31 U.S.C. § 5122 : US Code - Section 5122: Payment to depositors

Search 31 U.S.C. § 5122 : US Code - Section 5122: Payment to depositors

(a) The Secretary of the Treasury shall determine the fineness,
weight, and value of each deposit and bar under section 5121 of
this title. The value and the amount of charges under subsection
(b) of this section shall be based on the fineness and weight of
the bullion. The Secretary shall give the depositor a statement of
the charges and the net amount of the deposit to be paid in money
or bars of the same species of bullion as that deposited.
(b) The Secretary shall impose a charge equal to the average cost
of material, labor, waste, and use of machinery of a United States
mint or assay office for -
(1) melting and refining bullion;
(2) using copper as an alloy when bullion deposited is above
standard;
(3) separating gold and silver combined in the bullion; and
(4) preparing bars.
(c) The Secretary shall pay to the depositor or to a person
designated by the depositor money or bars equivalent to the bullion
deposited as soon as practicable after the value of the deposit is
determined. If demanded, the Secretary shall pay depositors in the
order in which the bullion is deposited with the Secretary.
However, when there is an unavoidable delay in determining the
value of a deposit, the Secretary shall pay subsequent depositors.
When practicable and convenient, the Secretary shall pay depositors
in the denominations requested by the depositor. After the
depositor is paid, the bullion is the property of the United States
Government.
(d) To allow the Secretary to pay depositors with as little delay
as possible, the Secretary shall keep in the mints and assay
offices, when possible, money and bullion the Secretary decides are
convenient and necessary.