12 U.S.C. § 415 : US Code - Section 415: Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes

Search 12 U.S.C. § 415 : US Code - Section 415: Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes

Any Federal Reserve bank may at any time reduce its liability for
outstanding Federal Reserve notes by depositing with the Federal
Reserve agent its Federal Reserve notes, gold certificates, Special
Drawing Right certificates, or lawful money of the United States.
Federal Reserve notes so deposited shall not be reissued, except
upon compliance with the conditions of an original issue. The
liability of a Federal Reserve bank with respect to its outstanding
Federal Reserve notes shall be reduced by an amount paid by such
bank to the Secretary of the Treasury under section 4 of the Old
Series Currency Adjustment Act.