National Banking Association Law and Legal Definition
National banking association is a bank that has been organized under the National Bank Act. Such an association operates pursuant to a certificate of authority issued by the Comptroller of the Currency. Each national banking association is required to become a member of the Federal Reserve System.
By the Judicial Code, national banking associations for the purposes of suits against them are to be deemed citizens of the states in which they are respectively located. However, the Federal Reserve banks created after the Judicial Code was enacted are not national banking associations. [Am. Bank & Trust Co. v. FRB, 256 U.S. 350 (U.S. 1921)].
Legal Definition list
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