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§ 4007. —  Effect on State law. - US § 4007. —  Effect on State law. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4007]

 
                       TITLE 12--BANKS AND BANKING
 
                CHAPTER 41--EXPEDITED FUNDS AVAILABILITY
 
Sec. 4007. Effect on State law


(a) In general

    Any law or regulation of any State in effect on September 1, 1989, 
which requires that funds deposited or received for deposit in an 
account at a depository institution chartered by such State be made 
available for withdrawal in a shorter period of time than the period of 
time provided in this chapter or in regulations prescribed by the Board 
under this chapter (as in effect on September 1, 1989) shall--
        (1) supersede the provisions of this chapter and any regulations 
    by the Board to the extent such provisions relate to the time by 
    which funds deposited or received for deposit in an account shall be 
    available for withdrawal; and
        (2) apply to all federally insured depository institutions 
    located within such State.

(b) Override of certain State laws

    Except as provided in subsection (a) of this section, this chapter 
and regulations prescribed under this chapter shall supersede any 
provision of the law of any State, including the Uniform Commercial Code 
as in effect in such State, which is inconsistent with this chapter or 
such regulations.

(Pub. L. 100-86, title VI, Sec. 608, Aug. 10, 1987, 101 Stat. 647.)




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