Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 12 - Banks and Banking |
Chapter II - Federal Reserve System |
SubChapter A - Board of Governors of the Federal Reserve System |
Part 221 - Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Regulation U) |
Interpretations |
§ 221.102 - Application to committed credit where funds are disbursed thereafter.
Latest version.
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§ 221.102 Application to committed credit where funds are disbursed thereafter.
The Board has concluded that the date a commitment to extend credit becomes binding should be regarded as the date when the credit is extended, since:
(a) On that date the parties should be aware of law and facts surrounding the transaction; and
(b) Generally, the date of contract is controlling for purposes of margin regulations and Federal securities law, regardless of the delivery of cash or securities.