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" But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed. "
Annual Report of the Commissioner of the Banking Department of the State of ... - Page xxvii
by Michigan. Banking Division - 1913
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Digest of Legal Opinions of Thomas B. Paton: General Counsel of the American ...

Thomas Bugard Paton - 1922 - 782 pages
...borrowed money (1) the discount of bills of exchange drawn against actually existing values; (2) the discount of commercial or business paper actually owned by the person negotiating the same; (3) the discount of notes secured by documents covering non-perishable staples, including live stock;...
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The Development of Federal Reserve Policy

Harold Lyle Reed - 1922 - 374 pages
...negotiated in good faith by the bona fide owner would be exempt from the limitations of section 5200 as "commercial or business paper actually owned by the person negotiating the same." But what is the situation with respect to the amount of trade acceptances permissible for rediscount...
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National Banking Under the Federal Reserve System

First National City Bank of New York - 1923 - 188 pages
...company the discount of bills of exchange drawn in good faith against actually existing value and the discount of commercial or business paper actually...owned by the person negotiating the same shall not be included. Any Federal Reserve Bank Bank may make advances to its member banks on their promissory notes...
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American Banking Methods

Leonard Le Marchant Minty - 1923 - 486 pages
...Act the " discount of bills of exchange drawn in good faith against actual existing values and the discount of commercial or business paper actually owned by the person negotiating the same," and it is understood that a bill may be considered as drawn against existing values if drawn against...
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Materials for the Study of Banking

James Dysart Magee - 1923 - 794 pages
...that the discount of "bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the sale" shall not be considered as money borrowed, and this procedure would also have the advantage of...
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International Trade Finance

George William Edwards - 1924 - 522 pages
...That the discount of bills of exchange drawn in good faith against actually existing values and the discount of commercial or business paper actually...the same shall not be considered as money borrowed within the meaning of this paragraph. The liability of a customer on account of an acceptance made...
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The Discount Policy of the Federal Reserve System

Benjamin Haggott Beckhart - 1924 - 624 pages
...trust company, but the discount of bills of exchange drawn against actually existing value and the discount of commercial or business paper actually...person negotiating the same shall not be considered as borrowed money within the meaning of this section. The Federal reserve bank, as a condition of the...
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Digest of Rulings of the Federal Reserve Board (1914-1923, Inclusive): With ...

Board of Governors of the Federal Reserve System (U.S.) - 1924 - 444 pages
...rediscount for a State member bank in excess of the limitation prescribed in section 13. Query: Whether the discount of commercial or business paper actually owned by the person negotiating it should be considered as a loan to such person so as to make him a borrower? 1919 Bulletin, 1157(1)....
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Practical Banking

Gerald William Jamieson - 1925 - 232 pages
...discounting of bills of exchange drawn in good faith against actually existing values, and the discounting of commercial or business paper actually owned by...shall not be considered as money borrowed; provided, that by a two-thirds vote of the directors, the liabilities of any person, copartnership or corporation...
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Banking and Business

Henry Parker Willis, George William Edwards - 1925 - 592 pages
...of "the discount of bills of exchange drawn in good faith against actually existing values and the discount of commercial or business paper actually owned by the person negotiating the same." Although this statute has been in force since 1919, it has remained practically inoperative. The First...
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