 18 of the United States Code is amended by striking out “Federal Farm Mortgage Corporation,”. (s) 62 Stat. 750. Section 1006 of title 18 of the United States Code is amended by striking out “Federal Farm Mortgage Corporation,”. (t) 62 Stat. 752. Section 1014 of title 18 of the United States Code is amended by striking out “or the Federal Farm Mortgage Corporation,”. (u) Section 101 of the Government Corporation Control Act, as 59 Stat. 597.. amended (31 U.S.C. 846), is amended by striking out “Federal Farm Mortgage Corporation;”. (v) The Department of Agriculture Organic Act of 1944, as amended (58 Stat. 741; 12 U.S.C. 1020a–1), is amended by striking out section 603 thereof. (w) Repeal. 48 Stat. 41. The last paragraph of section 32 of the Federal Farm Loan Act, as amended (12 U.S.C. 992, 993), is hereby repealed.

1 of 2 references resolved to an enrolled provision · 1 partial

Notes

Historical and Revision Notes

Based on section 1514(f) of title 7, U.S.C., 1940 ed., Agriculture; sections 264w, 598, 1138d(e), 1441(e), 1467(d) of title 12, U.S.C., 1940 ed., Banks and Banking; section 616(e) of title 15, U.S.C., 1940 ed., Commerce and Trade; title 18, U.S.C., 1940 ed., § 206 (Mar. 4, 1909, ch. 321, § 116, 35 Stat. 1109; Dec. 23, 1913, ch. 6, § 22(j), as added June 19, 1934, ch. 653, § 3, 48 Stat. 1107; Jan. 22, 1932, ch. 8, § 16(e), 47 Stat. 12; July 22, 1932, ch. 522, § 21, 47 Stat. 738; June 13, 1933, ch. 64, § 8, 48 Stat. 135; June 16, 1933, ch. 98, § 64, 48 Stat. 268, 269; Jan. 25, 1934, ch. 5, 48 Stat. 337; Jan. 31, 1934, ch. 7, § 13, 48 Stat. 347; June 27, 1934, ch. 847, title V, § 510, 58 Stat. 1264; May 28, 1935, ch. 150, §§ 20, 21, 49 Stat. 298; Aug. 23, 1935, ch. 614, § 101, 49 Stat. 703; Aug. 26, 1937, ch. 821, 50 Stat. 838; Feb. 16, 1938, ch. 30, title V, § 514, 52 Stat. 77).

These sections were consolidated with such changes of phraseology as were necessary to effect consolidation. Said section 206 of title 18, U.S.C., 1940 ed., was the principal source of this section, but the enumeration of the kinds of commitments exempted was drawn from the various sections of said title 12 set forth above. The reference to crop insurance agreements is drawn from section 1514(f) of Title 7, Agriculture.

The applicability provisions of the sections here consolidated were unclear and of doubtful value. As revised the section preserves everything of value without change of substance.

References to the Bankhead-Jones Farm Tenant Act and the Farmers’ Home Administrative Act of 1946 were included in this revised section notwithstanding the omission (and consequent repeal) of former subsection (d) of section 52 of the said Bankhead-Jones Act (1937) (Title 7, U.S.C., 1940 ed., § 1026) in the amendment of said section 52 of such Act by section 3 of the said Farmers’ Home Administration Act of 1946 (August 14, 1946, ch. 964, 60 Stat. 1062). The essential nature of the transactions under the several acts would render inconsistent any attempt to include some and exclude others.

Editorial Notes

References in Text

The Reconstruction Finance Corporation Act, referred to in text, is act Jan. 22, 1932, ch. 8, 47 Stat. 5, which was classified to chapter 14 (§ 601 et seq.) of Title 15, Commerce and Trade, and has been eliminated from the Code. For complete classification of this Act prior to its elimination from the Code, see Tables.

The Agricultural Adjustment Act, referred to in text, is title I of act May 12, 1933, ch. 25, 48 Stat. 31, which is classified generally to chapter 26 (§ 601 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 601 of Title 7 and Tables.

The Federal Farm Loan Act, referred to in text, is act July 17, 1916, ch. 245, 39 Stat. 360, which was classified principally to sections 641 et seq. of Title 12, Banks and Banking. The Federal Farm Loan Act, as amended, was repealed by section 5.26(a) of the Farm Credit Act of 1971, Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 624. Section 5.26(a) of the Farm Credit Act of 1971 also provided that all references in other legislation to the Acts repealed thereby “shall be deemed to refer to comparable provisions of this Act”. For further details, see notes under section 2001 of Title 12. For complete classification of the Federal Farm Loan Act to the Code prior to such repeal, see Tables.

The Emergency Farm Mortgage Act of 1933, referred to in text, is title II of act May 12, 1933, ch. 25, 48 Stat. 31. Such title II was substantially repealed by act June 30, 1947, ch. 166, title II, § 206(c), 61 Stat. 208; act Aug. 6, 1953, ch. 335, § 19, 67 Stat. 400; act Oct. 4, 1961, Pub. L. 87–353, § 3(a), (b), (w), 75 Stat. 773, 774; act Dec. 10, 1971, Pub. L. 92–181, title V, § 5.26(a), 85 Stat. 624. For complete classification of this Act to the Code, see Tables.

The Farm Credit Act of 1933, referred to in text, is act June 16, 1933, ch. 98, 48 Stat. 2, which was classified principally to subchapter IV (§ 1131 et seq.) of chapter 7 of Title 12, Banks and Banking. The Farm Credit Act of 1933, as amended, was repealed by section 5.26(a) of the Farm Credit Act of 1971, Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 624. Section 5.26(a) of the Farm Credit Act of 1971 also provided that all references in other legislation to the Acts repealed thereby “shall be deemed to refer to comparable provisions of this Act”. For further details, see notes under section 2001 of Title 12. For complete classification of the Farm Credit Act of 1933 to the Code prior to such repeal, see Tables.

The Home Owners Loan Act of 1933, referred to in text, is act June 13, 1933, ch. 64, 48 Stat. 128, now known as the Home Owners’ Loan Act, which is classified generally to chapter 12 (§ 1461 et seq.) of Title 12. For complete classification of this Act to the Code, see section 1461 of Title 12 and Tables.

The Farmers’ Home Administration Act of 1946, referred to in text, is act Aug. 14, 1946, ch. 964, 60 Stat. 1062. Such Act was substantially repealed by act June 25, 1948, ch. 645, § 21, 62 Stat. 862, and act Aug. 8, 1961, Pub. L. 87–128, title III, § 341(a), 75 Stat. 318. For complete classification of this Act to the Code, see Tables.

The Bankhead-Jones Farm Tenant Act, referred to in text, is act July 22, 1937, ch. 517, 50 Stat. 522, which is classified generally to chapter 33 (§ 1000 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1000 of Title 7 and Tables.

Amendments

1961—Pub. L. 87–353 struck out “the Federal Farm Mortgage Corporation Act,” after “the Emergency Farm Mortgage Act of 1933,”.

Statutory Notes and Related Subsidiaries

Abolition of Home Owners’ Loan Corporation

The Home Owners’ Loan Corporation, which was created by the Home Owners’ Loan Act of 1933, referred to in this section, was dissolved and abolished by act June 30, 1953, ch. 170, § 21, 67 Stat. 126, set out in note under section 1463 of Title 12, Banks and Banking.

Executive Documents

Abolition of Reconstruction Finance Corporation

The Reconstruction Finance Corporation, which was created by the Reconstruction Finance Corporation Act, referred to in this section, was abolished by section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22 F.R. 4633, 71 Stat. 647, set out in the Appendix to Title 5, Government Organization and Employees.

Credits

1948–1961 · 2 acts

1948June 25, 1948, ch. 645, 62 Stat. 703
1961Pub. L. 87–353, § 3(o), Oct. 4, 1961, 75 Stat. 774.

Show as published

(June 25, 1948, ch. 645, 62 Stat. 703; Pub. L. 87–353, § 3(o), Oct. 4, 1961, 75 Stat. 774.)