(1)many financial institutions engage daily in thousands of transactions with other financial institutions directly and through clearing organizations;
(2)the efficient processing of such transactions is essential to a smoothly functioning economy;
(3)such transactions can be processed most efficiently if, consistent with applicable contractual terms, obligations among financial institutions are netted;
(4)such netting procedures would reduce the systemic risk within the banking system and financial markets; and
(5)the effectiveness of such netting procedures can be assured only if they are recognized as valid and legally binding in the event of the closing of a financial institution participating in the netting procedures.
If any provision of Pub. L. 102–242or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 ofPub. L. 102–242, set out as a note under section
1811 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.