Title 12

SECTION 7.1020

7.1020 Purchase of open accounts by a national bank.

§ 7.1020 Purchase of open accounts by a national bank.

(a) General. The purchase of open accounts is a part of the business of banking and within the power of a national bank.

(b) Export transactions. A national bank may purchase open accounts in connection with export transactions; the accounts should be protected by insurance such as that provided by the Foreign Credit Insurance Association and the Export-Import Bank.

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