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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. "
Public and Local Acts of the Legislature of the State of Michigan - Page 11
by Michigan - 1891
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Annual Report of the Commissioner of the Banking Department of the State of ...

Michigan. State Banking Department - Banks and banking - 1914
...time exceed one-tenth part of the amount of the capital stock of such association actually paid in; but the discount of bills of exchange drawn in good...same, shall not be considered as money borrowed." This provision, as found in our General Banking Law and also in the National Banking Law, has never...
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Annual Report of the Commissioner of the Banking Department of the State of ...

Michigan. State Banking Department - Banks and banking - 1910
...to destroy the force and effect of the limitation itself. The exceptions to which I refer relate to the discount of bills of exchange drawn in good faith...actually owned by the person negotiating the same, and which, in my opinion, should be strictly construed and should be held to apply to no transaction...
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The Comptroller and Bank Supervision: a Historical Appraisal, Volume 10

Ross M. Robertson - Banks and banking - 1968 - 262 pages
...such association actually paid in: Provided, That the discount of bona fide bills of exchange drawn against actually existing values, and the discount...commercial or business paper actually owned by the person or persons, corporation, or firm negotiating the same shall not be considered as money borrowed. Sec....
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Annual Report of the Secretary of the Treasury on the State of the Finances ...

United States. Department of the Treasury - Finance, Public - 1901
...accordingly for the exemption from the restriction of a certain class of secured loans, as follows: "But the discount of bills of exchange drawn in good...same, shall not be considered as money borrowed." In the modification of section 5200, which we will recommend, we invoke the same principle of outside...
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Federal Reserve Bulletin

Banks and banking - 1916
...associations, actually paid in and unimpaired, and one-tenth part of its unimpaired surplus fund. * • * * But the discount of bills of exchange drawn in good...actually owned by the person negotiating the same snail not be considered as money borrowed. A member bank may, therefore, acquire from the same person...
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