12 U.S.C. § 346 : US Code - Section 346: Discount of acceptances

Search 12 U.S.C. § 346 : US Code - Section 346: Discount of acceptances

Any Federal reserve bank may discount acceptances of the kinds
hereinafter described, which have a maturity at the time of
discount of not more than ninety days' sight, exclusive of days of
grace, and which are indorsed by at least one member bank:
Provided, That such acceptances if drawn for an agricultural
purpose and secured at the time of acceptance by warehouse receipts
or other such documents conveying or securing title covering
readily marketable staples may be discounted with a maturity at the
time of discount of not more than six months' sight exclusive of
days of grace.