---
kind: "section"
citation: "12 U.S.C. § 1435"
title: "12"
title_heading: "Banks and Banking"
number: "1435"
heading: "Obligations as lawful investments; liability of United States for debentures, etc., issued by banks"
release: "119-102"
url: "https://uscodex.org/usc/12/1435"
units:
  - "Chapter 11 — Federal Home Loan Banks"
---

# §1435. Obligations as lawful investments; liability of United States for debentures, etc., issued by banks


Obligations of the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) issued with the approval of the [Board](/usc/12/221a.md?p=a) or the [Director](/usc/12/1422.md?p=11) under this chapter shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public [funds](/usc/12/4702.md?p=10) the investment or [deposit](/usc/12/5301.md?p=18-A) of which shall be under the authority or [control](/usc/12/24a.md?p=g-1) of the United States or any officer or officers thereof. The Federal [reserve banks](/usc/12/221a.md?p=a) are authorized to act as depositaries, custodians, and/or fiscal agents for [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) in the general performance of their powers under this chapter. All obligations of [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) shall plainly [state](/usc/12/1422.md?p=2) that such obligations are not obligations of the United States and are not guaranteed by the United States.


## Source credit

(July 22, 1932, ch. 522, § 15, 47 Stat. 736; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, § 1204(7), July 30, 2008, 122 Stat. 2786.)

## Notes

### Editorial Notes

### Amendments

2008—Pub. L. 110–289 inserted “or the Director” after “the Board”.

1989—Pub. L. 101–73 substituted “Board” for “board”.