31 CFR 240.18 - Lack of authority to shift liability.

Regulations last checked for updates: Apr 30, 2025

Title 31 - Money and Finance: Treasury last revised: Apr 15, 2025

View all text of Part 240 [§ 240.1 - § 240.19]

§ 240.18 - Lack of authority to shift liability.

(a) This part neither authorizes nor directs a financial institution to debit the account of any person or to deposit any funds from any account into a suspense account or escrow account or the equivalent. Nothing in this part shall be construed to affect a financial institution's contract with its depositor(s) under authority of state law.

(b) A financial institution's liability under this part is not affected by any action taken by it to recover from any person the amount of the financial institution's liability to the Treasury.

authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 321,3327,3328,3331,3334,3343,3711,3712,3716,3717; 332 U.S. 234 (1947); 318 U.S. 363 (1943)

source: 69 FR 61568, Oct. 19, 2004, unless otherwise noted.

cite as: 31 CFR 240.18