§ 4007. — Effect on State law.
[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.)
