---
kind: "section"
citation: "12 U.S.C. § 1821"
title: "12"
title_heading: "Banks and Banking"
number: "1821"
heading: "Insurance Funds"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1821"
units:
  - "Chapter 16 — Federal Deposit Insurance Corporation"
---

# §1821. Insurance Funds

- (a) **Deposit insurance—**
  - (1) **Insured amounts payable—**
    - (A) **In general—** The Corporation shall insure the [deposits](/usc/12/1813.md?p=l) of all [insured depository institutions](/usc/12/1813.md?p=c-2) as provided in this chapter.
    - (B) **Net amount of insured deposit—** The net amount due to any depositor at an [insured depository institution](/usc/12/1813.md?p=c-2) shall not exceed the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount as determined in accordance with subparagraphs [(C)](#a-1-C), [(D)](#a-1-D), [(E)](#a-1-E) and [(F)](#a-1-F) and [paragraph (3)](#a-3).
    - (C) **Aggregation of deposits—** For the purpose of determining the net amount due to any depositor under [subparagraph (B)](#a-1-B), the Corporation shall aggregate the amounts of all [deposits](/usc/12/1813.md?p=l) in the [insured depository institution](/usc/12/1813.md?p=c-2) which are maintained by a depositor in the same capacity and the same right for the benefit of the depositor either in the name of the depositor or in the name of any other [person](/usc/12/5481.md?p=19), other than any amount in a trust fund described in paragraph (1) or (2) of [section 1817(i) of this title](/usc/12/1817.md?p=i) or any funds described in [section 1817(i)(3) of this title](/usc/12/1817.md?p=i-3).
    - (D) **Coverage for certain employee benefit plan deposits—**
      - (i) **Pass-through insurance—** The Corporation shall provide pass-through [deposit](/usc/12/1813.md?p=l) insurance for the [deposits](/usc/12/1813.md?p=l) of any employee benefit plan.
      - (ii) **Prohibition on acceptance of benefit plan deposits—** An [insured depository institution](/usc/12/1813.md?p=c-2) that is not well capitalized or adequately capitalized may not accept employee benefit plan [deposits](/usc/12/1813.md?p=l).
      - (iii) **Definitions—** For purposes of this subparagraph, the following definitions shall apply:
        - (I) **Capital standards—** The terms “well capitalized” and “adequately capitalized” have the same meanings as in [section 1831o](/usc/12/1831o.md) of this title.
        - (II) **Employee benefit plan—** The term “employee benefit plan” has the same meaning as in [paragraph (5)(B)(ii)](#a-5-B-ii), and [includes](/usc/12/1813.md?p=t-1) any eligible deferred compensation plan described in [section 457 of title 26](/usc/26/457.md).
        - (III) **Pass-through deposit insurance—** The term “pass-through [deposit](/usc/12/1813.md?p=l) insurance” means, with respect to an employee benefit plan, [deposit](/usc/12/1813.md?p=l) insurance coverage based on the interest of each participant, in accordance with regulations issued by the Corporation.
    - (E) **Standard maximum deposit insurance amount defined—** For purposes of this chapter, the term “standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount” means $250,000, adjusted as provided under [subparagraph (F)](#a-1-F) after March 31, 2010. Notwithstanding any other provision of law, the increase in the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount to $250,000 shall apply to depositors in any institution for which the Corporation was appointed as [receiver](/usc/12/1813.md?p=j) or conservator on or after January 1, 2008, and before October 3, 2008. The Corporation shall take such actions as are necessary to carry out the requirements of this section with respect to such depositors, without regard to any time limitations under this chapter. In implementing this and the preceding 2 sentences, any payment on a [deposit](/usc/12/1813.md?p=l) claim made by the Corporation as [receiver](/usc/12/1813.md?p=j) or conservator to a depositor above the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount in effect at the time of the appointment of the Corporation as [receiver](/usc/12/1813.md?p=j) or conservator shall be deemed to be part of the net amount due to the depositor under [subparagraph (B)](#a-1-B).
    - (F) **Inflation adjustment—**
      - (i) **In general—** By April 1 of 2010, and the 1st day of each subsequent 5-year period, the [Board of Directors](/usc/12/1813.md?p=k) and the National [Credit](/usc/12/5481.md?p=7) Union Administration [Board](/usc/12/1861.md?p=b-3) shall jointly consider the factors set forth under [clause (v)](#a-1-F-v), and, upon determining that an inflation adjustment is appropriate, shall jointly prescribe the amount by which the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount and the standard maximum share insurance amount (as defined in [section 1787(k) of this title](/usc/12/1787.md?p=k)) applicable to any depositor at an [insured depository institution](/usc/12/1813.md?p=c-2) shall be increased by calculating the product of—
        - (I) $100,000; and
        - (II) the ratio of the published annual value of the Personal Consumption Expenditures Chain-Type Price Index (or any successor index thereto), published by the Department of Commerce, for the calendar year preceding the year in which the adjustment is calculated under this clause, to the published annual value of such index for the calendar year preceding April 1, 2006.

      The values used in the calculation under subclause (II) shall be, as of the date of the calculation, the values most recently published by the Department of Commerce.

      - (ii) **Rounding—** If the amount determined under [clause (ii)](#a-1-F-ii) for any period is not a multiple of $10,000, the amount so determined shall be rounded down to the nearest $10,000.
      - (iii) **Publication and report to the Congress—** Not later than April 5 of any calendar year in which an adjustment is required to be calculated under [clause (i)](#a-1-F-i) to the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount and the standard maximum share insurance amount under such clause, the [Board of Directors](/usc/12/1813.md?p=k) and the National [Credit](/usc/12/5481.md?p=7) Union Administration [Board](/usc/12/1861.md?p=b-3) shall—
        - (I) publish in the Federal Register the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount, the standard maximum share insurance amount, and the amount of coverage under [paragraph (3)(A)](#a-3-A) and [section 1787(k)(3) of this title](/usc/12/1787.md?p=k-3), as so calculated; and
        - (II) jointly submit a report to the Congress containing the amounts described in [subclause (I)](#a-1-F-iii-I).
      - (iv) **6-month implementation period—** Unless an Act of Congress enacted before July 1 of the calendar year in which an adjustment is required to be calculated under [clause (i)](#a-1-F-i) provides otherwise, the increase in the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount and the standard maximum share insurance amount shall take effect on January 1 of the year immediately succeeding such calendar year.
      - (v) **Inflation adjustment consideration—** In making any determination under [clause (i)](#a-1-F-i) to increase the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount and the standard maximum share insurance amount, the [Board of Directors](/usc/12/1813.md?p=k) and the National [Credit](/usc/12/5481.md?p=7) Union Administration [Board](/usc/12/1861.md?p=b-3) shall jointly consider—
        - (I) the overall [state](/usc/12/1813.md?p=a-3) of the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1) and the economic conditions affecting [insured depository institutions](/usc/12/1813.md?p=c-2);
        - (II) potential problems affecting [insured depository institutions](/usc/12/1813.md?p=c-2); or
        - (III) whether the increase will cause the [reserve ratio](/usc/12/1813.md?p=y-3) of the fund to fall below 1.15 percent of estimated [insured deposits](/usc/12/1813.md?p=m-1).
  - (2) **Government depositors—**
    - (A) **In general—** Notwithstanding any limitation in this chapter or in any other provision of law relating to the amount of [deposit](/usc/12/1813.md?p=l) insurance available to any 1 depositor—
      - (i) a government depositor shall, for the purpose of determining the amount of [insured deposits](/usc/12/1813.md?p=m-1) under this subsection, be deemed to be a depositor separate and distinct from any other officer, employee, or agent of the United States or any public unit referred to in [subparagraph (B)](#a-2-B); and
      - (ii) except as provided in [subparagraph (C)](#a-2-C), the [deposits](/usc/12/1813.md?p=l) of a government depositor shall be insured in an amount equal to the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount (as determined under [paragraph (1)](#a-1)).
    - (B) **Government depositor—** In this paragraph, the term “government depositor” means a depositor that is—
      - (i) an officer, employee, or agent of the United States having official custody of public funds and lawfully investing or depositing the same in time and savings [deposits](/usc/12/1813.md?p=l) in an [insured depository institution](/usc/12/1813.md?p=c-2);
      - (ii) an officer, employee, or agent of any [State](/usc/12/1813.md?p=a-3) of the United States, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing or depositing the same in time and savings [deposits](/usc/12/1813.md?p=l) in an [insured depository institution](/usc/12/1813.md?p=c-2) in such [State](/usc/12/1813.md?p=a-3);
      - (iii) an officer, employee, or agent of the District of Columbia having official custody of public funds and lawfully investing or depositing the same in time and savings [deposits](/usc/12/1813.md?p=l) in an [insured depository institution](/usc/12/1813.md?p=c-2) in the District of Columbia;
      - (iv) an officer, employee, or agent of the Commonwealth of Puerto Rico, of the Virgin Islands, of American Samoa, of the Trust Territory of the Pacific Islands, or of Guam, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing or depositing the same in time and savings [deposits](/usc/12/1813.md?p=l) in an [insured depository institution](/usc/12/1813.md?p=c-2) in the Commonwealth of Puerto Rico, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, or Guam, respectively; or
      - (v) an officer, employee, or agent of any Indian tribe (as defined in [section 1452(c) of title 25](/usc/25/1452.md?p=c)) or agency thereof having official custody of tribal funds and lawfully investing or depositing the same in time and savings [deposits](/usc/12/1813.md?p=l) in an [insured depository institution](/usc/12/1813.md?p=c-2).
    - (C) **Authority to limit deposits—** The Corporation may limit the aggregate amount of funds that may be invested or deposited in [deposits](/usc/12/1813.md?p=l) in any [insured depository institution](/usc/12/1813.md?p=c-2) by any government depositor on the basis of the size of any such [bank](/usc/12/1813.md?p=a-1)[^1] in terms of its assets: Provided, however, such limitation may be exceeded by the pledging of acceptable securities to the government depositor when and where required.
  - (3) **Certain retirement accounts—**
    - (A) **In general—** Notwithstanding any limitation in this chapter relating to the amount of [deposit](/usc/12/1813.md?p=l) insurance available for the account of any 1 depositor, [deposits](/usc/12/1813.md?p=l) in an [insured depository institution](/usc/12/1813.md?p=c-2) made in connection with—
      - (i) any individual retirement account described in [section 408(a) of title 26](/usc/26/408.md?p=a);
      - (ii) subject to the exception contained in [paragraph (1)(D)(ii)](#a-1-D-ii), any eligible deferred compensation plan described in [section 457 of title 26](/usc/26/457.md); and
      - (iii) any individual account plan defined in [section 1002(34) of title 29](/usc/29/1002.md?p=34), and any plan described in [section 401(d) of title 26](/usc/26/401.md?p=d), to the extent that participants and beneficiaries under such plan have the right to direct the investment of assets held in individual accounts maintained on their behalf by the plan,

      shall be aggregated and insured in an amount not to exceed $250,000 (which amount shall be subject to inflation adjustments as provided in [paragraph (1)(F)](#a-1-F), except that $250,000 shall be substituted for $100,000 wherever such term appears in such paragraph) per participant per [insured depository institution](/usc/12/1813.md?p=c-2).

    - (B) **Amounts taken into account—** For purposes of [subparagraph (A)](#a-3-A), the amount aggregated for insurance coverage under this paragraph shall consist of the present vested and ascertainable interest of each participant under the plan, excluding any remainder interest created by, or as a result of, the plan.
  - (4) **Deposit Insurance Fund—**
    - (A) **Establishment—** There is established the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1), which the Corporation shall—
      - (i) maintain and administer;
      - (ii) use to carry out its insurance purposes, in the manner provided by this subsection; and
      - (iii) [invest](/usc/12/1861.md?p=b-6) in accordance with [section 1823(a) of this title](/usc/12/1823.md?p=a).
    - (B) **Uses—** The [Deposit Insurance Fund](/usc/12/1813.md?p=y-1) shall be available to the Corporation for use with respect to [insured depository institutions](/usc/12/1813.md?p=c-2) the [deposits](/usc/12/1813.md?p=l) of which are insured by the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1).
    - (C) **Limitation on use—** Notwithstanding any provision of law other than [section 1823(c)(4)(G) of this title](/usc/12/1823.md?p=c-4-G), the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1) shall not be used in any manner to benefit any shareholder or [affiliate](/usc/12/1813.md?p=w-6) (other than an [insured depository institution](/usc/12/1813.md?p=c-2) that receives assistance in accordance with the provisions of this chapter) of—
      - (i) any [insured depository institution](/usc/12/1813.md?p=c-2) for which the Corporation has been appointed conservator or [receiver](/usc/12/1813.md?p=j), in connection with any type of resolution by the Corporation;
      - (ii) any other [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2), in connection with any type of resolution by the Corporation; or
      - (iii) any [insured depository institution](/usc/12/1813.md?p=c-2), in connection with the provision of assistance under this section or [section 1823 of this title](/usc/12/1823.md) with respect to such institution, except that this clause shall not prohibit any assistance to any [insured depository institution](/usc/12/1813.md?p=c-2) that is not in [default](/usc/12/1813.md?p=x-1), or that is not [in danger of default](/usc/12/1813.md?p=x-2), that is acquiring (as defined in [section 1823(f)(8)(B) of this title](/usc/12/1823.md?p=f-8-B)) another [insured depository institution](/usc/12/1813.md?p=c-2).
    - (D) **Deposits—** All amounts assessed against [insured depository institutions](/usc/12/1813.md?p=c-2) by the Corporation shall be deposited into the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1).
  - (5) **Certain investment contracts not treated as insured deposits—**
    - (A) **In general—** A liability of an [insured depository institution](/usc/12/1813.md?p=c-2) shall not be treated as an [insured deposit](/usc/12/1813.md?p=m-1) if the liability arises under any [insured depository institution](/usc/12/1813.md?p=c-2) investment contract between any [insured depository institution](/usc/12/1813.md?p=c-2) and any employee benefit plan which expressly permits benefit-responsive withdrawals or transfers.
    - (B) **Definitions—** For purposes of [subparagraph (A)](#a-5-A)—
      - (i) **Benefit-responsive withdrawals or transfers—** The term “benefit-responsive withdrawals or transfers” means any withdrawal or transfer of funds (consisting of any portion of the principal and any interest credited at a rate guaranteed by the [insured depository institution](/usc/12/1813.md?p=c-2) investment contract) during the period in which any guaranteed rate is in effect, without substantial penalty or adjustment, to pay benefits provided by the employee benefit plan or to permit a plan participant or beneficiary to redirect the investment of his or her account balance.
      - (ii) **Employee benefit plan—** The term “employee benefit plan”—
        - (I) has the meaning given to such term in [section 1002(3) of title 29](/usc/29/1002.md?p=3); and
        - (II) [includes](/usc/12/1813.md?p=t-1) any plan described in [section 401(d) of title 26](/usc/26/401.md?p=d).
- (b) **Liquidation as closing of depository institution—** For the purposes of this chapter an [insured depository institution](/usc/12/1813.md?p=c-2) shall be deemed to have been closed on account of inability to meet the demands of its depositors in any case in which it has been closed for the purpose of liquidation without adequate provision being made for payment of its depositors.
- (c) **Appointment of Corporation as conservator or receiver—**
  - (1) **In general—** Notwithstanding any other provision of Federal law, the law of any [State](/usc/12/1813.md?p=a-3), or the constitution of any [State](/usc/12/1813.md?p=a-3), the Corporation may accept appointment and act as conservator or [receiver](/usc/12/1813.md?p=j) for any [insured depository institution](/usc/12/1813.md?p=c-2) upon appointment in the manner provided in paragraph [(2)](#c-2) or [(3)](#c-3).
  - (2) **Federal depository institutions—**
    - (A) **Appointment—**
      - (i) **Conservator—** The Corporation may, at the discretion of the supervisory authority, be appointed conservator of any insured [Federal depository institution](/usc/12/1813.md?p=c-4) and the Corporation may accept such appointment.
      - (ii) **Receiver—** The Corporation shall be appointed [receiver](/usc/12/1813.md?p=j), and shall accept such appointment, whenever a [receiver](/usc/12/1813.md?p=j) is appointed for the purpose of liquidation or winding up the affairs of an insured [Federal depository institution](/usc/12/1813.md?p=c-4) by the [appropriate Federal banking agency](/usc/12/1813.md?p=q), notwithstanding any other provision of Federal law.
    - (B) **Additional powers—** In addition to and not in derogation of the powers conferred and the duties imposed by this section on the Corporation as conservator or [receiver](/usc/12/1813.md?p=j), the Corporation, to the extent not inconsistent with such powers and duties, shall have any other power conferred on or any duty (which is related to the exercise of such power) imposed on a conservator or [receiver](/usc/12/1813.md?p=j) for any [Federal depository institution](/usc/12/1813.md?p=c-4) under any other provision of law.
    - (C) **Corporation not subject to any other agency—** When acting as conservator or [receiver](/usc/12/1813.md?p=j) pursuant to an appointment described in [subparagraph (A)](#c-2-A), the Corporation shall not be subject to the direction or supervision of any other agency or department of the United States or any [State](/usc/12/1813.md?p=a-3) in the exercise of the Corporation’s rights, powers, and privileges.
    - (D) **Depository institution in conservatorship subject to banking agency supervision—** Notwithstanding [subparagraph (C)](#c-2-C), any [Federal depository institution](/usc/12/1813.md?p=c-4) for which the Corporation has been appointed conservator shall remain subject to the supervision of the [appropriate Federal banking agency](/usc/12/1813.md?p=q).
  - (3) **Insured State depository institutions—**
    - (A) **Appointment by appropriate State supervisor—** Whenever the authority having supervision of any insured [State depository institution](/usc/12/1813.md?p=c-5) appoints a conservator or [receiver](/usc/12/1813.md?p=j) for such institution and tenders appointment to the Corporation, the Corporation may accept such appointment.
    - (B) **Additional powers—** In addition to the powers conferred and the duties related to the exercise of such powers imposed by [State](/usc/12/1813.md?p=a-3) law on any conservator or [receiver](/usc/12/1813.md?p=j) appointed under the law of such [State](/usc/12/1813.md?p=a-3) for an insured [State depository institution](/usc/12/1813.md?p=c-5), the Corporation, as conservator or [receiver](/usc/12/1813.md?p=j) pursuant to an appointment described in [subparagraph (A)](#c-3-A), shall have the powers conferred and the duties imposed by this section on the Corporation as conservator or [receiver](/usc/12/1813.md?p=j).
    - (C) **Corporation not subject to any other agency—** When acting as conservator or [receiver](/usc/12/1813.md?p=j) pursuant to an appointment described in [subparagraph (A)](#c-3-A), the Corporation shall not be subject to the direction or supervision of any other agency or department of the United States or any [State](/usc/12/1813.md?p=a-3) in the exercise of its rights, powers, and privileges.
    - (D) **Depository institution in conservatorship subject to banking agency supervision—** Notwithstanding [subparagraph (C)](#c-3-C), any insured [State depository institution](/usc/12/1813.md?p=c-5) for which the Corporation has been appointed conservator shall remain subject to the supervision of the appropriate [State bank](/usc/12/1813.md?p=a-2) or [savings association](/usc/12/1813.md?p=b-1) supervisor.
  - (4) **Appointment of Corporation by the Corporation—** Notwithstanding any other provision of Federal law, the law of any [State](/usc/12/1813.md?p=a-3), or the constitution of any [State](/usc/12/1813.md?p=a-3), the Corporation may appoint itself as sole conservator or [receiver](/usc/12/1813.md?p=j) of any insured [State depository institution](/usc/12/1813.md?p=c-5) if—
    - (A) the Corporation determines—
      - (i) that—
        - (I) a conservator, [receiver](/usc/12/1813.md?p=j), or other legal custodian has been appointed for such institution;
        - (II) such institution has been subject to the appointment of any such conservator, [receiver](/usc/12/1813.md?p=j), or custodian for a period of at least 15 consecutive days; and
        - (III) 1 or more of the depositors in such institution is unable to withdraw any amount of any [insured deposit](/usc/12/1813.md?p=m-1); or
      - (ii) that such institution has been closed by or under the laws of any [State](/usc/12/1813.md?p=a-3); and
    - (B) the Corporation determines that 1 or more of the grounds specified in [paragraph (5)](#c-5)—
      - (i) existed with respect to such institution at the time—
        - (I) the conservator, [receiver](/usc/12/1813.md?p=j), or other legal custodian was appointed; or
        - (II) such institution was closed; or
      - (ii) exist at any time—
        - (I) during the appointment of the conservator, [receiver](/usc/12/1813.md?p=j), or other legal custodian; or
        - (II) while such institution is closed.
  - (5) **Grounds for appointing conservator or receiver—** The grounds for appointing a conservator or [receiver](/usc/12/1813.md?p=j) (which may be the Corporation) for any [insured depository institution](/usc/12/1813.md?p=c-2) are as follows:
    - (A) **Assets insufficient for obligations.—** The institution’s assets are less than the institution’s obligations to its creditors and others, [including](/usc/12/1813.md?p=t-1) members of the institution.
    - (B) **Substantial dissipation.—** Substantial dissipation of assets or earnings due to—
      - (i) any [violation](/usc/12/1813.md?p=v) of any statute or regulation; or
      - (ii) any unsafe or unsound practice.
    - (C) **Unsafe or unsound condition.—** An unsafe or unsound condition to transact business.
    - (D) **Cease and desist orders.—** Any willful [violation](/usc/12/1813.md?p=v) of a cease-and-desist order which has become final.
    - (E) **Concealment.—** Any concealment of the institution’s books, papers, records, or assets, or any refusal to submit the institution’s books, papers, records, or affairs for inspection to any examiner or to any lawful agent of the [appropriate Federal banking agency](/usc/12/1813.md?p=q) or [State bank](/usc/12/1813.md?p=a-2) or [savings association](/usc/12/1813.md?p=b-1) supervisor.
    - (F) **Inability to meet obligations.—** The institution is likely to be unable to pay its obligations or meet its depositors’ demands in the normal course of business.
    - (G) **Losses.—** The institution has incurred or is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect for the institution to become adequately capitalized (as defined in [section 1831o(b)](/usc/12/1831o.md?p=b) of this title) without Federal assistance.
    - (H) **Violations of law.—** Any [violation](/usc/12/1813.md?p=v) of any law or regulation, or any unsafe or unsound practice or condition that is likely to—
      - (i) cause insolvency or substantial dissipation of assets or earnings;
      - (ii) weaken the institution’s condition; or
      - (iii) otherwise seriously prejudice the interests of the institution’s depositors or the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1).
    - (I) **Consent.—** The institution, by resolution of its [board of directors](/usc/12/1813.md?p=k) or its shareholders or members, consents to the appointment.
    - (J) **Cessation of insured status.—** The institution ceases to be an insured institution.
    - (K) **Undercapitalization.—** The institution is undercapitalized (as defined in [section 1831o(b)](/usc/12/1831o.md?p=b) of this title), and—
      - (i) has no reasonable prospect of becoming adequately capitalized (as defined in that section);
      - (ii) fails to become adequately capitalized when required to do so under [section 1831o(f)(2)(A)](/usc/12/1831o.md?p=f-2-A) of this title;
      - (iii) fails to submit a capital restoration plan acceptable to that agency within the time prescribed under [section 1831o(e)(2)(D)](/usc/12/1831o.md?p=e-2-D) of this title; or
      - (iv) materially fails to implement a capital restoration plan submitted and accepted under [section 1831o(e)(2)](/usc/12/1831o.md?p=e-2) of this title.
    - (L) The institution—
      - (i) is critically undercapitalized, as defined in [section 1831o(b)](/usc/12/1831o.md?p=b) of this title; or
      - (ii) otherwise has substantially insufficient capital.
    - (M) **Money laundering offense.—** The Attorney General notifies the [appropriate Federal banking agency](/usc/12/1813.md?p=q) or the Corporation in writing that the [insured depository institution](/usc/12/1813.md?p=c-2) has been found guilty of a criminal offense under section [1956](/usc/18/1956.md) or [1957](/usc/18/1957.md) of title 18 or section 5322 or 5324 of title 31.
  - (6) **Appointment by Comptroller of the Currency—**
    - (A) **Conservator—** The Corporation may, at the discretion of the Comptroller of the Currency, be appointed conservator and the Corporation may accept any such appointment.
    - (B) **Receiver—** The Corporation may, at the discretion of the Comptroller of the Currency, be appointed [receiver](/usc/12/1813.md?p=j) and the Corporation may accept any such appointment.
  - (7) **Judicial review—** If the Corporation is appointed ([including](/usc/12/1813.md?p=t-1) the appointment of the Corporation as [receiver](/usc/12/1813.md?p=j) by the [Board of Directors](/usc/12/1813.md?p=k)) as conservator or [receiver](/usc/12/1813.md?p=j) of a [depository institution](/usc/12/1813.md?p=c-1) under paragraph [(4)](#c-4), [(9)](#c-9), or [(10)](#c-10), the [depository institution](/usc/12/1813.md?p=c-1) may, not later than 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such [depository institution](/usc/12/1813.md?p=c-1) is located, or in the United States District Court for the District of Columbia, for an order requiring the Corporation to be removed as the conservator or [receiver](/usc/12/1813.md?p=j) (regardless of how such appointment was made), and the court shall, upon the merits, dismiss such action or direct the Corporation to be removed as the conservator or [receiver](/usc/12/1813.md?p=j).
  - (8) **Replacement of conservator of State depository institution—**
    - (A) **In general—** In the case of any insured [State depository institution](/usc/12/1813.md?p=c-5) for which the Corporation appointed itself as conservator pursuant to [paragraph (4)](#c-4), the Corporation may, without any requirement of notice, hearing, or other action, replace itself as conservator with itself as [receiver](/usc/12/1813.md?p=j) of such institution.
    - (B) **Replacement treated as removal of incumbent—** The replacement of a conservator with a [receiver](/usc/12/1813.md?p=j) under [subparagraph (A)](#c-8-A) shall be treated as the removal of the Corporation as conservator.
    - (C) **Right of review of original appointment not affected—** The replacement of a conservator with a [receiver](/usc/12/1813.md?p=j) under [subparagraph (A)](#c-8-A) shall not affect any right of the insured [State depository institution](/usc/12/1813.md?p=c-5) to obtain review, pursuant to [paragraph (7)](#c-7), of the original appointment of the conservator.
  - (9) **Appropriate Federal banking agency may appoint Corporation as conservator or receiver for insured State depository institution to carry out section 1831o—**
    - (A) **In general—** The [appropriate Federal banking agency](/usc/12/1813.md?p=q) may appoint the Corporation as sole [receiver](/usc/12/1813.md?p=j) (or, subject to [paragraph (11)](#c-11), sole conservator) of any insured [State depository institution](/usc/12/1813.md?p=c-5), after consultation with the appropriate [State](/usc/12/1813.md?p=a-3) supervisor, if the [appropriate Federal banking agency](/usc/12/1813.md?p=q) determines that—
      - (i) 1 or more of the grounds specified in subparagraphs [(K)](#c-5-K) and [(L)](#c-5-L) of paragraph (5) exist with respect to that institution; and
      - (ii) the appointment is necessary to carry out the purpose of [section 1831o](/usc/12/1831o.md) of this title.
    - (B) **Nondelegation—** The [appropriate Federal banking agency](/usc/12/1813.md?p=q) shall not delegate any action under [subparagraph (A)](#c-9-A).
  - (10) **Corporation may appoint itself as conservator or receiver for insured depository institution to prevent loss to Deposit Insurance Fund—** The [Board of Directors](/usc/12/1813.md?p=k) may appoint the Corporation as sole conservator or [receiver](/usc/12/1813.md?p=j) of an [insured depository institution](/usc/12/1813.md?p=c-2), after consultation with the [appropriate Federal banking agency](/usc/12/1813.md?p=q) and the appropriate [State](/usc/12/1813.md?p=a-3) supervisor (if any), if the [Board of Directors](/usc/12/1813.md?p=k) determines that—
    - (A) 1 or more of the grounds specified in any subparagraph of [paragraph (5)](#c-5) exist with respect to the institution; and
    - (B) the appointment is necessary to reduce—
      - (i) the risk that the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1) would incur a loss with respect to the [insured depository institution](/usc/12/1813.md?p=c-2), or
      - (ii) any loss that the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1) is expected to incur with respect to that institution.
  - (11) **Appropriate Federal banking agency shall not appoint conservator under certain provisions without giving Corporation opportunity to appoint receiver—** The [appropriate Federal banking agency](/usc/12/1813.md?p=q) shall not appoint a conservator for an [insured depository institution](/usc/12/1813.md?p=c-2) under subparagraph [(K)](#c-5-K) or [(L)](#c-5-L) of paragraph (5) without the Corporation’s consent unless the agency has given the Corporation 48 hours notice of the agency’s intention to appoint the conservator and the grounds for the appointment.
  - (12) **Directors not liable for acquiescing in appointment of conservator or receiver—** The members of the [board of directors](/usc/12/1813.md?p=k) of an [insured depository institution](/usc/12/1813.md?p=c-2) shall not be liable to the institution’s shareholders or creditors for acquiescing in or consenting in good faith to—
    - (A) the appointment of the Corporation as conservator or [receiver](/usc/12/1813.md?p=j) for that institution; or
    - (B) an acquisition or combination under [section 1831o(f)(2)(A)(iii)](/usc/12/1831o.md?p=f-2-A-iii) of this title.
  - (13) **Additional powers—** In any case in which the Corporation is appointed conservator or [receiver](/usc/12/1813.md?p=j) under paragraph [(4)](#c-4), [(6)](#c-6), [(9)](#c-9), or [(10)](#c-10) for any insured [State depository institution](/usc/12/1813.md?p=c-5)—
    - (A) this section shall apply to the Corporation as conservator or [receiver](/usc/12/1813.md?p=j) in the same manner and to the same extent as if that institution were a [Federal depository institution](/usc/12/1813.md?p=c-4) for which the Corporation had been appointed conservator or [receiver](/usc/12/1813.md?p=j); and
    - (B) the Corporation as [receiver](/usc/12/1813.md?p=j) of the institution may—
      - (i) liquidate the institution in an orderly manner; and
      - (ii) make any other disposition of any matter concerning the institution, as the Corporation determines is in the best interests of the institution, the depositors of the institution, and the Corporation.
- (d) **Powers and duties of Corporation as conservator or receiver—**
  - (1) **Rulemaking authority of Corporation—** The Corporation may prescribe such regulations as the Corporation determines to be appropriate regarding the conduct of conservatorships or receiverships.
  - (2) **General powers—**
    - (A) **Successor to institution—** The Corporation shall, as conservator or [receiver](/usc/12/1813.md?p=j), and by operation of law, succeed to—
      - (i) all rights, titles, powers, and privileges of the [insured depository institution](/usc/12/1813.md?p=c-2), and of any stockholder, member, accountholder, depositor, officer, or [director](/usc/12/5481.md?p=10) of such institution with respect to the institution and the assets of the institution; and
      - (ii) title to the books, records, and assets of any previous conservator or other legal custodian of such institution.
    - (B) **Operate the institution—** The Corporation may (subject to the provisions of [section 1831q of this title](/usc/12/1831q.md)), as conservator or [receiver](/usc/12/1813.md?p=j)—
      - (i) take over the assets of and operate the [insured depository institution](/usc/12/1813.md?p=c-2) with all the powers of the members or shareholders, the [directors](/usc/12/5481.md?p=10), and the officers of the institution and conduct all business of the institution;
      - (ii) collect all obligations and money due the institution;
      - (iii) perform all functions of the institution in the name of the institution which are consistent with the appointment as conservator or [receiver](/usc/12/1813.md?p=j); and
      - (iv) preserve and conserve the assets and property of such institution.
    - (C) **Functions of institution’s officers, directors, and shareholders—** The Corporation may, by regulation or order, provide for the exercise of any function by any member or stockholder, [director](/usc/12/5481.md?p=10), or officer of any [insured depository institution](/usc/12/1813.md?p=c-2) for which the Corporation has been appointed conservator or [receiver](/usc/12/1813.md?p=j).
    - (D) **Powers as conservator—** The Corporation may, as conservator, take such action as may be—
      - (i) necessary to put the [insured depository institution](/usc/12/1813.md?p=c-2) in a sound and solvent condition; and
      - (ii) appropriate to carry on the business of the institution and preserve and conserve the assets and property of the institution.
    - (E) **Additional powers as receiver—** The Corporation may (subject to the provisions of [section 1831q of this title](/usc/12/1831q.md)), as [receiver](/usc/12/1813.md?p=j), place the [insured depository institution](/usc/12/1813.md?p=c-2) in liquidation and proceed to realize upon the assets of the institution, having due regard to the conditions of [credit](/usc/12/5481.md?p=7) in the locality.
    - (F) **Organization of new institutions—** The Corporation may, as [receiver](/usc/12/1813.md?p=j), with respect to any [insured depository institution](/usc/12/1813.md?p=c-2), organize a [new depository institution](/usc/12/1813.md?p=i-1) under [subsection (m)](#m) or a [bridge depository institution](/usc/12/1813.md?p=i-2) under [subsection (n)](#n).
    - (G) **Merger; transfer of assets and liabilities—**
      - (i) **In general—** The Corporation may, as conservator or [receiver](/usc/12/1813.md?p=j)—
        - (I) merge the [insured depository institution](/usc/12/1813.md?p=c-2) with another [insured depository institution](/usc/12/1813.md?p=c-2); or
        - (II) subject to [clause (ii)](#d-2-G-ii), transfer any asset or liability of the institution in [default](/usc/12/1813.md?p=x-1) ([including](/usc/12/1813.md?p=t-1) assets and liabilities associated with any trust business) without any approval, assignment, or consent with respect to such transfer.
      - (ii) **Approval by appropriate Federal banking agency—** No transfer described in [clause (i)(II)](#d-2-G-i-II) may be made to another [depository institution](/usc/12/1813.md?p=c-1) (other than a [new depository institution](/usc/12/1813.md?p=i-1) or a [bridge depository institution](/usc/12/1813.md?p=i-2) established pursuant to subsection [(m)](#m) or [(n)](#n)) without the approval of the [appropriate Federal banking agency](/usc/12/1813.md?p=q) for such institution.
    - (H) **Payment of valid obligations—** The Corporation, as conservator or [receiver](/usc/12/1813.md?p=j), shall pay all valid obligations of the [insured depository institution](/usc/12/1813.md?p=c-2) in accordance with the prescriptions and limitations of this chapter.
    - (I) **Subpoena authority—**
      - (i) **In general—** The Corporation may, as conservator, [receiver](/usc/12/1813.md?p=j), or exclusive manager and for purposes of carrying out any power, authority, or duty with respect to an [insured depository institution](/usc/12/1813.md?p=c-2) ([including](/usc/12/1813.md?p=t-1) determining any claim against the institution and determining and realizing upon any asset of any [person](/usc/12/5481.md?p=19) in the course of collecting money due the institution), exercise any power established under [section 1818(n) of this title](/usc/12/1818.md?p=n), and the provisions of such section shall apply with respect to the exercise of any such power under this subparagraph in the same manner as such provisions apply under such section.
      - (ii) **Authority of Board of Directors—** A subpoena or subpoena duces tecum may be issued under [clause (i)](#d-2-I-i) only by, or with the written approval of, the [Board of Directors](/usc/12/1813.md?p=k) or their designees (or, in the case of a subpoena or subpoena duces tecum issued by the Resolution Trust Corporation under this subparagraph and [section 1441a(b)(4)](/usc/12/1441a.md)[^2] of this title, only by, or with the written approval of, the [Board of Directors](/usc/12/1813.md?p=k) of such Corporation or their designees).
      - (iii) **Rule of construction—** This subsection shall not be construed as limiting any rights that the Corporation, in any capacity, might otherwise have under [section 1820(c) of this title](/usc/12/1820.md?p=c).
    - (J) **Incidental powers—** The Corporation may, as conservator or [receiver](/usc/12/1813.md?p=j)—
      - (i) exercise all powers and authorities specifically granted to conservators or [receivers](/usc/12/1813.md?p=j), respectively, under this chapter and such incidental powers as shall be necessary to carry out such powers; and
      - (ii) take any action authorized by this chapter,

      which the Corporation determines is in the best interests of the [depository institution](/usc/12/1813.md?p=c-1), its depositors, or the Corporation.

    - (K) **Utilization of private sector—** In carrying out its responsibilities in the management and disposition of assets from [insured depository institutions](/usc/12/1813.md?p=c-2), as conservator, [receiver](/usc/12/1813.md?p=j), or in its corporate capacity, the Corporation shall utilize the services of private [persons](/usc/12/5481.md?p=19), [including](/usc/12/1813.md?p=t-1) [real estate](/usc/12/1707.md?p=g) and loan portfolio asset management, property management, auction marketing, legal, and brokerage services, only if such services are available in the private sector and the Corporation determines utilization of such services is the most practicable, efficient, and cost effective.
  - (3) **Authority of receiver to determine claims—**
    - (A) **In general—** The Corporation may, as [receiver](/usc/12/1813.md?p=j), determine claims in accordance with the requirements of this subsection and regulations prescribed under [paragraph (4)](#d-4).
    - (B) **Notice requirements—** The [receiver](/usc/12/1813.md?p=j), in any case involving the liquidation or winding up of the affairs of a closed [depository institution](/usc/12/1813.md?p=c-1), shall—
      - (i) promptly publish a notice to the [depository institution](/usc/12/1813.md?p=c-1)’s creditors to present their claims, together with proof, to the [receiver](/usc/12/1813.md?p=j) by a date specified in the notice which shall be not less than 90 days after the publication of such notice; and
      - (ii) republish such notice approximately 1 month and 2 months, respectively, after the publication under [clause (i)](#d-3-B-i).
    - (C) **Mailing required—** The [receiver](/usc/12/1813.md?p=j) shall mail a notice similar to the notice published under [subparagraph (B)(i)](#d-3-B-i) at the time of such publication to any creditor shown on the institution’s books—
      - (i) at the creditor’s last address appearing in such books; or
      - (ii) upon discovery of the name and address of a claimant not appearing on the institution’s books within 30 days after the discovery of such name and address.
  - (4) **Rulemaking authority relating to determination of claims—**
    - (A) **In general—** The Corporation may prescribe regulations regarding the allowance or disallowance of claims by the [receiver](/usc/12/1813.md?p=j) and providing for administrative determination of claims and review of such determination.
    - (B) **Final settlement payment procedure—**
      - (i) **In general—** In the handling of receiverships of [insured depository institutions](/usc/12/1813.md?p=c-2), to maintain essential liquidity and to prevent financial disruption, the Corporation may, after the declaration of an institution’s insolvency, settle all uninsured and unsecured claims on the receivership with a final settlement payment which shall constitute full payment and disposition of the Corporation’s obligations to such claimants.
      - (ii) **Final settlement payment—** For purposes of [clause (i)](#d-4-B-i), a final settlement payment shall be payment of an amount equal to the product of the final settlement payment rate and the amount of the uninsured and unsecured claim on the receivership; and
      - (iii) **Final settlement payment rate—** For purposes of [clause (ii)](#d-4-B-ii), the final settlement payment rate shall be a percentage rate reflecting an average of the Corporation’s receivership recovery experience, determined by the Corporation in such a way that over such time period as the Corporation may deem appropriate, the Corporation in total will receive no more or less than it would have received in total as a general creditor standing in the place of insured depositors in each specific receivership.
      - (iv) **Corporation authority—** The Corporation may undertake such supervisory actions and promulgate such regulations as may be necessary to assure that the requirements of this section can be implemented with respect to each [insured depository institution](/usc/12/1813.md?p=c-2) in the event of its insolvency.
  - (5) **Procedures for determination of claims—**
    - (A) **Determination period—**
      - (i) **In general—** Before the end of the 180-day period beginning on the date any claim against a [depository institution](/usc/12/1813.md?p=c-1) is filed with the Corporation as [receiver](/usc/12/1813.md?p=j), the Corporation shall determine whether to allow or disallow the claim and shall notify the claimant of any determination with respect to such claim.
      - (ii) **Extension of time—** The period described in [clause (i)](#d-5-A-i) may be extended by a written agreement between the claimant and the Corporation.
      - (iii) **Mailing of notice sufficient—** The requirements of [clause (i)](#d-5-A-i) shall be deemed to be satisfied if the notice of any determination with respect to any claim is mailed to the last address of the claimant which appears—
        - (I) on the [depository institution](/usc/12/1813.md?p=c-1)’s books;
        - (II) in the claim filed by the claimant; or
        - (III) in documents submitted in proof of the claim.
      - (iv) **Contents of notice of disallowance—** If any claim filed under [clause (i)](#d-5-A-i) is disallowed, the notice to the claimant shall contain—
        - (I) a statement of each reason for the disallowance; and
        - (II) the procedures available for obtaining agency review of the determination to disallow the claim or judicial determination of the claim.
    - (B) **Allowance of proven claims—** The [receiver](/usc/12/1813.md?p=j) shall allow any claim received on or before the date specified in the notice published under [paragraph (3)(B)(i)](#d-3-B-i) by the [receiver](/usc/12/1813.md?p=j) from any claimant which is proved to the satisfaction of the [receiver](/usc/12/1813.md?p=j).
    - (C) **Disallowance of claims filed after end of filing period—**
      - (i) **In general—** Except as provided in [clause (ii)](#d-5-C-ii), claims filed after the date specified in the notice published under [paragraph (3)(B)(i)](#d-3-B-i) shall be disallowed and such disallowance shall be final.
      - (ii) **Certain exceptions—** [Clause (i)](#d-5-C-i) shall not apply with respect to any claim filed by any claimant after the date specified in the notice published under [paragraph (3)(B)(i)](#d-3-B-i) and such claim may be considered by the [receiver](/usc/12/1813.md?p=j) if—
        - (I) the claimant did not receive notice of the appointment of the [receiver](/usc/12/1813.md?p=j) in time to file such claim before such date; and
        - (II) such claim is filed in time to permit payment of such claim.
    - (D) **Authority to disallow claims—**
      - (i) **In general—** The [receiver](/usc/12/1813.md?p=j) may disallow any portion of any claim by a creditor or claim of security, preference, or priority which is not proved to the satisfaction of the [receiver](/usc/12/1813.md?p=j).
      - (ii) **Payments to less than fully secured creditors—** In the case of a claim of a creditor against an [insured depository institution](/usc/12/1813.md?p=c-2) which is secured by any property or other asset of such institution, any [receiver](/usc/12/1813.md?p=j) appointed for any [insured depository institution](/usc/12/1813.md?p=c-2)—
        - (I) may treat the portion of such claim which exceeds an amount equal to the fair market value of such property or other asset as an unsecured claim against the institution; and
        - (II) may not make any payment with respect to such unsecured portion of the claim other than in connection with the disposition of all claims of unsecured creditors of the institution.
      - (iii) **Exceptions—** No provision of this paragraph shall apply with respect to—
        - (I) any extension of [credit](/usc/12/5481.md?p=7) from any Federal home loan [bank](/usc/12/1813.md?p=a-1) or Federal Reserve [bank](/usc/12/1813.md?p=a-1) to any [insured depository institution](/usc/12/1813.md?p=c-2); or
        - (II) any security interest in the assets of the institution securing any such extension of [credit](/usc/12/5481.md?p=7).
    - (E) **No judicial review of determination pursuant to subparagraph (D)—** No court may review the Corporation’s determination pursuant to [subparagraph (D)](#d-5-D) to disallow a claim.
    - (F) **Legal effect of filing—**
      - (i) **Statute of limitation tolled—** For purposes of any applicable statute of limitations, the filing of a claim with the [receiver](/usc/12/1813.md?p=j) shall constitute a commencement of an action.
      - (ii) **No prejudice to other actions—** Subject to [paragraph (12)](#d-12), the filing of a claim with the [receiver](/usc/12/1813.md?p=j) shall not prejudice any right of the claimant to continue any action which was filed before the appointment of the [receiver](/usc/12/1813.md?p=j).
  - (6) **Provision for agency review or judicial determination of claims—**
    - (A) **In general—** Before the end of the 60-day period beginning on the earlier of—
      - (i) the end of the period described in [paragraph (5)(A)(i)](#d-5-A-i) with respect to any claim against a [depository institution](/usc/12/1813.md?p=c-1) for which the Corporation is [receiver](/usc/12/1813.md?p=j); or
      - (ii) the date of any notice of disallowance of such claim pursuant to [paragraph (5)(A)(i)](#d-5-A-i),

      the claimant may request administrative review of the claim in accordance with subparagraph [(A)](#d-7-A) or [(B)](#d-7-B) of paragraph (7) or file suit on such claim (or continue an action commenced before the appointment of the [receiver](/usc/12/1813.md?p=j)) in the district or territorial court of the United States for the district within which the [depository institution](/usc/12/1813.md?p=c-1)’s principal place of business is located or the United States District Court for the District of Columbia (and such court shall have jurisdiction to hear such claim).

    - (B) **Statute of limitations—** If any claimant fails to—
      - (i) request administrative review of any claim in accordance with subparagraph [(A)](#d-7-A) or [(B)](#d-7-B) of paragraph (7); or
      - (ii) file suit on such claim (or continue an action commenced before the appointment of the [receiver](/usc/12/1813.md?p=j)),

      before the end of the 60-day period described in [subparagraph (A)](#d-6-A), the claim shall be deemed to be disallowed (other than any portion of such claim which was allowed by the [receiver](/usc/12/1813.md?p=j)) as of the end of such period, such disallowance shall be final, and the claimant shall have no further rights or remedies with respect to such claim.

  - (7) **Review of claims—**
    - (A) **Administrative hearing—** If any claimant requests review under this subparagraph in lieu of filing or continuing any action under [paragraph (6)](#d-6) and the Corporation agrees to such request, the Corporation shall consider the claim after opportunity for a hearing on the record. The final determination of the Corporation with respect to such claim shall be subject to judicial review under chapter 7 of title 5.
    - (B) **Other review procedures—**
      - (i) **In general—** The Corporation shall also establish such alternative dispute resolution processes as may be appropriate for the resolution of claims filed under [paragraph (5)(A)(i)](#d-5-A-i).
      - (ii) **Criteria—** In establishing alternative dispute resolution processes, the Corporation shall strive for procedures which are expeditious, fair, independent, and low cost.
      - (iii) **Voluntary binding or nonbinding procedures—** The Corporation may establish both binding and nonbinding processes, which may be conducted by any government or private party, but all parties, [including](/usc/12/1813.md?p=t-1) the claimant and the Corporation, must agree to the use of the process in a particular case.
      - (iv) **Consideration of incentives—** The Corporation shall seek to develop incentives for claimants to participate in the alternative dispute resolution process.
  - (8) **Expedited determination of claims—**
    - (A) **Establishment required—** The Corporation shall establish a procedure for expedited relief outside of the routine claims process established under [paragraph (5)](#d-5) for claimants who—
      - (i) allege the existence of legally valid and enforceable or perfected security interests in assets of any [depository institution](/usc/12/1813.md?p=c-1) for which the Corporation has been appointed [receiver](/usc/12/1813.md?p=j); and
      - (ii) allege that irreparable injury will occur if the routine claims procedure is followed.
    - (B) **Determination period—** Before the end of the 90-day period beginning on the date any claim is filed in accordance with the procedures established pursuant to [subparagraph (A)](#d-8-A), the Corporation shall—
      - (i) determine—
        - (I) whether to allow or disallow such claim; or
        - (II) whether such claim should be determined pursuant to the procedures established pursuant to [paragraph (5)](#d-5); and
      - (ii) notify the claimant of the determination, and if the claim is disallowed, provide a statement of each reason for the disallowance and the procedure for obtaining agency review or judicial determination.
    - (C) **Period for filing or renewing suit—** Any claimant who files a request for expedited relief shall be permitted to file a suit, or to continue a suit filed before the appointment of the [receiver](/usc/12/1813.md?p=j), seeking a determination of the claimant’s rights with respect to such security interest after the earlier of—
      - (i) the end of the 90-day period beginning on the date of the filing of a request for expedited relief; or
      - (ii) the date the Corporation denies the claim.
    - (D) **Statute of limitations—** If an action described in [subparagraph (C)](#d-8-C) is not filed, or the motion to renew a previously filed suit is not made, before the end of the 30-day period beginning on the date on which such action or motion may be filed in accordance with [subparagraph (B)](#d-8-B), the claim shall be deemed to be disallowed as of the end of such period (other than any portion of such claim which was allowed by the [receiver](/usc/12/1813.md?p=j)), such disallowance shall be final, and the claimant shall have no further rights or remedies with respect to such claim.
    - (E) **Legal effect of filing—**
      - (i) **Statute of limitation tolled—** For purposes of any applicable statute of limitations, the filing of a claim with the [receiver](/usc/12/1813.md?p=j) shall constitute a commencement of an action.
      - (ii) **No prejudice to other actions—** Subject to [paragraph (12)](#d-12), the filing of a claim with the [receiver](/usc/12/1813.md?p=j) shall not prejudice any right of the claimant to continue any action which was filed before the appointment of the [receiver](/usc/12/1813.md?p=j).
  - (9) **Agreement as basis of claim—**
    - (A) **Requirements—** Except as provided in [subparagraph (B)](#d-9-B), any agreement which does not meet the requirements set forth in [section 1823(e) of this title](/usc/12/1823.md?p=e) shall not form the basis of, or substantially comprise, a claim against the [receiver](/usc/12/1813.md?p=j) or the Corporation.
    - (B) **Exception to contemporaneous execution requirement—** Notwithstanding [section 1823(e)(2)](/usc/12/1823.md?p=e-2)[^2] of this title, any agreement relating to an extension of [credit](/usc/12/5481.md?p=7) between a Federal home loan [bank](/usc/12/1813.md?p=a-1) or Federal Reserve [bank](/usc/12/1813.md?p=a-1) and any [insured depository institution](/usc/12/1813.md?p=c-2) which was executed before the extension of [credit](/usc/12/5481.md?p=7) by such [bank](/usc/12/1813.md?p=a-1) to such institution shall be treated as having been executed contemporaneously with such extension of [credit](/usc/12/5481.md?p=7) for purposes of [subparagraph (A)](#d-9-A).
  - (10) **Payment of claims—**
    - (A) **In general—** The [receiver](/usc/12/1813.md?p=j) may, in the [receiver](/usc/12/1813.md?p=j)’s discretion and to the extent funds are available, pay creditor claims which are allowed by the [receiver](/usc/12/1813.md?p=j), approved by the Corporation pursuant to a final determination pursuant to paragraph [(7)](#d-7) or [(8)](#d-8), or determined by the final judgment of any court of competent jurisdiction in such manner and amounts as are authorized under this chapter.
    - (B) **Payment of dividends on claims—** The [receiver](/usc/12/1813.md?p=j) may, in the [receiver](/usc/12/1813.md?p=j)’s sole discretion, pay dividends on proved claims at any time, and no liability shall attach to the Corporation (in such Corporation’s corporate capacity or as [receiver](/usc/12/1813.md?p=j)), by reason of any such payment, for failure to pay dividends to a claimant whose claim is not proved at the time of any such payment.
    - (C) **Rulemaking authority of Corporation—** The Corporation may prescribe such rules, [including](/usc/12/1813.md?p=t-1) definitions of terms, as it deems appropriate to establish a single uniform interest rate for or to make payments of post insolvency interest to creditors holding proven claims against the receivership estates of insured Federal or [State depository institutions](/usc/12/1813.md?p=c-5) following satisfaction by the [receiver](/usc/12/1813.md?p=j) of the principal amount of all creditor claims.
  - (11) **Depositor preference—**
    - (A) **In general—** Subject to [section 1815(e)(2)(C) of this title](/usc/12/1815.md?p=e-2-C), amounts realized from the liquidation or other resolution of any [insured depository institution](/usc/12/1813.md?p=c-2) by any [receiver](/usc/12/1813.md?p=j) appointed for such institution shall be distributed to pay claims (other than secured claims to the extent of any such security) in the following order of priority:
      - (i) Administrative expenses of the [receiver](/usc/12/1813.md?p=j).
      - (ii) Any [deposit](/usc/12/1813.md?p=l) liability of the institution.
      - (iii) Any other general or senior liability of the institution (which is not a liability described in clause [(iv)](#d-11-A-iv) or [(v)](#d-11-A-v)).
      - (iv) Any obligation subordinated to depositors or general creditors (which is not an obligation described in [clause (v)](#d-11-A-v)).
      - (v) Any obligation to shareholders or members arising as a result of their status as shareholders or members ([including](/usc/12/1813.md?p=t-1) any [depository institution holding company](/usc/12/1813.md?p=w-1) or any shareholder or creditor of such [company](/usc/12/1813.md?p=w-7)).
    - (B) **Effect on State law—**
      - (i) **In general—** The provisions of [subparagraph (A)](#d-11-A) shall not supersede the law of any [State](/usc/12/1813.md?p=a-3) except to the extent such law is inconsistent with the provisions of such subparagraph, and then only to the extent of the inconsistency.
      - (ii) **Procedure for determination of inconsistency—** Upon the Corporation’s own motion or upon the request of any [person](/usc/12/5481.md?p=19) with a claim described in [subparagraph (A)](#d-11-A) or any [State](/usc/12/1813.md?p=a-3) which is submitted to the Corporation in accordance with procedures which the Corporation shall prescribe, the Corporation shall determine whether any provision of the law of any [State](/usc/12/1813.md?p=a-3) is inconsistent with any provision of [subparagraph (A)](#d-11-A) and the extent of any such inconsistency.
      - (iii) **Judicial review—** The final determination of the Corporation under [clause (ii)](#d-11-B-ii) shall be subject to judicial review under chapter 7 of title 5.
    - (C) **Accounting report—** Any distribution by the Corporation in connection with any claim described in [subparagraph (A)(v)](#d-11-A-v) shall be accompanied by the accounting report required under [paragraph (15)(B)](#d-15-B).
  - (12) **Suspension of legal actions—**
    - (A) **In general—** After the appointment of a conservator or [receiver](/usc/12/1813.md?p=j) for an [insured depository institution](/usc/12/1813.md?p=c-2), the conservator or [receiver](/usc/12/1813.md?p=j) may request a stay for a period not to exceed—
      - (i) 45 days, in the case of any conservator; and
      - (ii) 90 days, in the case of any [receiver](/usc/12/1813.md?p=j),

      in any judicial action or proceeding to which such institution is or becomes a party.

    - (B) **Grant of stay by all courts required—** Upon receipt of a request by any conservator or [receiver](/usc/12/1813.md?p=j) pursuant to [subparagraph (A)](#d-12-A) for a stay of any judicial action or proceeding in any court with jurisdiction of such action or proceeding, the court shall grant such stay as to all parties.
  - (13) **Additional rights and duties—**
    - (A) **Prior final adjudication—** The Corporation shall abide by any final unappealable judgment of any court of competent jurisdiction which was rendered before the appointment of the Corporation as conservator or [receiver](/usc/12/1813.md?p=j).
    - (B) **Rights and remedies of conservator or receiver—** In the event of any appealable judgment, the Corporation as conservator or [receiver](/usc/12/1813.md?p=j) shall—
      - (i) have all the rights and remedies available to the [insured depository institution](/usc/12/1813.md?p=c-2) (before the appointment of such conservator or [receiver](/usc/12/1813.md?p=j)) and the Corporation in its corporate capacity, [including](/usc/12/1813.md?p=t-1) removal to Federal court and all appellate rights; and
      - (ii) not be required to post any bond in order to pursue such remedies.
    - (C) **No attachment or execution—** No attachment or execution may issue by any court upon assets in the possession of the [receiver](/usc/12/1813.md?p=j).
    - (D) **Limitation on judicial review—** Except as otherwise provided in this subsection, no court shall have jurisdiction over—
      - (i) any claim or action for payment from, or any action seeking a determination of rights with respect to, the assets of any [depository institution](/usc/12/1813.md?p=c-1) for which the Corporation has been appointed [receiver](/usc/12/1813.md?p=j), [including](/usc/12/1813.md?p=t-1) assets which the Corporation may acquire from itself as such [receiver](/usc/12/1813.md?p=j); or
      - (ii) any claim relating to any act or omission of such institution or the Corporation as [receiver](/usc/12/1813.md?p=j).
    - (E) **Disposition of assets—** In exercising any right, power, privilege, or authority as conservator or [receiver](/usc/12/1813.md?p=j) in connection with any sale or disposition of assets of any [insured depository institution](/usc/12/1813.md?p=c-2) for which the Corporation has been appointed conservator or [receiver](/usc/12/1813.md?p=j), [including](/usc/12/1813.md?p=t-1) any sale or disposition of assets acquired by the Corporation under [section 1823(d)(1) of this title](/usc/12/1823.md?p=d-1), the Corporation shall conduct its operations in a manner which—
      - (i) maximizes the net present value return from the sale or disposition of such assets;
      - (ii) minimizes the amount of any loss realized in the resolution of cases;
      - (iii) ensures adequate competition and fair and consistent treatment of offerors;
      - (iv) prohibits discrimination on the basis of race, sex, or ethnic groups in the solicitation and consideration of offers; and
      - (v) maximizes the preservation of the availability and affordability of residential real property for low- and moderate-income individuals.
  - (14) **Statute of limitations for actions brought by conservator or receiver—**
    - (A) **In general—** Notwithstanding any provision of any contract, the applicable statute of limitations with regard to any action brought by the Corporation as conservator or [receiver](/usc/12/1813.md?p=j) shall be—
      - (i) in the case of any contract claim, the longer of—
        - (I) the 6-year period beginning on the date the claim accrues; or
        - (II) the period applicable under [State](/usc/12/1813.md?p=a-3) law; and
      - (ii) in the case of any tort claim (other than a claim which is subject to [section 1441a(b)(14)](/usc/12/1441a.md)[^2] of this title), the longer of—
        - (I) the 3-year period beginning on the date the claim accrues; or
        - (II) the period applicable under [State](/usc/12/1813.md?p=a-3) law.
    - (B) **Determination of the date on which a claim accrues—** For purposes of [subparagraph (A)](#d-14-A), the date on which the statute of limitations begins to run on any claim described in such subparagraph shall be the later of—
      - (i) the date of the appointment of the Corporation as conservator or [receiver](/usc/12/1813.md?p=j); or
      - (ii) the date on which the cause of action accrues.
    - (C) **Revival of expired State causes of action—**
      - (i) **In general—** In the case of any tort claim described in [clause (ii)](#d-14-C-ii) for which the statute of limitation applicable under [State](/usc/12/1813.md?p=a-3) law with respect to such claim has expired not more than 5 years before the appointment of the Corporation as conservator or [receiver](/usc/12/1813.md?p=j), the Corporation may bring an action as conservator or [receiver](/usc/12/1813.md?p=j) on such claim without regard to the expiration of the statute of limitation applicable under [State](/usc/12/1813.md?p=a-3) law.
      - (ii) **Claims described—** A tort claim referred to in [clause (i)](#d-14-C-i) is a claim arising from fraud, intentional misconduct resulting in unjust enrichment, or intentional misconduct resulting in substantial loss to the institution.
  - (15) **Accounting and recordkeeping requirements—**
    - (A) **In general—** The Corporation as conservator or [receiver](/usc/12/1813.md?p=j) shall, consistent with the accounting and reporting practices and procedures established by the Corporation, maintain a full accounting of each conservatorship and receivership or other disposition of institutions in [default](/usc/12/1813.md?p=x-1).
    - (B) **Annual accounting or report—** With respect to each conservatorship or receivership to which the Corporation was appointed, the Corporation shall make an annual accounting or report, as appropriate, available to the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury, the Comptroller General of the United States, and the authority which appointed the Corporation as conservator or [receiver](/usc/12/1813.md?p=j).
    - (C) **Availability of reports—** Any report prepared pursuant to [subparagraph (B)](#d-15-B) shall be made available by the Corporation upon request to any shareholder of the [depository institution](/usc/12/1813.md?p=c-1) for which the Corporation was appointed conservator or [receiver](/usc/12/1813.md?p=j) or any other member of the public.
    - (D) **Recordkeeping requirement—**
      - (i) **In general—** Except as provided in [clause (ii)](#d-15-D-ii), after the end of the 6-year period beginning on the date the Corporation is appointed as [receiver](/usc/12/1813.md?p=j) of an [insured depository institution](/usc/12/1813.md?p=c-2), the Corporation may destroy any records of such institution which the Corporation, in the Corporation’s discretion, determines to be unnecessary unless directed not to do so by a court of competent jurisdiction or governmental agency, or prohibited by law.
      - (ii) **Old records—** Notwithstanding [clause (i)](#d-15-D-i), the Corporation may destroy records of an [insured depository institution](/usc/12/1813.md?p=c-2) which are at least 10 years old as of the date on which the Corporation is appointed as the [receiver](/usc/12/1813.md?p=j) of such [depository institution](/usc/12/1813.md?p=c-1) in accordance with [clause (i)](#d-15-D-i) at any time after such appointment is final, without regard to the 6-year period of limitation contained in [clause (i)](#d-15-D-i).
  - (16) **Contracts with State housing finance authorities—**
    - (A) **In general—** The Corporation may enter into contracts with any [State housing finance authority](/usc/12/1441a–1.md?p=1) for the sale of [mortgage-related assets](/usc/12/1441a–1.md?p=3) (as such terms are defined in [section 1441a–1 of this title](/usc/12/1441a–1.md)) of any [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) ([including](/usc/12/1813.md?p=t-1) assets and liabilities associated with any trust business), such contracts to be effective in accordance with their terms without any further approval, assignment, or consent with respect thereto.
    - (B) **Factors to consider—** In evaluating the disposition of [mortgage](/usc/12/1707.md?p=a) related assets to any [State housing finance authority](/usc/12/1441a–1.md?p=1) the Corporation shall consider—
      - (i) the [State housing finance authority](/usc/12/1441a–1.md?p=1)’s ability to acquire and service current, delinquent, and defaulted [mortgage](/usc/12/1707.md?p=a) related assets;
      - (ii) the [State housing finance authority](/usc/12/1441a–1.md?p=1)’s ability to further national housing policies;
      - (iii) the [State housing finance authority](/usc/12/1441a–1.md?p=1)’s sensitivity to the impact of the sale of [mortgage](/usc/12/1707.md?p=a) related assets upon the [State](/usc/12/1813.md?p=a-3) and local communities;
      - (iv) the costs to the Federal Government associated with alternative ownership or disposition of the [mortgage](/usc/12/1707.md?p=a) related assets;
      - (v) the minimization of future guaranties which may be required of the Federal Government;
      - (vi) the maximization of [mortgage](/usc/12/1707.md?p=a) related asset values; and
      - (vii) the utilization of institutions currently established in [mortgage](/usc/12/1707.md?p=a) related asset market activities.
  - (17) **Fraudulent transfers—**
    - (A) **In general—** The Corporation, as conservator or [receiver](/usc/12/1813.md?p=j) for any [insured depository institution](/usc/12/1813.md?p=c-2), and any conservator appointed by the Comptroller of the Currency may avoid a transfer of any interest of an [institution-affiliated party](/usc/12/1813.md?p=u), or any [person](/usc/12/5481.md?p=19) who the Corporation or conservator determines is a debtor of the institution, in property, or any obligation incurred by such party or [person](/usc/12/5481.md?p=19), that was made within 5 years of the date on which the Corporation or conservator was appointed conservator or [receiver](/usc/12/1813.md?p=j) if such party or [person](/usc/12/5481.md?p=19) voluntarily or involuntarily made such transfer or incurred such liability with the intent to hinder, delay, or defraud the [insured depository institution](/usc/12/1813.md?p=c-2), the Corporation or other conservator, or any other [appropriate Federal banking agency](/usc/12/1813.md?p=q).
    - (B) **Right of recovery—** To the extent a transfer is avoided under [subparagraph (A)](#d-17-A), the Corporation or any conservator described in such subparagraph may recover, for the benefit of the [insured depository institution](/usc/12/1813.md?p=c-2), the property transferred, or, if a court so orders, the value of such property (at the time of such transfer) from—
      - (i) the initial transferee of such transfer or the [institution-affiliated party](/usc/12/1813.md?p=u) or [person](/usc/12/5481.md?p=19) for whose benefit such transfer was made; or
      - (ii) any immediate or mediate transferee of any such initial transferee.
    - (C) **Rights of transferee or obligee—** The Corporation or any conservator described in [subparagraph (A)](#d-17-A) may not recover under [subparagraph (B)](#d-17-B) from—
      - (i) any transferee that takes for value, [including](/usc/12/1813.md?p=t-1) satisfaction or securing of a present or antecedent debt, in good faith; or
      - (ii) any immediate or mediate good faith transferee of such transferee.
    - (D) **Rights under this paragraph—** The rights under this paragraph of the Corporation and any conservator described in [subparagraph (A)](#d-17-A) shall be superior to any rights of a trustee or any other party (other than any party which is a Federal agency) under title 11.
  - (18) **Attachment of assets and other injunctive relief—** Subject to [paragraph (19)](#d-19), any court of competent jurisdiction may, at the request of—
    - (A) the Corporation (in the Corporation’s capacity as conservator or [receiver](/usc/12/1813.md?p=j) for any [insured depository institution](/usc/12/1813.md?p=c-2) or in the Corporation’s corporate capacity with respect to any asset acquired or liability assumed by the Corporation under this section or section [1822](/usc/12/1822.md) or [1823](/usc/12/1823.md) of this title); or
    - (B) any conservator appointed by the Comptroller of the Currency,

    issue an order in accordance with [Rule 65](/usc/12/65.md) of the Federal Rules of Civil Procedure, [including](/usc/12/1813.md?p=t-1) an order placing the assets of any [person](/usc/12/5481.md?p=19) designated by the Corporation or such conservator under the [control](/usc/12/1813.md?p=w-5) of the court and appointing a trustee to hold such assets.

  - (19) **Standards—**
    - (A) **Showing—** [Rule 65](/usc/12/65.md) of the Federal Rules of Civil Procedure shall apply with respect to any proceeding under [paragraph (18)](#d-18) without regard to the requirement of such rule that the applicant show that the injury, loss, or damage is irreparable and immediate.
    - (B) **State proceeding—** If, in the case of any proceeding in a [State](/usc/12/1813.md?p=a-3) court, the court determines that rules of civil procedure available under the laws of such [State](/usc/12/1813.md?p=a-3) provide substantially similar protections to such party’s right to due process as [Rule 65](/usc/12/65.md) (as modified with respect to such proceeding by [subparagraph (A)](#d-19-A)), the relief sought by the Corporation or a conservator pursuant to [paragraph (18)](#d-18) may be requested under the laws of such [State](/usc/12/1813.md?p=a-3).
  - (20) **Treatment of claims arising from breach of contracts executed by the receiver or conservator—** Notwithstanding any other provision of this subsection, any final and unappealable judgment for monetary damages entered against a [receiver](/usc/12/1813.md?p=j) or conservator for an [insured depository institution](/usc/12/1813.md?p=c-2) for the breach of an agreement executed or approved by such [receiver](/usc/12/1813.md?p=j) or conservator after the date of its appointment shall be paid as an administrative expense of the [receiver](/usc/12/1813.md?p=j) or conservator. Nothing in this paragraph shall be construed to limit the power of a [receiver](/usc/12/1813.md?p=j) or conservator to exercise any rights under contract or law, [including](/usc/12/1813.md?p=t-1) to terminate, breach, cancel, or otherwise discontinue such agreement.
- (e) **Provisions relating to contracts entered into before appointment of conservator or receiver—**
  - (1) **Authority to repudiate contracts—** In addition to any other rights a conservator or [receiver](/usc/12/1813.md?p=j) may have, the conservator or [receiver](/usc/12/1813.md?p=j) for any [insured depository institution](/usc/12/1813.md?p=c-2) may disaffirm or repudiate any contract or lease—
    - (A) to which such institution is a party;
    - (B) the performance of which the conservator or [receiver](/usc/12/1813.md?p=j), in the conservator’s or [receiver](/usc/12/1813.md?p=j)’s discretion, determines to be burdensome; and
    - (C) the disaffirmance or repudiation of which the conservator or [receiver](/usc/12/1813.md?p=j) determines, in the conservator’s or [receiver](/usc/12/1813.md?p=j)’s discretion, will promote the orderly administration of the institution’s affairs.
  - (2) **Timing of repudiation—** The conservator or [receiver](/usc/12/1813.md?p=j) appointed for any [insured depository institution](/usc/12/1813.md?p=c-2) in accordance with [subsection (c)](#c) shall determine whether or not to exercise the rights of repudiation under this subsection within a reasonable period following such appointment.
  - (3) **Claims for damages for repudiation—**
    - (A) **In general—** Except as otherwise provided in [subparagraph (C)](#e-3-C) and paragraphs [(4)](#e-4), [(5)](#e-5), and [(6)](#e-6), the liability of the conservator or [receiver](/usc/12/1813.md?p=j) for the disaffirmance or repudiation of any contract pursuant to [paragraph (1)](#e-1) shall be—
      - (i) limited to actual direct compensatory damages; and
      - (ii) determined as of—
        - (I) the date of the appointment of the conservator or [receiver](/usc/12/1813.md?p=j); or
        - (II) in the case of any contract or agreement referred to in [paragraph (8)](#e-8), the date of the disaffirmance or repudiation of such contract or agreement.
    - (B) **No liability for other damages—** For purposes of [subparagraph (A)](#e-3-A), the term “actual direct compensatory damages” does not include—
      - (i) punitive or exemplary damages;
      - (ii) damages for lost profits or opportunity; or
      - (iii) damages for pain and suffering.
    - (C) **Measure of damages for repudiation of financial contracts—** In the case of any qualified financial contract or agreement to which [paragraph (8)](#e-8) applies, compensatory damages shall be—
      - (i) deemed to include normal and reasonable costs of cover or other reasonable measures of damages utilized in the industries for such contract and agreement claims; and
      - (ii) paid in accordance with this subsection and [subsection (i)](#i) except as otherwise specifically provided in this section.
  - (4) **Leases under which the institution is the lessee—**
    - (A) **In general—** If the conservator or [receiver](/usc/12/1813.md?p=j) disaffirms or repudiates a lease under which the [insured depository institution](/usc/12/1813.md?p=c-2) was the lessee, the conservator or [receiver](/usc/12/1813.md?p=j) shall not be liable for any damages (other than damages determined pursuant to [subparagraph (B)](#e-4-B)) for the disaffirmance or repudiation of such lease.
    - (B) **Payments of rent—** Notwithstanding [subparagraph (A)](#e-4-A), the lessor under a lease to which such subparagraph applies shall—
      - (i) be entitled to the contractual rent accruing before the later of the date—
        - (I) the notice of disaffirmance or repudiation is mailed; or
        - (II) the disaffirmance or repudiation becomes effective,

      unless the lessor is in [default](/usc/12/1813.md?p=x-1) or breach of the terms of the lease;

      - (ii) have no claim for damages under any acceleration clause or other penalty provision in the lease; and
      - (iii) have a claim for any unpaid rent, subject to all appropriate offsets and defenses, due as of the date of the appointment which shall be paid in accordance with this subsection and [subsection (i)](#i).
  - (5) **Leases under which the institution is the lessor—**
    - (A) **In general—** If the conservator or [receiver](/usc/12/1813.md?p=j) repudiates an unexpired written lease of real property of the [insured depository institution](/usc/12/1813.md?p=c-2) under which the institution is the lessor and the lessee is not, as of the date of such repudiation, in [default](/usc/12/1813.md?p=x-1), the lessee under such lease may either—
      - (i) treat the lease as terminated by such repudiation; or
      - (ii) remain in possession of the leasehold interest for the balance of the term of the lease unless the lessee [defaults](/usc/12/1813.md?p=x-1) under the terms of the lease after the date of such repudiation.
    - (B) **Provisions applicable to lessee remaining in possession—** If any lessee under a lease described in [subparagraph (A)](#e-5-A) remains in possession of a leasehold interest pursuant to [clause (ii)](#e-5-B-ii) of such subparagraph—
      - (i) the lessee—
        - (I) shall continue to pay the contractual rent pursuant to the terms of the lease after the date of the repudiation of such lease;
        - (II) may offset against any rent payment which accrues after the date of the repudiation of the lease, any damages which accrue after such date due to the nonperformance of any obligation of the [insured depository institution](/usc/12/1813.md?p=c-2) under the lease after such date; and
      - (ii) the conservator or [receiver](/usc/12/1813.md?p=j) shall not be liable to the lessee for any damages arising after such date as a result of the repudiation other than the amount of any offset allowed under [clause (i)(II)](#e-5-B-i-II).
  - (6) **Contracts for the sale of real property—**
    - (A) **In general—** If the conservator or [receiver](/usc/12/1813.md?p=j) repudiates any contract (which meets the requirements of each paragraph of [section 1823(e) of this title](/usc/12/1823.md?p=e)) for the sale of real property and the purchaser of such real property under such contract is in possession and is not, as of the date of such repudiation, in [default](/usc/12/1813.md?p=x-1), such purchaser may either—
      - (i) treat the contract as terminated by such repudiation; or
      - (ii) remain in possession of such real property.
    - (B) **Provisions applicable to purchaser remaining in possession—** If any purchaser of real property under any contract described in [subparagraph (A)](#e-6-A) remains in possession of such property pursuant to [clause (ii)](#e-6-B-ii) of such subparagraph—
      - (i) the purchaser—
        - (I) shall continue to make all payments due under the contract after the date of the repudiation of the contract; and
        - (II) may offset against any such payments any damages which accrue after such date due to the nonperformance (after such date) of any obligation of the [depository institution](/usc/12/1813.md?p=c-1) under the contract; and
      - (ii) the conservator or [receiver](/usc/12/1813.md?p=j) shall—
        - (I) not be liable to the purchaser for any damages arising after such date as a result of the repudiation other than the amount of any offset allowed under [clause (i)(II)](#e-6-B-i-II);
        - (II) deliver title to the purchaser in accordance with the provisions of the contract; and
        - (III) have no obligation under the contract other than the performance required under [subclause (II)](#e-6-B-ii-II).
    - (C) **Assignment and sale allowed—**
      - (i) **In general—** No provision of this paragraph shall be construed as limiting the right of the conservator or [receiver](/usc/12/1813.md?p=j) to assign the contract described in [subparagraph (A)](#e-6-A) and sell the property subject to the contract and the provisions of this paragraph.
      - (ii) **No liability after assignment and sale—** If an assignment and sale described in [clause (i)](#e-6-C-i) is consummated, the conservator or [receiver](/usc/12/1813.md?p=j) shall have no further liability under the contract described in [subparagraph (A)](#e-6-A) or with respect to the real property which was the subject of such contract.
  - (7) **Provisions applicable to service contracts—**
    - (A) **Services performed before appointment—** In the case of any contract for services between any [person](/usc/12/5481.md?p=19) and any [insured depository institution](/usc/12/1813.md?p=c-2) for which the Corporation has been appointed conservator or [receiver](/usc/12/1813.md?p=j), any claim of such [person](/usc/12/5481.md?p=19) for services performed before the appointment of the conservator or the [receiver](/usc/12/1813.md?p=j) shall be—
      - (i) a claim to be paid in accordance with subsections [(d)](#d) and [(i)](#i); and
      - (ii) deemed to have arisen as of the date the conservator or [receiver](/usc/12/1813.md?p=j) was appointed.
    - (B) **Services performed after appointment and prior to repudiation—** If, in the case of any contract for services described in [subparagraph (A)](#e-7-A), the conservator or [receiver](/usc/12/1813.md?p=j) accepts performance by the other [person](/usc/12/5481.md?p=19) before the conservator or [receiver](/usc/12/1813.md?p=j) makes any determination to exercise the right of repudiation of such contract under this section—
      - (i) the other party shall be paid under the terms of the contract for the services performed; and
      - (ii) the amount of such payment shall be treated as an administrative expense of the conservatorship or receivership.
    - (C) **Acceptance of performance no bar to subsequent repudiation—** The acceptance by any conservator or [receiver](/usc/12/1813.md?p=j) of services referred to in [subparagraph (B)](#e-7-B) in connection with a contract described in such subparagraph shall not affect the right of the conservator or [receiver](/usc/12/1813.md?p=j) to repudiate such contract under this section at any time after such performance.
  - (8) **Certain qualified financial contracts—**
    - (A) **Rights of parties to contracts—** Subject to paragraphs (9) and (10) of this subsection and notwithstanding any other provision of this chapter (other than [subsection (d)(9)](#d-9) of this section and [section 1823(e) of this title](/usc/12/1823.md?p=e)), any other Federal law, or the law of any [State](/usc/12/1813.md?p=a-3), no [person](/usc/12/5481.md?p=19) shall be stayed or prohibited from exercising—
      - (i) any right such [person](/usc/12/5481.md?p=19) has to cause the termination, liquidation, or acceleration of any qualified financial contract with an [insured depository institution](/usc/12/1813.md?p=c-2) which arises upon the appointment of the Corporation as [receiver](/usc/12/1813.md?p=j) for such institution at any time after such appointment;
      - (ii) any right under any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to one or more qualified financial contracts described in [clause (i)](#e-8-A-i);[^3]
      - (iii) any right to offset or net out any termination value, payment amount, or other transfer obligation arising under or in connection with 1 or more contracts and agreements described in [clause (i)](#e-8-A-i), [including](/usc/12/1813.md?p=t-1) any master agreement for such contracts or agreements.
    - (B) **Applicability of other provisions—** [Subsection (d)(12)](#d-12) shall apply in the case of any judicial action or proceeding brought against any [receiver](/usc/12/1813.md?p=j) referred to in [subparagraph (A)](#e-8-A), or the [insured depository institution](/usc/12/1813.md?p=c-2) for which such [receiver](/usc/12/1813.md?p=j) was appointed, by any party to a contract or agreement described in [subparagraph (A)(i)](#e-8-A-i) with such institution.
    - (C) **Certain transfers not avoidable—**
      - (i) **In general—** Notwithstanding [paragraph (11)](#e-11), [section 91 of this title](/usc/12/91.md) or any other Federal or [State](/usc/12/1813.md?p=a-3) law relating to the avoidance of preferential or fraudulent transfers, the Corporation, whether acting as such or as conservator or [receiver](/usc/12/1813.md?p=j) of an [insured depository institution](/usc/12/1813.md?p=c-2), may not avoid any transfer of money or other property in connection with any qualified financial contract with an [insured depository institution](/usc/12/1813.md?p=c-2).
      - (ii) **Exception for certain transfers—** [Clause (i)](#e-8-C-i) shall not apply to any transfer of money or other property in connection with any qualified financial contract with an [insured depository institution](/usc/12/1813.md?p=c-2) if the Corporation determines that the transferee had actual intent to hinder, delay, or defraud such institution, the creditors of such institution, or any conservator or [receiver](/usc/12/1813.md?p=j) appointed for such institution.
    - (D) **Certain contracts and agreements defined—** For purposes of this subsection, the following definitions shall apply:
      - (i) **Qualified financial contract—** The term “qualified financial contract” means any securities contract, commodity contract, forward contract, repurchase agreement, swap agreement, and any similar agreement that the Corporation determines by regulation, resolution, or order to be a qualified financial contract for purposes of this paragraph.
      - (ii) **Securities contract—** The term “securities contract”—
        - (I) means a contract for the purchase, sale, or loan of a security, a certificate of [deposit](/usc/12/1813.md?p=l), a [mortgage](/usc/12/1707.md?p=a) loan, any interest in a [mortgage](/usc/12/1707.md?p=a) loan, a group or index of securities, certificates of [deposit](/usc/12/1813.md?p=l), or [mortgage](/usc/12/1707.md?p=a) loans or interests therein ([including](/usc/12/1813.md?p=t-1) any interest therein or based on the value thereof) or any option on any of the foregoing, [including](/usc/12/1813.md?p=t-1) any option to purchase or sell any such security, certificate of [deposit](/usc/12/1813.md?p=l), [mortgage](/usc/12/1707.md?p=a) loan, interest, group or index, or option, and [including](/usc/12/1813.md?p=t-1) any repurchase or reverse repurchase transaction on any such security, certificate of [deposit](/usc/12/1813.md?p=l), [mortgage](/usc/12/1707.md?p=a) loan, interest, group or index, or option (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in [clause (v)](#e-8-D-v));
        - (II) does not include any purchase, sale, or repurchase obligation under a participation in a commercial [mortgage](/usc/12/1707.md?p=a) loan unless the Corporation determines by regulation, resolution, or order to include any such agreement within the meaning of such term;
        - (III) means any option entered into on a national securities exchange relating to foreign currencies;
        - (IV) means the guarantee ([including](/usc/12/1813.md?p=t-1) by novation) by or to any securities clearing agency of any settlement of cash, securities, certificates of [deposit](/usc/12/1813.md?p=l), [mortgage](/usc/12/1707.md?p=a) loans or interests therein, group or index of securities, certificates of [deposit](/usc/12/1813.md?p=l), or [mortgage](/usc/12/1707.md?p=a) loans or interests therein ([including](/usc/12/1813.md?p=t-1) any interest therein or based on the value thereof) or option on any of the foregoing, [including](/usc/12/1813.md?p=t-1) any option to purchase or sell any such security, certificate of [deposit](/usc/12/1813.md?p=l), [mortgage](/usc/12/1707.md?p=a) loan, interest, group or index, or option (whether or not such settlement is in connection with any agreement or transaction referred to in subclauses [(I)](#e-8-D-ii-I) through [(XII)](#e-8-D-ii-XII) (other than [subclause (II)](#e-8-D-ii-II));[^4]
        - (V) means any margin loan;
        - (VI) means any extension of [credit](/usc/12/5481.md?p=7) for the clearance or settlement of securities transactions;
        - (VII) means any loan transaction coupled with a securities collar transaction, any prepaid securities forward transaction, or any total return swap transaction coupled with a securities sale transaction;
        - (VIII) means any other agreement or transaction that is similar to any agreement or transaction referred to in this clause;
        - (IX) means any combination of the agreements or transactions referred to in this clause;
        - (X) means any option to enter into any agreement or transaction referred to in this clause;
        - (XI) means a master agreement that provides for an agreement or transaction referred to in subclause [(I)](#e-8-D-ii-I), [(III)](#e-8-D-ii-III), [(IV)](#e-8-D-ii-IV), [(V)](#e-8-D-ii-V), [(VI)](#e-8-D-ii-VI), [(VII)](#e-8-D-ii-VII), [(VIII)](#e-8-D-ii-VIII), [(IX)](#e-8-D-ii-IX), or [(X)](#e-8-D-ii-X), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a securities contract under this clause, except that the master agreement shall be considered to be a securities contract under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause [(I)](#e-8-D-ii-I), [(III)](#e-8-D-ii-III), [(IV)](#e-8-D-ii-IV), [(V)](#e-8-D-ii-V), [(VI)](#e-8-D-ii-VI), [(VII)](#e-8-D-ii-VII), [(VIII)](#e-8-D-ii-VIII), [(IX)](#e-8-D-ii-IX), or [(X)](#e-8-D-ii-X); and
        - (XII) means any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to any agreement or transaction referred to in this clause, [including](/usc/12/1813.md?p=t-1) any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in this clause.
      - (iii) **Commodity contract—** The term “commodity contract” means—
        - (I) with respect to a futures commission merchant, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or [board](/usc/12/1861.md?p=b-3) of trade;
        - (II) with respect to a foreign futures commission merchant, a foreign future;
        - (III) with respect to a leverage transaction merchant, a leverage transaction;
        - (IV) with respect to a clearing organization, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or [board](/usc/12/1861.md?p=b-3) of trade that is cleared by such clearing organization, or commodity option traded on, or subject to the rules of, a contract market or [board](/usc/12/1861.md?p=b-3) of trade that is cleared by such clearing organization;
        - (V) with respect to a commodity options dealer, a commodity option;
        - (VI) any other agreement or transaction that is similar to any agreement or transaction referred to in this clause;
        - (VII) any combination of the agreements or transactions referred to in this clause;
        - (VIII) any option to enter into any agreement or transaction referred to in this clause;
        - (IX) a master agreement that provides for an agreement or transaction referred to in subclause [(I)](#e-8-D-iii-I), [(II)](#e-8-D-iii-II), [(III)](#e-8-D-iii-III), [(IV)](#e-8-D-iii-IV), [(V)](#e-8-D-iii-V), [(VI)](#e-8-D-iii-VI), [(VII)](#e-8-D-iii-VII), or [(VIII)](#e-8-D-iii-VIII), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a commodity contract under this clause, except that the master agreement shall be considered to be a commodity contract under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause [(I)](#e-8-D-iii-I), [(II)](#e-8-D-iii-II), [(III)](#e-8-D-iii-III), [(IV)](#e-8-D-iii-IV), [(V)](#e-8-D-iii-V), [(VI)](#e-8-D-iii-VI), [(VII)](#e-8-D-iii-VII), or [(VIII)](#e-8-D-iii-VIII); or
        - (X) any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to any agreement or transaction referred to in this clause, [including](/usc/12/1813.md?p=t-1) any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in this clause.
      - (iv) **Forward contract—** The term “forward contract” means—
        - (I) a contract (other than a commodity contract) for the purchase, sale, or transfer of a commodity or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade, or product or byproduct thereof, with a [maturity date](/usc/12/1707.md?p=c) more than 2 days after the date the contract is entered into, [including](/usc/12/1813.md?p=t-1),[^5] a repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in [clause (v)](#e-8-D-v)), consignment, lease, swap, hedge transaction, [deposit](/usc/12/1813.md?p=l), loan, option, allocated transaction, unallocated transaction, or any other similar agreement;
        - (II) any combination of agreements or transactions referred to in subclauses [(I)](#e-8-D-iv-I) and [(III)](#e-8-D-iv-III);
        - (III) any option to enter into any agreement or transaction referred to in subclause [(I)](#e-8-D-iv-I) or [(II)](#e-8-D-iv-II);
        - (IV) a master agreement that provides for an agreement or transaction referred to in subclauses [(I)](#e-8-D-iv-I), [(II)](#e-8-D-iv-II), or [(III)](#e-8-D-iv-III), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a forward contract under this clause, except that the master agreement shall be considered to be a forward contract under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause [(I)](#e-8-D-iv-I), [(II)](#e-8-D-iv-II), or [(III)](#e-8-D-iv-III); or
        - (V) any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to any agreement or transaction referred to in subclause [(I)](#e-8-D-iv-I), [(II)](#e-8-D-iv-II), [(III)](#e-8-D-iv-III), or [(IV)](#e-8-D-iv-IV), [including](/usc/12/1813.md?p=t-1) any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in any such subclause.
      - (v) **Repurchase agreement—** The term “repurchase agreement” (which definition also applies to a reverse repurchase agreement)—
        - (I) means an agreement, [including](/usc/12/1813.md?p=t-1) related terms, which provides for the transfer of one or more certificates of [deposit](/usc/12/1813.md?p=l), [mortgage](/usc/12/1707.md?p=a)-related securities (as such term is defined in the Securities Exchange Act of 1934 [[15 U.S.C. 78a](/usc/15/78a.md) et seq.]), [mortgage](/usc/12/1707.md?p=a) loans, interests in [mortgage](/usc/12/1707.md?p=a)-related securities or [mortgage](/usc/12/1707.md?p=a) loans, eligible bankers’ acceptances, qualified foreign government securities or securities that are direct obligations of, or that are fully guaranteed by, the United States or any agency of the United States against the transfer of funds by the transferee of such certificates of [deposit](/usc/12/1813.md?p=l), eligible bankers’ acceptances, securities, [mortgage](/usc/12/1707.md?p=a) loans, or interests with a simultaneous agreement by such transferee to transfer to the transferor thereof certificates of [deposit](/usc/12/1813.md?p=l), eligible bankers’ acceptances, securities, [mortgage](/usc/12/1707.md?p=a) loans, or interests as described above, at a date certain not later than 1 year after such transfers or on demand, against the transfer of funds, or any other similar agreement;
        - (II) does not include any repurchase obligation under a participation in a commercial [mortgage](/usc/12/1707.md?p=a) loan unless the Corporation determines by regulation, resolution, or order to include any such participation within the meaning of such term;
        - (III) means any combination of agreements or transactions referred to in subclauses [(I)](#e-8-D-v-I) and [(IV)](#e-8-D-v-IV);
        - (IV) means any option to enter into any agreement or transaction referred to in subclause [(I)](#e-8-D-v-I) or [(III)](#e-8-D-v-III);
        - (V) means a master agreement that provides for an agreement or transaction referred to in subclause [(I)](#e-8-D-v-I), [(III)](#e-8-D-v-III), or [(IV)](#e-8-D-v-IV), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a repurchase agreement under this clause, except that the master agreement shall be considered to be a repurchase agreement under this subclause only with respect to each agreement or transaction under the master agreement that is referred to in subclause [(I)](#e-8-D-v-I), [(III)](#e-8-D-v-III), or [(IV)](#e-8-D-v-IV); and
        - (VI) means any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to any agreement or transaction referred to in subclause [(I)](#e-8-D-v-I), [(III)](#e-8-D-v-III), [(IV)](#e-8-D-v-IV), or [(V)](#e-8-D-v-V), [including](/usc/12/1813.md?p=t-1) any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in any such subclause.

      For purposes of this clause, the term “qualified foreign government security” means a security that is a direct obligation of, or that is fully guaranteed by, the central government of a member of the Organization for Economic Cooperation and Development (as determined by regulation or order adopted by the appropriate Federal banking authority).

      - (vi) **Swap agreement—** The term “swap agreement” means—
        - (I) any agreement, [including](/usc/12/1813.md?p=t-1) the terms and conditions incorporated by reference in any such agreement, which is an interest rate swap, option, future, or forward agreement, [including](/usc/12/1813.md?p=t-1) a rate floor, rate cap, rate collar, cross-currency rate swap, and basis swap; a spot, same day-tomorrow, tomorrow-next, forward, or other [foreign exchange](/usc/12/5481.md?p=16), precious metals, or other commodity agreement; a currency swap, option, future, or forward agreement; an equity index or equity swap, option, future, or forward agreement; a debt index or debt swap, option, future, or forward agreement; a total return, [credit](/usc/12/5481.md?p=7) spread or [credit](/usc/12/5481.md?p=7) swap, option, future, or forward agreement; a commodity index or commodity swap, option, future, or forward agreement; weather swap, option, future, or forward agreement; an emissions swap, option, future, or forward agreement; or an inflation swap, option, future, or forward agreement;
        - (II) any agreement or transaction that is similar to any other agreement or transaction referred to in this clause and that is of a type that has been, is presently, or in the future becomes, the subject of recurrent dealings in the swap or other derivatives markets ([including](/usc/12/1813.md?p=t-1) terms and conditions incorporated by reference in such agreement) and that is a forward, swap, future, option, or spot transaction on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, quantitative measures associated with an occurrence, extent of an occurrence, or contingency associated with a financial, commercial, or economic consequence, or economic or financial indices or measures of economic or financial risk or value;
        - (III) any combination of agreements or transactions referred to in this clause;
        - (IV) any option to enter into any agreement or transaction referred to in this clause;
        - (V) a master agreement that provides for an agreement or transaction referred to in subclause [(I)](#e-8-D-vi-I), [(II)](#e-8-D-vi-II), [(III)](#e-8-D-vi-III), or [(IV)](#e-8-D-vi-IV), together with all supplements to any such master agreement, without regard to whether the master agreement contains an agreement or transaction that is not a swap agreement under this clause, except that the master agreement shall be considered to be a swap agreement under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause [(I)](#e-8-D-vi-I), [(II)](#e-8-D-vi-II), [(III)](#e-8-D-vi-III), or [(IV)](#e-8-D-vi-IV); and
        - (VI) any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to any agreements or transactions referred to in subclause [(I)](#e-8-D-vi-I), [(II)](#e-8-D-vi-II), [(III)](#e-8-D-vi-III), [(IV)](#e-8-D-vi-IV), or [(V)](#e-8-D-vi-V), [including](/usc/12/1813.md?p=t-1) any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in any such subclause.

      Such term is applicable for purposes of this subsection only and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any swap agreement under any other statute, regulation, or rule, [including](/usc/12/1813.md?p=t-1) the Gramm-Leach-Bliley Act, the Legal Certainty for [Bank](/usc/12/1813.md?p=a-1) Products Act of 2000 [[7 U.S.C. 27](/usc/7/27.md) to 27f], the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(47)](/usc/15/78c.md?p=a-47)]) and the Commodity Exchange Act [[7 U.S.C. 1](/usc/7/1.md) et seq.].

      - (vii) **Treatment of master agreement as one agreement—** Any master agreement for any contract or agreement described in any preceding clause of this subparagraph (or any master agreement for such master agreement or agreements), together with all supplements to such master agreement, shall be treated as a single agreement and a single qualified financial contract. If a master agreement contains provisions relating to agreements or transactions that are not themselves qualified financial contracts, the master agreement shall be deemed to be a qualified financial contract only with respect to those transactions that are themselves qualified financial contracts.
      - (viii) **Transfer—** The term “transfer” means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with property or with an interest in property, [including](/usc/12/1813.md?p=t-1) retention of title as a security interest and foreclosure of the [depository institution](/usc/12/1813.md?p=c-1)’s equity of redemption.
      - (ix) **Person—** The term “[person](/usc/12/5481.md?p=19)” [includes](/usc/12/1813.md?p=t-1) any governmental entity in addition to any entity included in the definition of such term in [section 1 of title 1](/usc/1/1.md).
    - (E) **Certain protections in event of appointment of conservator—** Notwithstanding any other provision of this chapter (other than subsections [(d)(9)](#d-9) and [(e)(10)](#e-10) of this section, and [section 1823(e) of this title](/usc/12/1823.md?p=e)), any other Federal law, or the law of any [State](/usc/12/1813.md?p=a-3), no [person](/usc/12/5481.md?p=19) shall be stayed or prohibited from exercising—
      - (i) any right such [person](/usc/12/5481.md?p=19) has to cause the termination, liquidation, or acceleration of any qualified financial contract with a [depository institution](/usc/12/1813.md?p=c-1) in a conservatorship based upon a [default](/usc/12/1813.md?p=x-1) under such financial contract which is enforceable under applicable noninsolvency law;
      - (ii) any right under any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to one or more qualified financial contracts described in [clause (i)](#e-8-E-i);[^3]
      - (iii) any right to offset or net out any termination values, payment amounts, or other transfer obligations arising under or in connection with such qualified financial contracts.
    - (F) **Clarification—** No provision of law shall be construed as limiting the right or power of the Corporation, or authorizing any court or agency to limit or delay, in any manner, the right or power of the Corporation to transfer any qualified financial contract in accordance with paragraphs (9) and (10) of this subsection or to disaffirm or repudiate any such contract in accordance with [subsection (e)(1)](#e-1) of this section.
    - (G) **Walkaway clauses not effective—**
      - (i) **In general—** Notwithstanding the provisions of subparagraphs [(A)](#e-8-A) and [(E)](#e-8-E), and sections [4403](/usc/12/4403.md) and [4404](/usc/12/4404.md) of this title, no walkaway clause shall be enforceable in a qualified financial contract of an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1).
      - (ii) **Limited suspension of certain obligations—** In the case of a qualified financial contract referred to in [clause (i)](#e-8-G-i), any payment or delivery obligations otherwise due from a party pursuant to the qualified financial contract shall be suspended from the time the [receiver](/usc/12/1813.md?p=j) is appointed until the earlier of—
        - (I) the time such party receives notice that such contract has been transferred pursuant to [subparagraph (A)](#e-8-A); or
        - (II) 5:00 p.m. (eastern time) on the business day following the date of the appointment of the [receiver](/usc/12/1813.md?p=j).
      - (iii) **Walkaway clause defined—** For purposes of this subparagraph, the term “walkaway clause” means any provision in a qualified financial contract that suspends, conditions, or extinguishes a payment obligation of a party, in whole or in part, or does not create a payment obligation of a party that would otherwise exist, solely because of such party’s status as a nondefaulting party in connection with the insolvency of an [insured depository institution](/usc/12/1813.md?p=c-2) that is a party to the contract or the appointment of or the exercise of rights or powers by a conservator or [receiver](/usc/12/1813.md?p=j) of such [depository institution](/usc/12/1813.md?p=c-1), and not as a result of a party’s exercise of any right to offset, setoff, or net obligations that exist under the contract, any other contract between those parties, or applicable law.
    - (H) **Recordkeeping requirements—** The Corporation, in consultation with the [appropriate Federal banking agencies](/usc/12/1813.md?p=q), may prescribe regulations requiring more detailed recordkeeping by any [insured depository institution](/usc/12/1813.md?p=c-2) with respect to qualified financial contracts ([including](/usc/12/1813.md?p=t-1) market valuations) only if such [insured depository institution](/usc/12/1813.md?p=c-2) is in a troubled condition (as such term is defined by the Corporation pursuant to [section 1831i of this title](/usc/12/1831i.md)).
  - (9) **Transfer of qualified financial contracts—**
    - (A) **In general—** In making any transfer of assets or liabilities of a [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) which [includes](/usc/12/1813.md?p=t-1) any qualified financial contract, the conservator or [receiver](/usc/12/1813.md?p=j) for such [depository institution](/usc/12/1813.md?p=c-1) shall either—
      - (i) transfer to one financial institution, other than a financial institution for which a conservator, [receiver](/usc/12/1813.md?p=j), trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding—
        - (I) all qualified financial contracts between any [person](/usc/12/5481.md?p=19) or any [affiliate](/usc/12/1813.md?p=w-6) of such [person](/usc/12/5481.md?p=19) and the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1);
        - (II) all claims of such [person](/usc/12/5481.md?p=19) or any [affiliate](/usc/12/1813.md?p=w-6) of such [person](/usc/12/5481.md?p=19) against such [depository institution](/usc/12/1813.md?p=c-1) under any such contract (other than any claim which, under the terms of any such contract, is subordinated to the claims of general unsecured creditors of such institution);
        - (III) all claims of such [depository institution](/usc/12/1813.md?p=c-1) against such [person](/usc/12/5481.md?p=19) or any [affiliate](/usc/12/1813.md?p=w-6) of such [person](/usc/12/5481.md?p=19) under any such contract; and
        - (IV) all property securing or any other [credit](/usc/12/5481.md?p=7) enhancement for any contract described in [subclause (I)](#e-9-A-i-I) or any claim described in subclause [(II)](#e-9-A-i-II) or [(III)](#e-9-A-i-III) under any such contract; or
      - (ii) transfer none of the qualified financial contracts, claims, property or other [credit](/usc/12/5481.md?p=7) enhancement referred to in [clause (i)](#e-9-A-i) (with respect to such [person](/usc/12/5481.md?p=19) and any [affiliate](/usc/12/1813.md?p=w-6) of such [person](/usc/12/5481.md?p=19)).
    - (B) **Transfer to foreign bank, foreign financial institution, or branch or agency of a foreign bank or financial institution—** In transferring any qualified financial contracts and related claims and property under [subparagraph (A)(i)](#e-9-A-i), the conservator or [receiver](/usc/12/1813.md?p=j) for the [depository institution](/usc/12/1813.md?p=c-1) shall not make such transfer to a [foreign bank](/usc/12/1813.md?p=s-1), financial institution organized under the laws of a foreign country, or a branch or agency of a [foreign bank](/usc/12/1813.md?p=s-1) or financial institution unless, under the law applicable to such [bank](/usc/12/1813.md?p=a-1), financial institution, branch or agency, to the qualified financial contracts, and to any netting contract, any security agreement or arrangement or other [credit](/usc/12/5481.md?p=7) enhancement related to one or more qualified financial contracts, the contractual rights of the parties to such qualified financial contracts, netting contracts, security agreements or arrangements, or other [credit](/usc/12/5481.md?p=7) enhancements are enforceable substantially to the same extent as permitted under this section.
    - (C) **Transfer of contracts subject to the rules of a clearing organization—** In the event that a conservator or [receiver](/usc/12/1813.md?p=j) transfers any qualified financial contract and related claims, property, and [credit](/usc/12/5481.md?p=7) enhancements pursuant to [subparagraph (A)(i)](#e-9-A-i) and such contract is cleared by or subject to the rules of a clearing organization, the clearing organization shall not be required to accept the transferee as a member by virtue of the transfer.
    - (D) **Definitions—** For purposes of this paragraph, the term “financial institution” means a broker or dealer, a [depository institution](/usc/12/1813.md?p=c-1), a futures commission merchant, or any other institution, as determined by the Corporation by regulation to be a financial institution, and the term “clearing organization” has the same meaning as in [section 4402 of this title](/usc/12/4402.md).
  - (10) **Notification of transfer—**
    - (A) **In general—** If—
      - (i) the conservator or [receiver](/usc/12/1813.md?p=j) for an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) makes any transfer of the assets and liabilities of such institution; and
      - (ii) the transfer [includes](/usc/12/1813.md?p=t-1) any qualified financial contract,

      the conservator or [receiver](/usc/12/1813.md?p=j) shall notify any [person](/usc/12/5481.md?p=19) who is a party to any such contract of such transfer by 5:00 p.m. (eastern time) on the business day following the date of the appointment of the [receiver](/usc/12/1813.md?p=j) in the case of a receivership, or the business day following such transfer in the case of a conservatorship.

    - (B) **Certain rights not enforceable—**
      - (i) **Receivership—** A [person](/usc/12/5481.md?p=19) who is a party to a qualified financial contract with an [insured depository institution](/usc/12/1813.md?p=c-2) may not exercise any right that such [person](/usc/12/5481.md?p=19) has to terminate, liquidate, or net such contract under paragraph (8)(A) of this subsection or section [4403](/usc/12/4403.md) or [4404](/usc/12/4404.md) of this title, solely by reason of or incidental to the appointment of a [receiver](/usc/12/1813.md?p=j) for the [depository institution](/usc/12/1813.md?p=c-1) (or the insolvency or financial condition of the [depository institution](/usc/12/1813.md?p=c-1) for which the [receiver](/usc/12/1813.md?p=j) has been appointed)—
        - (I) until 5:00 p.m. (eastern time) on the business day following the date of the appointment of the [receiver](/usc/12/1813.md?p=j); or
        - (II) after the [person](/usc/12/5481.md?p=19) has received notice that the contract has been transferred pursuant to [paragraph (9)(A)](#e-9-A).
      - (ii) **Conservatorship—** A [person](/usc/12/5481.md?p=19) who is a party to a qualified financial contract with an [insured depository institution](/usc/12/1813.md?p=c-2) may not exercise any right that such [person](/usc/12/5481.md?p=19) has to terminate, liquidate, or net such contract under paragraph (8)(E) of this subsection or section [4403](/usc/12/4403.md) or [4404](/usc/12/4404.md) of this title, solely by reason of or incidental to the appointment of a conservator for the [depository institution](/usc/12/1813.md?p=c-1) (or the insolvency or financial condition of the [depository institution](/usc/12/1813.md?p=c-1) for which the conservator has been appointed).
      - (iii) **Notice—** For purposes of this paragraph, the Corporation as [receiver](/usc/12/1813.md?p=j) or conservator of an [insured depository institution](/usc/12/1813.md?p=c-2) shall be deemed to have notified a [person](/usc/12/5481.md?p=19) who is a party to a qualified financial contract with such [depository institution](/usc/12/1813.md?p=c-1) if the Corporation has taken steps reasonably calculated to provide notice to such [person](/usc/12/5481.md?p=19) by the time specified in [subparagraph (A)](#e-10-A).
    - (C) **Treatment of bridge depository institutions—** The following institutions shall not be considered to be a financial institution for which a conservator, [receiver](/usc/12/1813.md?p=j), trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding for purposes of [paragraph (9)](#e-9):
      - (i) A [bridge depository institution](/usc/12/1813.md?p=i-2).
      - (ii) A [depository institution](/usc/12/1813.md?p=c-1) organized by the Corporation, for which a conservator is appointed either—
        - (I) immediately upon the organization of the institution; or
        - (II) at the time of a purchase and assumption transaction between the [depository institution](/usc/12/1813.md?p=c-1) and the Corporation as [receiver](/usc/12/1813.md?p=j) for a [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1).
    - (D) **“Business day” defined—** For purposes of this paragraph, the term “business day” means any day other than any Saturday, Sunday, or any day on which either the New York Stock Exchange or the Federal Reserve [Bank](/usc/12/1813.md?p=a-1) of New York is closed.
  - (11) **Disaffirmance or repudiation of qualified financial contracts—** In exercising the rights of disaffirmance or repudiation of a conservator or [receiver](/usc/12/1813.md?p=j) with respect to any qualified financial contract to which an [insured depository institution](/usc/12/1813.md?p=c-2) is a party, the conservator or [receiver](/usc/12/1813.md?p=j) for such institution shall either—
    - (A) disaffirm or repudiate all qualified financial contracts between—
      - (i) any [person](/usc/12/5481.md?p=19) or any [affiliate](/usc/12/1813.md?p=w-6) of such [person](/usc/12/5481.md?p=19); and
      - (ii) the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1); or
    - (B) disaffirm or repudiate none of the qualified financial contracts referred to in [subparagraph (A)](#e-11-A) (with respect to such [person](/usc/12/5481.md?p=19) or any [affiliate](/usc/12/1813.md?p=w-6) of such [person](/usc/12/5481.md?p=19)).
  - (12) **Certain security interests not avoidable—** No provision of this subsection shall be construed as permitting the avoidance of any legally enforceable or perfected security interest in any of the assets of any [depository institution](/usc/12/1813.md?p=c-1) except where such an interest is taken in contemplation of the institution’s insolvency or with the intent to hinder, delay, or defraud the institution or the creditors of such institution.
  - (13) **Authority to enforce contracts—**
    - (A) **In general—** The conservator or [receiver](/usc/12/1813.md?p=j) may enforce any contract, other than a [director](/usc/12/5481.md?p=10)’s or officer’s liability insurance contract or a [depository institution](/usc/12/1813.md?p=c-1) bond, entered into by the [depository institution](/usc/12/1813.md?p=c-1) notwithstanding any provision of the contract providing for termination, [default](/usc/12/1813.md?p=x-1), acceleration, or exercise of rights upon, or solely by reason of, insolvency or the appointment of or the exercise of rights or powers by a conservator or [receiver](/usc/12/1813.md?p=j).
    - (B) **Certain rights not affected—** No provision of this paragraph may be construed as impairing or affecting any right of the conservator or [receiver](/usc/12/1813.md?p=j) to enforce or recover under a [director](/usc/12/5481.md?p=10)’s or officer’s liability insurance contract or [depository institution](/usc/12/1813.md?p=c-1) bond under other applicable law.
    - (C) **Consent requirement—**
      - (i) **In general—** Except as otherwise provided by this section or [section 1825 of this title](/usc/12/1825.md), no [person](/usc/12/5481.md?p=19) may exercise any right or power to terminate, accelerate, or declare a [default](/usc/12/1813.md?p=x-1) under any contract to which the [depository institution](/usc/12/1813.md?p=c-1) is a party, or to obtain possession of or exercise [control](/usc/12/1813.md?p=w-5) over any property of the institution or affect any contractual rights of the institution, without the consent of the conservator or [receiver](/usc/12/1813.md?p=j), as appropriate, during the 45-day period beginning on the date of the appointment of the conservator, or during the 90-day period beginning on the date of the appointment of the [receiver](/usc/12/1813.md?p=j), as applicable.
      - (ii) **Certain exceptions—** No provision of this subparagraph shall apply to a [director](/usc/12/5481.md?p=10) or officer liability insurance contract or a [depository institution](/usc/12/1813.md?p=c-1) bond, to the rights of parties to certain qualified financial contracts pursuant to [paragraph (8)](#e-8), or to the rights of parties to netting contracts pursuant to subtitle A of title IV of the Federal [Deposit](/usc/12/1813.md?p=l) Insurance Corporation Improvement Act of 1991 ([12 U.S.C. 4401](/usc/12/4401.md) et seq.), or shall be construed as permitting the conservator or [receiver](/usc/12/1813.md?p=j) to fail to comply with otherwise enforceable provisions of such contract.
      - (iii) **Rule of construction—** Nothing in this subparagraph shall be construed to limit or otherwise affect the applicability of title 11.
  - (14) **Exception for Federal Reserve and Federal home loan banks—** No provision of this subsection shall apply with respect to—
    - (A) any extension of [credit](/usc/12/5481.md?p=7) from any Federal home loan [bank](/usc/12/1813.md?p=a-1) or Federal Reserve [bank](/usc/12/1813.md?p=a-1) to any [insured depository institution](/usc/12/1813.md?p=c-2); or
    - (B) any security interest in the assets of the institution securing any such extension of [credit](/usc/12/5481.md?p=7).
  - (15) **Selling credit card accounts receivable—**
    - (A) **Notification required—** An undercapitalized [insured depository institution](/usc/12/1813.md?p=c-2) (as defined in [section 1831o](/usc/12/1831o.md) of this title) shall notify the Corporation in writing before entering into an agreement to sell [credit](/usc/12/5481.md?p=7) card accounts receivable.
    - (B) **Waiver by Corporation—** The Corporation may at any time, in its sole discretion and upon such terms as it may prescribe, waive its right to repudiate an agreement to sell [credit](/usc/12/5481.md?p=7) card accounts receivable if the Corporation—
      - (i) determines that the waiver is in the best interests of the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1); and
      - (ii) provides a written waiver to the selling institution.
    - (C) **Effect of waiver on successors—**
      - (i) **In general—** If, under [subparagraph (B)](#e-15-B), the Corporation has waived its right to repudiate an agreement to sell [credit](/usc/12/5481.md?p=7) card accounts receivable—
        - (I) any provision of the agreement that restricts solicitation of a [credit](/usc/12/5481.md?p=7) card customer of the selling institution, or the use of a [credit](/usc/12/5481.md?p=7) card customer list of the institution, shall bind any [receiver](/usc/12/1813.md?p=j) or conservator of the institution; and
        - (II) the Corporation shall require any acquirer of the selling institution, or of substantially all of the selling institution’s assets or liabilities, to agree to be bound by a provision described in [subclause (I)](#e-15-C-i-I) as if the acquirer were the selling institution.
      - (ii) **Exception—** [Clause (i)(II)](#e-15-C-i-II) does not—
        - (I) restrict the acquirer’s authority to offer any product or service to any [person](/usc/12/5481.md?p=19) identified without using a list of the selling institution’s customers in [violation](/usc/12/1813.md?p=v) of the agreement;
        - (II) require the acquirer to restrict any preexisting relationship between the acquirer and a customer; or
        - (III) apply to any transaction in which the acquirer acquires only [insured deposits](/usc/12/1813.md?p=m-1).
    - (D) **Waiver not actionable—** The Corporation shall not, in any capacity, be liable to any [person](/usc/12/5481.md?p=19) for damages resulting from the waiver of or failure to waive the Corporation’s right under this section to repudiate any contract or lease, [including](/usc/12/1813.md?p=t-1) an agreement to sell [credit](/usc/12/5481.md?p=7) card accounts receivable. No court shall issue any order affecting any such waiver or failure to waive.
    - (E) **Other authority not affected—** This paragraph does not limit any other authority of the Corporation to waive the Corporation’s right to repudiate an agreement or lease under this section.
  - (16) **Certain credit card customer lists protected—**
    - (A) **In general—** If any [insured depository institution](/usc/12/1813.md?p=c-2) sells [credit](/usc/12/5481.md?p=7) card accounts receivable under an agreement negotiated at arm’s length that provides for the sale of the institution’s [credit](/usc/12/5481.md?p=7) card customer list, the Corporation shall prohibit any party to a transaction with respect to the institution under this section or [section 1823 of this title](/usc/12/1823.md) from using the list, except as permitted under the agreement.
    - (B) **Fraudulent transactions excluded—** [Subparagraph (A)](#e-16-A) does not limit the Corporation’s authority to repudiate any agreement entered into with the intent to hinder, delay, or defraud the institution, the institution’s creditors, or the Corporation.
  - (17) **Savings clause—** The meanings of terms used in this subsection are applicable for purposes of this subsection only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, [including](/usc/12/1813.md?p=t-1) the Gramm-Leach-Bliley Act, the Legal Certainty for [Bank](/usc/12/1813.md?p=a-1) Products Act of 2000 [[7 U.S.C. 27](/usc/7/27.md) to 27f], the securities laws (as that term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(47)](/usc/15/78c.md?p=a-47)]), and the Commodity Exchange Act [[7 U.S.C. 1](/usc/7/1.md) et seq.].
- (f) **Payment of insured deposits—**
  - (1) **In general—** In case of the liquidation of, or other closing or winding up of the affairs of, any [insured depository institution](/usc/12/1813.md?p=c-2), payment of the [insured deposits](/usc/12/1813.md?p=m-1) in such institution shall be made by the Corporation as soon as possible, subject to the provisions of [subsection (g)](#g), either by cash or by making available to each depositor a [transferred deposit](/usc/12/1813.md?p=n) in a new [insured depository institution](/usc/12/1813.md?p=c-2) in the same community or in another [insured depository institution](/usc/12/1813.md?p=c-2) in an amount equal to the [insured deposit](/usc/12/1813.md?p=m-1) of such depositor.
  - (2) **Proof of claims—** The Corporation, in its discretion, may require proof of claims to be filed and may approve or reject such claims for [insured deposits](/usc/12/1813.md?p=m-1).
  - (3) **Resolution of disputes—** A determination by the Corporation regarding any claim for insurance coverage shall be treated as a final determination for purposes of this section. In its discretion, the Corporation may promulgate regulations prescribing procedures for resolving any disputed claim relating to any [insured deposit](/usc/12/1813.md?p=m-1) or any determination of insurance coverage with respect to any [deposit](/usc/12/1813.md?p=l).
  - (4) **Review of Corporation determination—** A final determination made by the Corporation regarding any claim for insurance coverage shall be a final agency action reviewable in accordance with [chapter 7](/usc/5/chptI/ch7.md) of title 5 by the United States district court for the Federal judicial district where the principal place of business of the [depository institution](/usc/12/1813.md?p=c-1) is located.
  - (5) **Statute of limitations—** Any request for review of a final determination by the Corporation regarding any claim for insurance coverage shall be filed with the appropriate United States district court not later than 60 days after the date on which such determination is issued.
- (g) **Subrogation of Corporation—**
  - (1) **In general—** Notwithstanding any other provision of Federal law, the law of any [State](/usc/12/1813.md?p=a-3), or the constitution of any [State](/usc/12/1813.md?p=a-3), the Corporation, upon the payment to any depositor as provided in [subsection (f)](#f) in connection with any [insured depository institution](/usc/12/1813.md?p=c-2) or [insured branch](/usc/12/1813.md?p=s-3) described in such subsection or the assumption of any [deposit](/usc/12/1813.md?p=l) in such institution or branch by another [insured depository institution](/usc/12/1813.md?p=c-2) pursuant to this section or [section 1823 of this title](/usc/12/1823.md), shall be subrogated to all rights of the depositor against such institution or branch to the extent of such payment or assumption.
  - (2) **Dividends on subrogated amounts—** The subrogation of the Corporation under [paragraph (1)](#g-1) with respect to any [insured depository institution](/usc/12/1813.md?p=c-2) shall include the right on the part of the Corporation to receive the same dividends from the proceeds of the assets of such institution and recoveries on account of stockholders’ liability as would have been payable to the depositor on a claim for the [insured deposit](/usc/12/1813.md?p=m-1), but such depositor shall retain such claim for any uninsured or unassumed portion of the [deposit](/usc/12/1813.md?p=l).
  - (3) **Waiver of certain claims—** With respect to any [bank](/usc/12/1813.md?p=a-1) which closes after May 25, 1938, the Corporation shall waive, in favor only of any [person](/usc/12/5481.md?p=19) against whom stockholders’ individual liability may be asserted, any claim on account of such liability in excess of the liability, if any, to the [bank](/usc/12/1813.md?p=a-1) or its creditors, for the amount unpaid upon such stock in such [bank](/usc/12/1813.md?p=a-1); but any such waiver shall be effected in such manner and on such terms and conditions as will not increase recoveries or dividends on account of claims to which the Corporation is not subrogated.
  - (4) **Applicability of State law—** Subject to [subsection (d)(11)](#d-11), if the Corporation is appointed pursuant to [subsection (c)(3)](#c-3), or determines not to invoke the authority conferred in [subsection (c)(4)](#c-4), the rights of depositors and other creditors of any [State depository institution](/usc/12/1813.md?p=c-5) shall be determined in accordance with the applicable provisions of [State](/usc/12/1813.md?p=a-3) law.
- (h) **Conditions applicable to resolution proceedings—**
  - (1) **Consideration of local economic impact required—** The Corporation shall fully consider the adverse economic impact on local communities, [including](/usc/12/1813.md?p=t-1) businesses and farms, of actions to be taken by it during the administration and liquidation of loans of a [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1).
  - (2) **Actions to alleviate adverse economic impact to be considered—** The actions which the Corporation shall consider include the release of proceeds from the sale of products and services for family living and business expenses and shortening the undue length of the decisionmaking process for the acceptance of offers of settlement contingent upon third party financing.
  - (3) **Guidelines required—** The Corporation shall adopt and publish procedures and guidelines to minimize adverse economic effects caused by its actions on individual debtors in the community.
  - (4) **Financial services industry impact analysis—** After the appointment of the Corporation as conservator or [receiver](/usc/12/1813.md?p=j) for any [insured depository institution](/usc/12/1813.md?p=c-2) and before taking any action under this section or [section 1823 of this title](/usc/12/1823.md) in connection with the resolution of such institution, the Corporation shall—
    - (A) evaluate the likely impact of the means of resolution, and any action which the Corporation may take in connection with such resolution, on the viability of other [insured depository institutions](/usc/12/1813.md?p=c-2) in the same community; and
    - (B) take such evaluation into account in determining the means for resolving the institution and establishing the terms and conditions for any such action.
- (i) **Valuation of claims in default—**
  - (1) **In general—** Notwithstanding any other provision of Federal law or the law of any [State](/usc/12/1813.md?p=a-3) and regardless of the method which the Corporation determines to utilize with respect to an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2), [including](/usc/12/1813.md?p=t-1) transactions authorized under [subsection (n)](#n) and [section 1823(c) of this title](/usc/12/1823.md?p=c), this subsection shall govern the rights of the creditors (other than insured depositors) of such institution.
  - (2) **Maximum liability—** The maximum liability of the Corporation, acting as [receiver](/usc/12/1813.md?p=j) or in any other capacity, to any [person](/usc/12/5481.md?p=19) having a claim against the [receiver](/usc/12/1813.md?p=j) or the [insured depository institution](/usc/12/1813.md?p=c-2) for which such [receiver](/usc/12/1813.md?p=j) is appointed shall equal the amount such claimant would have received if the Corporation had liquidated the assets and liabilities of such institution without exercising the Corporation’s authority under [subsection (n)](#n) of this section or [section 1823 of this title](/usc/12/1823.md).
  - (3) **Additional payments authorized—**
    - (A) **In general—** The Corporation may, in its discretion and in the interests of minimizing its losses, use its own resources to make additional payments or [credit](/usc/12/5481.md?p=7) additional amounts to or with respect to or for the account of any claimant or category of claimants. Notwithstanding any other provision of Federal or [State](/usc/12/1813.md?p=a-3) law, or the constitution of any [State](/usc/12/1813.md?p=a-3), the Corporation shall not be obligated, as a result of having made any such payment or credited any such amount to or with respect to or for the account of any claimant or category of claimants, to make payments to any other claimant or category of claimants.
    - (B) **Manner of payment—** The Corporation may make the payments or [credit](/usc/12/5481.md?p=7) the amounts specified in [subparagraph (A)](#i-3-A) directly to the claimants or may make such payments or [credit](/usc/12/5481.md?p=7) such amounts to an open [insured depository institution](/usc/12/1813.md?p=c-2) to induce such institution to accept liability for such claims.
- (j) **Limitation on court action—** Except as provided in this section, no court may take any action, except at the request of the [Board of Directors](/usc/12/1813.md?p=k) by regulation or order, to restrain or affect the exercise of powers or functions of the Corporation as a conservator or a [receiver](/usc/12/1813.md?p=j).
- (k) **Liability of directors and officers—** A [director](/usc/12/5481.md?p=10) or officer of an [insured depository institution](/usc/12/1813.md?p=c-2) may be held personally liable for monetary damages in any civil action by, on behalf of, or at the request or direction of the Corporation, which action is prosecuted wholly or partially for the benefit of the Corporation—
  - (1) acting as conservator or [receiver](/usc/12/1813.md?p=j) of such institution,
  - (2) acting based upon a suit, claim, or cause of action purchased from, assigned by, or otherwise conveyed by such [receiver](/usc/12/1813.md?p=j) or conservator, or
  - (3) acting based upon a suit, claim, or cause of action purchased from, assigned by, or otherwise conveyed in whole or in part by an [insured depository institution](/usc/12/1813.md?p=c-2) or its [affiliate](/usc/12/1813.md?p=w-6) in connection with assistance provided under [section 1823 of this title](/usc/12/1823.md),

  for gross negligence, [including](/usc/12/1813.md?p=t-1) any similar conduct or conduct that demonstrates a greater disregard of a duty of care (than gross negligence) [including](/usc/12/1813.md?p=t-1) intentional tortious conduct, as such terms are defined and determined under applicable [State](/usc/12/1813.md?p=a-3) law. Nothing in this paragraph shall impair or affect any right of the Corporation under other applicable law.

- (l) **Damages—** In any proceeding related to any claim against an [insured depository institution](/usc/12/1813.md?p=c-2)’s [director](/usc/12/5481.md?p=10), officer, employee, agent, attorney, accountant, appraiser, or any other party employed by or providing services to an [insured depository institution](/usc/12/1813.md?p=c-2), recoverable damages determined to result from the improvident or otherwise improper use or investment of any [insured depository institution](/usc/12/1813.md?p=c-2)’s assets shall include principal losses and appropriate interest.
- (m) **New depository institutions—**
  - (1) **Organization authorized—** As soon as possible after the [default](/usc/12/1813.md?p=x-1) of an [insured depository institution](/usc/12/1813.md?p=c-2), the Corporation, if it finds that it is advisable and in the interest of the depositors of the [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) or the public shall organize a new national [bank](/usc/12/1813.md?p=a-1) or [Federal savings association](/usc/12/1813.md?p=b-2) in the same community as the [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) to assume the [insured deposits](/usc/12/1813.md?p=m-1) of such [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) and otherwise to perform temporarily the functions hereinafter provided for.
  - (2) **Articles of association—** The articles of association and the organization certificate of the [new depository institution](/usc/12/1813.md?p=i-1) shall be executed by representatives designated by the Corporation.
  - (3) **Capital stock—** No capital stock need be paid in by the Corporation.
  - (4) **Executive officer—** The [new depository institution](/usc/12/1813.md?p=i-1) shall not have a [board of directors](/usc/12/1813.md?p=k), but shall be managed by an executive officer appointed by the [Board of Directors](/usc/12/1813.md?p=k) of the Corporation who shall be subject to its directions.
  - (5) **Subject to laws relating to national banks—** In all other respects the [new depository institution](/usc/12/1813.md?p=i-1) shall be organized in accordance with the then existing provisions of law relating to the organization of national banking associations.
  - (6) **New deposits—** The [new depository institution](/usc/12/1813.md?p=i-1) may, with the approval of the Corporation, accept new [deposits](/usc/12/1813.md?p=l) which shall be subject to withdrawal on demand and which, except where the [new depository institution](/usc/12/1813.md?p=i-1) is the only [depository institution](/usc/12/1813.md?p=c-1) in the community, shall not exceed an amount equal to the standard maximum [deposit](/usc/12/1813.md?p=l) insurance amount from any depositor.
  - (7) **Insured status—** The [new depository institution](/usc/12/1813.md?p=i-1), without application to or approval by the Corporation, shall be an [insured depository institution](/usc/12/1813.md?p=c-2) and shall maintain on [deposit](/usc/12/1813.md?p=l) with the Federal Reserve [bank](/usc/12/1813.md?p=a-1) of its district reserves in the amount required by law for member [banks](/usc/12/1813.md?p=a-1), but it shall not be required to subscribe for stock of the Federal Reserve [bank](/usc/12/1813.md?p=a-1).
  - (8) **Investments—** Funds of the [new depository institution](/usc/12/1813.md?p=i-1) shall be kept on hand in cash, invested in obligations of the United States or obligations guaranteed as to principal and interest by the United States, or deposited with the Corporation, any Federal Reserve [bank](/usc/12/1813.md?p=a-1), or, to the extent of the insurance coverage on any such [deposit](/usc/12/1813.md?p=l), an [insured depository institution](/usc/12/1813.md?p=c-2).
  - (9) **Conduct of business—** The [new depository institution](/usc/12/1813.md?p=i-1), unless otherwise authorized by the Comptroller of the Currency, shall transact business only as authorized by this chapter and as may be incidental to its organization.
  - (10) **Exempt status—** Notwithstanding any other provision of Federal or [State](/usc/12/1813.md?p=a-3) law, the [new depository institution](/usc/12/1813.md?p=i-1), its franchise, property, and income shall be exempt from all taxation now or hereafter imposed by the United States, by any territory, dependency, or possession thereof, or by any [State](/usc/12/1813.md?p=a-3), county, municipality, or local taxing authority.
  - (11) **Transfer of deposits—**
    - (A) Upon the organization of a [new depository institution](/usc/12/1813.md?p=i-1), the Corporation shall promptly make available to it an amount equal to the estimated [insured deposits](/usc/12/1813.md?p=m-1) of such [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) plus the estimated amount of the expenses of operating the [new depository institution](/usc/12/1813.md?p=i-1), and shall determine as soon as possible the amount due each depositor for the depositor’s [insured deposit](/usc/12/1813.md?p=m-1) in the [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1), and the total expenses of operation of the [new depository institution](/usc/12/1813.md?p=i-1).
    - (B) Upon such determination, the amounts so estimated and made available shall be adjusted to conform to the amounts so determined.
  - (12) **Earnings—** Earnings of the [new depository institution](/usc/12/1813.md?p=i-1) shall be paid over or credited to the Corporation in such adjustment.
  - (13) **Losses—** If any [new depository institution](/usc/12/1813.md?p=i-1), during the period it continues its status as such, sustains any losses with respect to which it is not effectively protected except by reason of being an [insured depository institution](/usc/12/1813.md?p=c-2), the Corporation shall furnish to it additional funds in the amount of such losses.
  - (14) **Payment of insured deposits—**
    - (A) The [new depository institution](/usc/12/1813.md?p=i-1) shall assume as [transferred deposits](/usc/12/1813.md?p=n) the payment of the [insured deposits](/usc/12/1813.md?p=m-1) of such [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) to each of its depositors.
    - (B) Of the amounts so made available, the Corporation shall transfer to the [new depository institution](/usc/12/1813.md?p=i-1), in cash, such sums as may be necessary to enable it to meet its expenses of operation and immediate cash demands on such [transferred deposits](/usc/12/1813.md?p=n), and the remainder of such amounts shall be subject to withdrawal by the [new depository institution](/usc/12/1813.md?p=i-1) on demand.
  - (15) **Issuance of stock—**
    - (A) Whenever in the judgment of the [Board of Directors](/usc/12/1813.md?p=k) it is desirable to do so, the Corporation shall cause capital stock of the [new depository institution](/usc/12/1813.md?p=i-1) to be offered for sale on such terms and conditions as the [Board of Directors](/usc/12/1813.md?p=k) shall deem advisable in an amount sufficient, in the opinion of the [Board of Directors](/usc/12/1813.md?p=k), to make possible the conduct of the business of the [new depository institution](/usc/12/1813.md?p=i-1) on a sound basis.
    - (B) The stockholders of the [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) shall be given the first opportunity to purchase any shares of common stock so offered.
  - (16) **Issuance of certificate—** Upon proof that an adequate amount of capital stock in the [new depository institution](/usc/12/1813.md?p=i-1) has been subscribed and paid for in cash, the Comptroller of the Currency,[^5] shall require the articles of association and the organization certificate to be amended to conform to the requirements for the organization of a national [bank](/usc/12/1813.md?p=a-1) or [Federal savings association](/usc/12/1813.md?p=b-2), and thereafter, when the requirements of law with respect to the organization of a national [bank](/usc/12/1813.md?p=a-1) or [Federal savings association](/usc/12/1813.md?p=b-2) have been complied with, the Comptroller of the Currency,[^5] shall issue to the [depository institution](/usc/12/1813.md?p=c-1) a certificate of authority to commence business, and thereupon the [depository institution](/usc/12/1813.md?p=c-1) shall cease to have the status of a [new depository institution](/usc/12/1813.md?p=i-1), shall be managed by [directors](/usc/12/5481.md?p=10) elected by its own shareholders, may exercise all the powers granted by law, and shall be subject to all provisions of law relating to national [banks](/usc/12/1813.md?p=a-1) or [Federal savings associations](/usc/12/1813.md?p=b-2). Such [depository institution](/usc/12/1813.md?p=c-1) shall thereafter be an insured national [bank](/usc/12/1813.md?p=a-1) or [Federal savings association](/usc/12/1813.md?p=b-2), without certification to or approval by the Corporation.
  - (17) **Transfer to other institution—** If the capital stock of the [new depository institution](/usc/12/1813.md?p=i-1) is not offered for sale, or if an adequate amount of capital for such [new depository institution](/usc/12/1813.md?p=i-1) is not subscribed and paid for, the [Board of Directors](/usc/12/1813.md?p=k) may offer to transfer its business to any [insured depository institution](/usc/12/1813.md?p=c-2) in the same community which will take over its assets, assume its liabilities, and pay to the Corporation for such business such amount as the [Board of Directors](/usc/12/1813.md?p=k) may deem adequate; or the [Board of Directors](/usc/12/1813.md?p=k) in its discretion may change the location of the [new depository institution](/usc/12/1813.md?p=i-1) to the office of the Corporation or to some other place or may at any time wind up its affairs as herein provided.
  - (18) **Winding up—** Unless the capital stock of the [new depository institution](/usc/12/1813.md?p=i-1) is sold or its assets are taken over and its liabilities are assumed by an [insured depository institution](/usc/12/1813.md?p=c-2) as above provided within 2 years after the date of its organization, the Corporation shall wind up the affairs of such [depository institution](/usc/12/1813.md?p=c-1), after giving such notice, if any, as the Comptroller of the Currency,[^5] may require, and shall certify to the Comptroller of the Currency,[^5] the termination of the [new depository institution](/usc/12/1813.md?p=i-1). Thereafter the Corporation shall be liable for the obligations of such [depository institution](/usc/12/1813.md?p=c-1) and shall be the owner of its assets.
  - (19) **Applicability of certain laws—** The provisions of sections [181](/usc/12/181.md) and [182](/usc/12/182.md) of this title shall not apply to a [new depository institution](/usc/12/1813.md?p=i-1) under this subsection.
- (n) **Bridge depository institutions—**
  - (1) **Organization—**
    - (A) **Purpose—** When 1 or more [insured depository institutions](/usc/12/1813.md?p=c-2) are in [default](/usc/12/1813.md?p=x-1), or when the Corporation anticipates that 1 or more [insured depository institutions](/usc/12/1813.md?p=c-2) may become in [default](/usc/12/1813.md?p=x-1), the Corporation may, in its discretion, organize, and the Office of the Comptroller of the Currency, with respect to 1 or more [insured banks](/usc/12/1813.md?p=h) or 1 or more insured [savings associations](/usc/12/1813.md?p=b-1), shall charter, 1 or more national [banks](/usc/12/1813.md?p=a-1) or [Federal savings associations](/usc/12/1813.md?p=b-2), as appropriate, with respect thereto with the powers and attributes of national banking associations or [Federal savings associations](/usc/12/1813.md?p=b-2), as applicable, subject to the provisions of this subsection, to be referred to as “[bridge depository institutions](/usc/12/1813.md?p=i-2)”.
    - (B) **Authorities—** Upon the granting of a charter to a [bridge depository institution](/usc/12/1813.md?p=i-2), the [bridge depository institution](/usc/12/1813.md?p=i-2) may—
      - (i) assume such [deposits](/usc/12/1813.md?p=l) of such [insured depository institution](/usc/12/1813.md?p=c-2) or institutions that is or are in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) as the Corporation may, in its discretion, determine to be appropriate;
      - (ii) assume such other liabilities ([including](/usc/12/1813.md?p=t-1) liabilities associated with any trust business) of such [insured depository institution](/usc/12/1813.md?p=c-2) or institutions that is or are in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) as the Corporation may, in its discretion, determine to be appropriate;
      - (iii) purchase such assets ([including](/usc/12/1813.md?p=t-1) assets associated with any trust business) of such [insured depository institution](/usc/12/1813.md?p=c-2) or institutions that is or are in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) as the Corporation may, in its discretion, determine to be appropriate; and
      - (iv) perform any other temporary function which the Corporation may, in its discretion, prescribe in accordance with this chapter.
    - (C) **Articles of association—** The articles of association and organization certificate of a [bridge depository institution](/usc/12/1813.md?p=i-2) as approved by the Corporation shall be executed by 3 representatives designated by the Corporation.
    - (D) **Interim directors—** A [bridge depository institution](/usc/12/1813.md?p=i-2) shall have an interim [board of directors](/usc/12/1813.md?p=k) consisting of not fewer than 5 nor more than 10 members appointed by the Corporation.
    - (E) **National bank or Federal savings association—** A [bridge depository institution](/usc/12/1813.md?p=i-2) shall be organized as a national [bank](/usc/12/1813.md?p=a-1), in the case of 1 or more [insured banks](/usc/12/1813.md?p=h), and as a [Federal savings association](/usc/12/1813.md?p=b-2), in the case of 1 or more insured [savings associations](/usc/12/1813.md?p=b-1).
  - (2) **Chartering—**
    - (A) **Conditions—** A national [bank](/usc/12/1813.md?p=a-1) or [Federal savings association](/usc/12/1813.md?p=b-2) may be chartered by the Comptroller of the Currency as a [bridge depository institution](/usc/12/1813.md?p=i-2) only if the [Board of Directors](/usc/12/1813.md?p=k) determines that—
      - (i) the amount which is reasonably necessary to operate such [bridge depository institution](/usc/12/1813.md?p=i-2) will not exceed the amount which is reasonably necessary to save the cost of liquidating, [including](/usc/12/1813.md?p=t-1) paying the insured accounts of, 1 or more [insured depository institutions](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) with respect to which the [bridge depository institution](/usc/12/1813.md?p=i-2) is chartered;
      - (ii) the continued operation of such [insured depository institution](/usc/12/1813.md?p=c-2) or institutions in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) with respect to which the [bridge depository institution](/usc/12/1813.md?p=i-2) is chartered is essential to provide adequate banking services in the community where each such [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) is located; or
      - (iii) the continued operation of such [insured depository institution](/usc/12/1813.md?p=c-2) or institutions in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) with respect to which the [bridge depository institution](/usc/12/1813.md?p=i-2) is chartered is in the best interest of the depositors of such [depository institution](/usc/12/1813.md?p=c-1) or institutions in [default](/usc/12/1813.md?p=x-1) or [in danger of default](/usc/12/1813.md?p=x-2) or the public.
    - (B) **Insured national bank or Federal savings association—** A [bridge depository institution](/usc/12/1813.md?p=i-2) shall be an [insured depository institution](/usc/12/1813.md?p=c-2) from the time it is chartered as a national [bank](/usc/12/1813.md?p=a-1) or [Federal savings association](/usc/12/1813.md?p=b-2).
    - (C) **Bridge bank 6 treated as being in default for certain purposes—** A [bridge depository institution](/usc/12/1813.md?p=i-2) shall be treated as an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) at such times and for such purposes as the Corporation may, in its discretion, determine.
    - (D) **Management—** A [bridge depository institution](/usc/12/1813.md?p=i-2), upon the granting of its charter, shall be under the management of a [board of directors](/usc/12/1813.md?p=k) consisting of not fewer than 5 nor more than 10 members appointed by the Corporation.
    - (E) **Bylaws—** The [board of directors](/usc/12/1813.md?p=k) of a [bridge depository institution](/usc/12/1813.md?p=i-2) shall adopt such bylaws as may be approved by the Corporation.
  - (3) **Transfer of assets and liabilities—**
    - (A) **In general—**
      - (i) **Transfer upon grant of charter—** Upon the granting of a charter to a [bridge depository institution](/usc/12/1813.md?p=i-2) pursuant to this subsection, the Corporation, as [receiver](/usc/12/1813.md?p=j), or any other [receiver](/usc/12/1813.md?p=j) appointed with respect to any [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) with respect to which the [bridge depository institution](/usc/12/1813.md?p=i-2) is chartered may transfer any assets and liabilities of such [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) to the [bridge depository institution](/usc/12/1813.md?p=i-2) in accordance with [paragraph (1)](#n-1).
      - (ii) **Subsequent transfers—** At any time after a charter is granted to a [bridge depository institution](/usc/12/1813.md?p=i-2), the Corporation, as [receiver](/usc/12/1813.md?p=j), or any other [receiver](/usc/12/1813.md?p=j) appointed with respect to an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) may transfer any assets and liabilities of such [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) as the Corporation may, in its discretion, determine to be appropriate in accordance with [paragraph (1)](#n-1).
      - (iii) **Treatment of trust business—** For purposes of this paragraph, the trust business, [including](/usc/12/1813.md?p=t-1) fiduciary appointments, of any [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) is included among its assets and liabilities.
      - (iv) **Effective without approval—** The transfer of any assets or liabilities, [including](/usc/12/1813.md?p=t-1) those associated with any trust business, of an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) transferred to a [bridge depository institution](/usc/12/1813.md?p=i-2) shall be effective without any further approval under Federal or [State](/usc/12/1813.md?p=a-3) law, assignment, or consent with respect thereto.
    - (B) **Intent of Congress regarding continuing operations—** It is the intent of the Congress that, in order to prevent unnecessary hardship or losses to the customers of any [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) with respect to which a [bridge depository institution](/usc/12/1813.md?p=i-2) is chartered, especially creditworthy farmers, small businesses, and households, the Corporation should—
      - (i) continue to honor commitments made by the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) to creditworthy customers, and
      - (ii) not interrupt or terminate adequately secured loans which are transferred under [subparagraph (A)](#n-3-A) and are being repaid by the debtor in accordance with the terms of the loan instrument.
  - (4) **Powers of bridge banks 7—** Each [bridge depository institution](/usc/12/1813.md?p=i-2) chartered under this subsection shall have all corporate powers of, and be subject to the same provisions of law as, a national [bank](/usc/12/1813.md?p=a-1) or [Federal savings association](/usc/12/1813.md?p=b-2), as appropriate, except that—
    - (A) the Corporation may—
      - (i) remove the interim [directors](/usc/12/5481.md?p=10) and [directors](/usc/12/5481.md?p=10) of a [bridge depository institution](/usc/12/1813.md?p=i-2);
      - (ii) fix the compensation of members of the interim [board of directors](/usc/12/1813.md?p=k) and the [board of directors](/usc/12/1813.md?p=k) and senior management, as determined by the Corporation in its discretion, of a [bridge depository institution](/usc/12/1813.md?p=i-2); and
      - (iii) waive any requirement established under section [71](/usc/12/71.md), [72](/usc/12/72.md), [73](/usc/12/73.md), [74](/usc/12/74.md), or [75](/usc/12/75.md) of this title (relating to [directors](/usc/12/5481.md?p=10) of national [banks](/usc/12/1813.md?p=a-1)) or [section 71a of this title](/usc/12/71a.md) which would otherwise be applicable with respect to [directors](/usc/12/5481.md?p=10) of a [bridge depository institution](/usc/12/1813.md?p=i-2) by operation of [paragraph (2)(B)](#n-2-B);
    - (B) the Corporation may indemnify the representatives for purposes of [paragraph (1)(B)](#n-1-B) and the interim [directors](/usc/12/5481.md?p=10), [directors](/usc/12/5481.md?p=10), officers, employees, and agents of a [bridge depository institution](/usc/12/1813.md?p=i-2) on such terms as the Corporation determines to be appropriate;
    - (C) no requirement under any provision of law relating to the capital of a national [bank](/usc/12/1813.md?p=a-1) shall apply with respect to a [bridge depository institution](/usc/12/1813.md?p=i-2);
    - (D) the Comptroller of the Currency may establish a limitation on the extent to which any [person](/usc/12/5481.md?p=19) may become indebted to a [bridge depository institution](/usc/12/1813.md?p=i-2) without regard to the amount of the [bridge depository institution](/usc/12/1813.md?p=i-2)’s capital or surplus;
    - (E)
      - (i) the [board of directors](/usc/12/1813.md?p=k) of a [bridge depository institution](/usc/12/1813.md?p=i-2) shall elect a chairperson who may also serve in the position of chief executive officer, except that such [person](/usc/12/5481.md?p=19) shall not serve either as chairperson or as chief executive officer without the prior approval of the Corporation; and
      - (ii) the [board of directors](/usc/12/1813.md?p=k) of a [bridge depository institution](/usc/12/1813.md?p=i-2) may appoint a chief executive officer who is not also the chairperson, except that such [person](/usc/12/5481.md?p=19) shall not serve as chief executive officer without the prior approval of the Corporation;
    - (F) a [bridge depository institution](/usc/12/1813.md?p=i-2) shall not be required to purchase stock of any Federal Reserve [bank](/usc/12/1813.md?p=a-1);
    - (G) the Comptroller of the Currency shall waive any requirement for a fidelity bond with respect to a [bridge depository institution](/usc/12/1813.md?p=i-2) at the request of the Corporation;
    - (H) any judicial action to which a [bridge depository institution](/usc/12/1813.md?p=i-2) becomes a party by virtue of its acquisition of any assets or assumption of any liabilities of a [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) shall be stayed from further proceedings for a period of up to 45 days at the request of the [bridge depository institution](/usc/12/1813.md?p=i-2);
    - (I) no agreement which tends to diminish or defeat the right, title or interest of a [bridge depository institution](/usc/12/1813.md?p=i-2) in any asset of an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) acquired by it shall be valid against the [bridge depository institution](/usc/12/1813.md?p=i-2) unless such agreement—
      - (i) is in writing,
      - (ii) was executed by such [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) and the [person](/usc/12/5481.md?p=19) or [persons](/usc/12/5481.md?p=19) claiming an adverse interest thereunder, [including](/usc/12/1813.md?p=t-1) the obligor, contemporaneously with the acquisition of the asset by such [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1),
      - (iii) was approved by the [board of directors](/usc/12/1813.md?p=k) of such [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) or its loan committee, which approval shall be reflected in the minutes of said [board](/usc/12/1861.md?p=b-3) or committee, and
      - (iv) has been, continuously from the time of its execution, an official record of such [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1);
    - (J) notwithstanding [section 1823(e)(2) of this title](/usc/12/1823.md?p=e-2), any agreement relating to an extension of [credit](/usc/12/5481.md?p=7) between a Federal home loan [bank](/usc/12/1813.md?p=a-1) or Federal Reserve [bank](/usc/12/1813.md?p=a-1) and any [insured depository institution](/usc/12/1813.md?p=c-2) which was executed before the extension of [credit](/usc/12/5481.md?p=7) by such [bank](/usc/12/1813.md?p=a-1) to such [depository institution](/usc/12/1813.md?p=c-1) shall be treated as having been executed contemporaneously with such extension of [credit](/usc/12/5481.md?p=7) for purposes of [subparagraph (I)](#n-4-I); and
    - (K) except with the prior approval of the Corporation, a [bridge depository institution](/usc/12/1813.md?p=i-2) may not, in any transaction or series of transactions, issue capital stock or be a party to any merger, consolidation, disposition of assets or liabilities, sale or exchange of capital stock, or similar transaction, or change its charter.
  - (5) **Capital—**
    - (A) **No capital required—** The Corporation shall not be required to—
      - (i) issue any capital stock on behalf of a [bridge depository institution](/usc/12/1813.md?p=i-2) chartered under this subsection; or
      - (ii) purchase any capital stock of a [bridge depository institution](/usc/12/1813.md?p=i-2), except that notwithstanding any other provision of Federal or [State](/usc/12/1813.md?p=a-3) law, the Corporation may purchase and retain capital stock of a [bridge depository institution](/usc/12/1813.md?p=i-2) in such amounts and on such terms as the Corporation, in its discretion, determines to be appropriate.
    - (B) **Operating funds in lieu of capital—** Upon the organization of a [bridge depository institution](/usc/12/1813.md?p=i-2), and thereafter, as the [Board of Directors](/usc/12/1813.md?p=k) may, in its discretion, determine to be necessary or advisable, the Corporation may make available to the [bridge depository institution](/usc/12/1813.md?p=i-2), upon such terms and conditions and in such form and amounts as the Corporation may in its discretion determine, funds for the operation of the [bridge depository institution](/usc/12/1813.md?p=i-2) in lieu of capital.
    - (C) **Authority to issue capital stock—** Whenever the [Board of Directors](/usc/12/1813.md?p=k) determines it is advisable to do so, the Corporation shall cause capital stock of a [bridge depository institution](/usc/12/1813.md?p=i-2) to be issued and offered for sale in such amounts and on such terms and conditions as the Corporation may, in its discretion, determine.
    - (D) **Capital levels—** A [bridge depository institution](/usc/12/1813.md?p=i-2) shall not be considered an undercapitalized [depository institution](/usc/12/1813.md?p=c-1) or a critically undercapitalized [depository institution](/usc/12/1813.md?p=c-1) for purposes of [section 347b(b) of this title](/usc/12/347b.md?p=b).
  - (6) **No Federal status—**
    - (A) **Agency status—** A [bridge depository institution](/usc/12/1813.md?p=i-2) is not an agency, establishment, or instrumentality of the United States.
    - (B) **Employee status—** Representatives for purposes of [paragraph (1)(B)](#n-1-B), interim [directors](/usc/12/5481.md?p=10), [directors](/usc/12/5481.md?p=10), officers, employees, or agents of a [bridge depository institution](/usc/12/1813.md?p=i-2) are not, solely by virtue of service in any such capacity, officers or employees of the United States. Any employee of the Corporation or of any Federal instrumentality who serves at the request of the Corporation as a representative for purposes of [paragraph (1)(B)](#n-1-B), interim [director](/usc/12/5481.md?p=10), [director](/usc/12/5481.md?p=10), officer, employee, or agent of a [bridge depository institution](/usc/12/1813.md?p=i-2) shall not—
      - (i) solely by virtue of service in any such capacity lose any existing status as an officer or employee of the United States for purposes of [title 5](/usc/5.md) or any other provision of law, or
      - (ii) receive any salary or benefits for service in any such capacity with respect to a [bridge depository institution](/usc/12/1813.md?p=i-2) in addition to such salary or benefits as are obtained through employment with the Corporation or such Federal instrumentality.
  - (7) **Assistance authorized—** The Corporation may, in its discretion, provide assistance under [section 1823(c) of this title](/usc/12/1823.md?p=c) to facilitate any transaction described in clause (i), (ii), or (iii) of paragraph (10)(A) with respect to any [bridge depository institution](/usc/12/1813.md?p=i-2) in the same manner and to the same extent as such assistance may be provided under such section with respect to an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1), or to facilitate a [bridge depository institution](/usc/12/1813.md?p=i-2)’s acquisition of any assets or the assumption of any liabilities of an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1).
  - (8) **Acquisition—**
    - (A) **In general—** The responsible agency shall notify the Attorney General of any transaction involving the merger or sale of a [bridge depository institution](/usc/12/1813.md?p=i-2) requiring approval under [section 1828(c) of this title](/usc/12/1828.md?p=c) and if a report on competitive factors is requested within 10 days, such transaction may not be consummated before the 5th calendar day after the date of approval by the responsible agency with respect thereto. If the responsible agency has found that it must act immediately to prevent the probable failure of 1 of the [depository institutions](/usc/12/1813.md?p=c-1) involved, the preceding sentence does not apply and the transaction may be consummated immediately upon approval by the agency.
    - (B) **By out-of-State holding company—** Any [depository institution](/usc/12/1813.md?p=c-1), [including](/usc/12/1813.md?p=t-1) an out-of-[State depository institution](/usc/12/1813.md?p=c-5), or any out-of-[State depository institution](/usc/12/1813.md?p=c-5) holding [company](/usc/12/1813.md?p=w-7) may acquire and retain the capital stock or assets of, or otherwise acquire and retain a [bridge depository institution](/usc/12/1813.md?p=i-2) if the [bridge depository institution](/usc/12/1813.md?p=i-2) at any time had assets aggregating $500,000,000 or more, as determined by the Corporation on the basis of the [bridge depository institution](/usc/12/1813.md?p=i-2)’s reports of condition or on the basis of the last available reports of condition of any [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1), which institution has been acquired, or whose assets have been acquired, by the [bridge depository institution](/usc/12/1813.md?p=i-2). The acquiring entity may acquire the [bridge depository institution](/usc/12/1813.md?p=i-2) only in the same manner and to the same extent as such entity may acquire an [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1) under [section 1823(f)(2) of this title](/usc/12/1823.md?p=f-2).
  - (9) **Duration of bridge depository institution—** Subject to paragraphs [(11)](#n-11) and [(12)](#n-12), the status of a [bridge depository institution](/usc/12/1813.md?p=i-2) as such shall terminate at the end of the 2-year period following the date it was granted a charter. The [Board of Directors](/usc/12/1813.md?p=k) may, in its discretion, extend the status of the [bridge depository institution](/usc/12/1813.md?p=i-2) as such for 3 additional 1-year periods.
  - (10) **Termination of bridge depository institution status—** The status of any [bridge depository institution](/usc/12/1813.md?p=i-2) as such shall terminate upon the earliest of—
    - (A) the merger or consolidation of the [bridge depository institution](/usc/12/1813.md?p=i-2) with a [depository institution](/usc/12/1813.md?p=c-1) that is not a [bridge depository institution](/usc/12/1813.md?p=i-2);
    - (B) at the election of the Corporation, the sale of a majority of the capital stock of the [bridge depository institution](/usc/12/1813.md?p=i-2) to an entity other than the Corporation and other than another [bridge depository institution](/usc/12/1813.md?p=i-2);
    - (C) the sale of 80 percent, or more, of the capital stock of the [bridge depository institution](/usc/12/1813.md?p=i-2) to an entity other than the Corporation and other than another [bridge depository institution](/usc/12/1813.md?p=i-2);
    - (D) at the election of the Corporation, either the assumption of all or substantially all of the [deposits](/usc/12/1813.md?p=l) and other liabilities of the [bridge depository institution](/usc/12/1813.md?p=i-2) by a [depository institution holding company](/usc/12/1813.md?p=w-1) or a [depository institution](/usc/12/1813.md?p=c-1) that is not a [bridge depository institution](/usc/12/1813.md?p=i-2), or the acquisition of all or substantially all of the assets of the [bridge depository institution](/usc/12/1813.md?p=i-2) by a [depository institution holding company](/usc/12/1813.md?p=w-1), a [depository institution](/usc/12/1813.md?p=c-1) that is not a [bridge depository institution](/usc/12/1813.md?p=i-2), or other entity as permitted under applicable law; and
    - (E) the expiration of the period provided in [paragraph (9)](#n-9), or the earlier dissolution of the [bridge depository institution](/usc/12/1813.md?p=i-2) as provided in [paragraph (12)](#n-12).
  - (11) **Effect of termination events—**
    - (A) **Merger or consolidation—** A [bridge depository institution](/usc/12/1813.md?p=i-2) that participates in a merger or consolidation as provided in [paragraph (10)(A)](#n-10-A) shall be for all purposes a national [bank](/usc/12/1813.md?p=a-1) or a [Federal savings association](/usc/12/1813.md?p=b-2), as the case may be, with all the rights, powers, and privileges thereof, and such merger or consolidation shall be conducted in accordance with, and shall have the effect provided in, the provisions of applicable law.
    - (B) **Charter conversion—** Following the sale of a majority of the capital stock of the [bridge depository institution](/usc/12/1813.md?p=i-2) as provided in [paragraph (10)(B)](#n-10-B), the Corporation may amend the charter of the [bridge depository institution](/usc/12/1813.md?p=i-2) to reflect the termination of the status of the [bridge depository institution](/usc/12/1813.md?p=i-2) as such, whereupon the [depository institution](/usc/12/1813.md?p=c-1) shall remain a national [bank](/usc/12/1813.md?p=a-1) or a [Federal savings association](/usc/12/1813.md?p=b-2), as the case may be,,[^8] with all of the rights, powers, and privileges thereof, subject to all laws and regulations applicable thereto.
    - (C) **Sale of stock—** Following the sale of 80 percent or more of the capital stock of a [bridge depository institution](/usc/12/1813.md?p=i-2) as provided in [paragraph (10)(C)](#n-10-C), the [depository institution](/usc/12/1813.md?p=c-1) shall remain a national [bank](/usc/12/1813.md?p=a-1) or a [Federal savings association](/usc/12/1813.md?p=b-2), as the case may be,,[^8] with all of the rights, powers, and privileges thereof, subject to all laws and regulations applicable thereto.
    - (D) **Assumption of liabilities and sale of assets—** Following the assumption of all or substantially all of the liabilities of the [bridge depository institution](/usc/12/1813.md?p=i-2), or the sale of all or substantially all of the assets of the [bridge depository institution](/usc/12/1813.md?p=i-2), as provided in [paragraph (10)(D)](#n-10-D), at the election of the Corporation the [bridge depository institution](/usc/12/1813.md?p=i-2) may retain its status as such for the period provided in [paragraph (9)](#n-9).
    - (E) **Effect on holding companies—** A [depository institution holding company](/usc/12/1813.md?p=w-1) acquiring a [bridge depository institution](/usc/12/1813.md?p=i-2) under [section 1823(f) of this title](/usc/12/1823.md?p=f), [paragraph (8)(B)](#n-8-B) (or any predecessor provision), or both provisions, shall not be impaired or adversely affected by the termination of the status of a [bridge depository institution](/usc/12/1813.md?p=i-2) as a result of subparagraph [(A)](#n-10-A), [(B)](#n-10-B), [(C)](#n-10-C), or [(D)](#n-10-D) of paragraph (10), and shall be entitled to the rights and privileges provided in [section 1823(f) of this title](/usc/12/1823.md?p=f).
    - (F) **Amendments to charter—** Following the consummation of a transaction described in subparagraph [(A)](#n-10-A), [(B)](#n-10-B), [(C)](#n-10-C), or [(D)](#n-10-D) of paragraph (10), the charter of the resulting institution shall be amended to reflect the termination of [bridge depository institution](/usc/12/1813.md?p=i-2) status, if appropriate.
  - (12) **Dissolution of bridge depository institution—**
    - (A) **In general—** Notwithstanding any other provision of [State](/usc/12/1813.md?p=a-3) or Federal law, if the [bridge depository institution](/usc/12/1813.md?p=i-2)’s status as such has not previously been terminated by the occurrence of an event specified in subparagraph [(A)](#n-10-A), [(B)](#n-10-B), [(C)](#n-10-C), or [(D)](#n-10-D) of paragraph (10)—
      - (i) the [Board of Directors](/usc/12/1813.md?p=k) may, in its discretion, dissolve a [bridge depository institution](/usc/12/1813.md?p=i-2) in accordance with this paragraph at any time; and
      - (ii) the [Board of Directors](/usc/12/1813.md?p=k) shall promptly commence dissolution proceedings in accordance with this paragraph upon the expiration of the 2-year period following the date the [bridge depository institution](/usc/12/1813.md?p=i-2) was chartered, or any extension thereof, as provided in [paragraph (9)](#n-9).
    - (B) **Procedures—** The Comptroller of the Currency shall appoint the Corporation as [receiver](/usc/12/1813.md?p=j) for a [bridge depository institution](/usc/12/1813.md?p=i-2) upon certification by the [Board of Directors](/usc/12/1813.md?p=k) to the Comptroller of the Currency of its determination to dissolve the [bridge depository institution](/usc/12/1813.md?p=i-2). The Corporation as such [receiver](/usc/12/1813.md?p=j) shall wind up the affairs of the [bridge depository institution](/usc/12/1813.md?p=i-2) in conformity with the provisions of law relating to the liquidation of closed national [banks](/usc/12/1813.md?p=a-1) or [Federal savings associations](/usc/12/1813.md?p=b-2), as appropriate. With respect to any such [bridge depository institution](/usc/12/1813.md?p=i-2), the Corporation as such [receiver](/usc/12/1813.md?p=j) shall have all the rights, powers, and privileges and shall perform the duties related to the exercise of such rights, powers, or privileges granted by law to a [receiver](/usc/12/1813.md?p=j) of any [insured depository institution](/usc/12/1813.md?p=c-2) and notwithstanding any other provision of law in the exercise of such rights, powers, and privileges the Corporation shall not be subject to the direction or supervision of any [State](/usc/12/1813.md?p=a-3) agency or other Federal agency.
  - (13) **Multiple bridge depository institutions—** Subject to [paragraph (1)(B)(i)](#n-1-B-i), the Corporation may, in the Corporation’s discretion, organize 2 or more [bridge depository institutions](/usc/12/1813.md?p=i-2) under this subsection to assume any [deposits](/usc/12/1813.md?p=l) of, assume any other liabilities of, and purchase any assets of a single [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1).
- (o) **Supervisory records—** In addition to the requirements of [section 1817(a)(2) of this title](/usc/12/1817.md?p=a-2) to provide to the Corporation copies of reports of examination and reports of condition, whenever the Corporation has been appointed as [receiver](/usc/12/1813.md?p=j) for an [insured depository institution](/usc/12/1813.md?p=c-2), the [appropriate Federal banking agency](/usc/12/1813.md?p=q) shall make available all supervisory records to the [receiver](/usc/12/1813.md?p=j) which may be used by the [receiver](/usc/12/1813.md?p=j) in any manner the [receiver](/usc/12/1813.md?p=j) determines to be appropriate.
- (p) **Certain sales of assets prohibited—**
  - (1) **Persons who engaged in improper conduct with, or caused losses to, depository institutions—** The Corporation shall prescribe regulations which, at a minimum, shall prohibit the sale of assets of a failed institution by the Corporation to—
    - (A) any [person](/usc/12/5481.md?p=19) who—
      - (i) has defaulted, or was a member of a partnership or an officer or [director](/usc/12/5481.md?p=10) of a corporation that has defaulted, on 1 or more obligations the aggregate amount of which exceed $1,000,000, to such failed institution;
      - (ii) has been found to have engaged in fraudulent activity in connection with any obligation referred to in [clause (i)](#p-1-A-i); and
      - (iii) proposes to purchase any such asset in whole or in part through the use of the proceeds of a loan or advance of [credit](/usc/12/5481.md?p=7) from the Corporation or from any institution for which the Corporation has been appointed as conservator or [receiver](/usc/12/1813.md?p=j);
    - (B) any [person](/usc/12/5481.md?p=19) who participated, as an officer or [director](/usc/12/5481.md?p=10) of such failed institution or of any [affiliate](/usc/12/1813.md?p=w-6) of such institution, in a material way in transactions that resulted in a substantial loss to such failed institution;
    - (C) any [person](/usc/12/5481.md?p=19) who has been removed from, or prohibited from participating in the affairs of, such failed institution pursuant to any final enforcement action by an [appropriate Federal banking agency](/usc/12/1813.md?p=q); or
    - (D) any [person](/usc/12/5481.md?p=19) who has demonstrated a pattern or practice of defalcation regarding obligations to such failed institution.
  - (2) **Convicted debtors—** Except as provided in [paragraph (3)](#p-3), any [person](/usc/12/5481.md?p=19) who—
    - (A) has been convicted of an offense under section 215, 656, 657, 1005, 1006, 1007, 1008,[^2] 1014, 1032, 1341, 1343, or [1344](/usc/18/1344.md) of title 18 or of conspiring to commit such an offense, affecting any [insured depository institution](/usc/12/1813.md?p=c-2) for which any conservator or [receiver](/usc/12/1813.md?p=j) has been appointed; and
    - (B) is in [default](/usc/12/1813.md?p=x-1) on any loan or other extension of [credit](/usc/12/5481.md?p=7) from such [insured depository institution](/usc/12/1813.md?p=c-2) which, if not paid, will cause substantial loss to the institution, the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1), or the Corporation,

    may not purchase any asset of such institution from the conservator or [receiver](/usc/12/1813.md?p=j).

  - (3) **Settlement of claims—** Paragraphs [(1)](#p-1) and [(2)](#p-2) shall not apply to the sale or transfer by the Corporation of any asset of any [insured depository institution](/usc/12/1813.md?p=c-2) to any [person](/usc/12/5481.md?p=19) if the sale or transfer of the asset resolves or settles, or is part of the resolution or settlement, of—
    - (A) 1 or more claims that have been, or could have been, asserted by the Corporation against the [person](/usc/12/5481.md?p=19); or
    - (B) obligations owed by the [person](/usc/12/5481.md?p=19) to any [insured depository institution](/usc/12/1813.md?p=c-2) or the Corporation.
  - (4) **“Default” defined—** For purposes of this subsection, the term “[default](/usc/12/1813.md?p=x-1)” means a failure to comply with the terms of a loan or other obligation to such an extent that the property securing the obligation is foreclosed upon.
- (q) **Expedited procedures for certain claims—**
  - (1) **Time for filing notice of appeal—** The notice of appeal of any order, whether interlocutory or final, entered in any case brought by the Corporation against an [insured depository institution](/usc/12/1813.md?p=c-2)’s [director](/usc/12/5481.md?p=10), officer, employee, agent, attorney, accountant, or appraiser or any other [person](/usc/12/5481.md?p=19) employed by or providing services to an [insured depository institution](/usc/12/1813.md?p=c-2) shall be filed not later than 30 days after the date of entry of the order. The hearing of the appeal shall be held not later than 120 days after the date of the notice of appeal. The appeal shall be decided not later than 180 days after the date of the notice of appeal.
  - (2) **Scheduling—** Consistent with [section 1657 of title 18](/usc/18/1657.md),[^9] a court of the United States shall expedite the consideration of any case brought by the Corporation against an [insured depository institution](/usc/12/1813.md?p=c-2)’s [director](/usc/12/5481.md?p=10), officer, employee, agent, attorney, accountant, or appraiser or any other [person](/usc/12/5481.md?p=19) employed by or providing services to an [insured depository institution](/usc/12/1813.md?p=c-2). As far as practicable the court shall give such case priority on its docket.
  - (3) **Judicial discretion—** The court may modify the schedule and limitations stated in paragraphs [(1)](#q-1) and [(2)](#q-2) in a particular case, based on a specific finding that the ends of justice that would be served by making such a modification would outweigh the best interest of the public in having the case resolved expeditiously.
- (r) **Foreign investigations—** The Corporation, as conservator or [receiver](/usc/12/1813.md?p=j) of any [insured depository institution](/usc/12/1813.md?p=c-2) and for purposes of carrying out any power, authority, or duty with respect to an [insured depository institution](/usc/12/1813.md?p=c-2)—
  - (1) may request the assistance of any foreign banking authority and provide assistance to any foreign banking authority in accordance with [section 1818(v) of this title](/usc/12/1818.md?p=v); and
  - (2) may each maintain an office to coordinate foreign investigations or investigations on behalf of foreign banking authorities.
- (s) **Prohibition on entering secrecy agreements and protective orders—** The Corporation may not enter into any agreement or approve any protective order which prohibits the Corporation from disclosing the terms of any settlement of an administrative or other action for damages or restitution brought by the Corporation in its capacity as conservator or [receiver](/usc/12/1813.md?p=j) for an [insured depository institution](/usc/12/1813.md?p=c-2).
- (t) **Agencies may share information without waiving privilege—**
  - (1) **In general—** A covered agency, in any capacity, shall not be deemed to have waived any privilege applicable to any information by transferring that information to or permitting that information to be used by—
    - (A) any other covered agency, in any capacity; or
    - (B) any other agency of the Federal Government (as defined in [section 6 of title 18](/usc/18/6.md)).
  - (2) **Definitions—** For purposes of this subsection:
    - (A) **Covered agency—** The term “covered agency” means any of the following:
      - (i) Any [Federal banking agency](/usc/12/1813.md?p=z).
      - (ii) The Farm [Credit](/usc/12/5481.md?p=7) Administration.
      - (iii) The Farm [Credit](/usc/12/5481.md?p=7) System Insurance Corporation.
      - (iv) The National [Credit](/usc/12/5481.md?p=7) Union Administration.
      - (v) The Government Accountability Office.
      - (vi) The [Bureau](/usc/12/5481.md?p=2) of [Consumer](/usc/12/5481.md?p=4) Financial Protection.
      - (vii) Federal[^10] Housing Finance Agency.
    - (B) **Privilege—** The term “privilege” [includes](/usc/12/1813.md?p=t-1) any work-product, attorney-client, or other privilege recognized under Federal or [State](/usc/12/1813.md?p=a-3) law.
  - (3) **Rule of construction—** [Paragraph (1)](#t-1) shall not be construed as implying that any [person](/usc/12/5481.md?p=19) waives any privilege applicable to any information because [paragraph (1)](#t-1) does not apply to the transfer or use of that information.
- (u) **Purchase rights of tenants—**
  - (1) **Notice—** Except as provided in [paragraph (3)](#u-3), the Corporation may make available for sale a 1- to 4-family residence ([including](/usc/12/1813.md?p=t-1) a manufactured home) to which the Corporation acquires title only after the Corporation has provided the household residing in the property notice (in writing and mailed to the property) of the availability of such property and the preference afforded such household under [paragraph (2)](#u-2).
  - (2) **Preference—** In selling such a property, the Corporation shall give preference to any bona fide offer made by the household residing in the property, if—
    - (A) such offer is substantially similar in amount to other offers made within such period (or expected by the Corporation to be made within such period);
    - (B) such offer is made during the period beginning upon the Corporation making such property available and of a reasonable duration, as determined by the Corporation based on the normal period for sale of such properties; and
    - (C) the household making the offer complies with any other requirements applicable to purchasers of such property, [including](/usc/12/1813.md?p=t-1) any downpayment and [credit](/usc/12/5481.md?p=7) requirements.
  - (3) **Exceptions—** Paragraphs [(1)](#u-1) and [(2)](#u-2) shall not apply to—
    - (A) any residence transferred in connection with the transfer of substantially all of the assets of an [insured depository institution](/usc/12/1813.md?p=c-2) for which the Corporation has been appointed conservator or [receiver](/usc/12/1813.md?p=j);
    - (B) any eligible single family property (as such term is defined in [section 1831q(p) of this title](/usc/12/1831q.md?p=p); or
    - (C) any residence for which the household occupying the residence was the [mortgagor](/usc/12/1707.md?p=b) under a [mortgage](/usc/12/1707.md?p=a) on such residence and to which the Corporation acquired title pursuant to [default](/usc/12/1813.md?p=x-1) on such [mortgage](/usc/12/1707.md?p=a).
- (v) **Preference for sales for homeless families—** Subject to [subsection (u)](#u), in selling any real property (other than eligible residential property and eligible condominium property, as such terms are defined in [section 1831q(p) of this title](/usc/12/1831q.md?p=p)) to which the Corporation acquires title, the Corporation shall give preference among offers to purchase the property that will result in the same net present value proceeds, to any offer that would provide for the property to be used, during the remaining useful life of the property, to provide housing or shelter for homeless [persons](/usc/12/5481.md?p=19) (as such term is defined in [section 11302 of title 42](/usc/42/11302.md)) or homeless families.
- (w) **Preferences for sales of certain commercial real properties—**
  - (1) **Authority—** In selling any eligible commercial real properties of the Corporation, the Corporation shall give preference, among offers to purchase the property that will result in the same net present value proceeds, to any offer—
    - (A) that is made by a public agency or nonprofit organization; and
    - (B) under which the purchaser agrees that the property shall be used, during the remaining useful life of the property, for offices and administrative purposes of the purchaser to carry out a program to acquire residential properties to provide (i) homeownership and rental housing opportunities for very-low-, low-, and moderate-income families, or (ii) housing or shelter for homeless [persons](/usc/12/5481.md?p=19) (as such term is defined in [section 11302 of title 42](/usc/42/11302.md)) or homeless families.
  - (2) **Definitions—** For purposes of this subsection, the following definitions shall apply:
    - (A) **Eligible commercial real property—** The term “eligible commercial real property” means any property (i) to which the Corporation acquires title, and (ii) that the Corporation, in the discretion of the Corporation, determines is suitable for use for the location of offices or other administrative functions involved with carrying out a program referred to in [paragraph (1)(B)](#w-1-B).
    - (B) **Nonprofit organization and public agency—** The terms “nonprofit organization” and “public agency” have the same meanings as in [section 1831q(p) of this title](/usc/12/1831q.md?p=p).

## Footnotes

[^1]: So in original. Probably should be “depository institution”.
[^2]: See References in Text note below.
[^3]: So in original. Probably should be followed by “or”.
[^4]: So in original. The semicolon probably should be preceded by an additional closing parenthesis.
[^5]: So in original. The comma probably should not appear.
[^6]: So in original. Probably should be “Bridge depository institution”.
[^7]: So in original. Probably should be “bridge depository institutions”.
[^8]: So in original.
[^9]: So in original. Probably should be “title 28,”.
[^10]: So in original. Probably should be preceded by “The”.

## Source credit

(Sept. 21, 1950, ch. 967, § 2[11], 64 Stat. 884; Pub. L. 89–695, title III, § 301(c), (d), Oct. 16, 1966, 80 Stat. 1055; Pub. L. 91–151, title I, § 7(a)(3), (4), Dec. 23, 1969, 83 Stat. 375; Pub. L. 93–495, title I, §§ 101(a)(3), 102(a)(3), (4), Oct. 28, 1974, 88 Stat. 1500, 1502; Pub. L. 95–369, § 6(c)(17)–(22), Sept. 17, 1978, 92 Stat. 619; Pub. L. 95–630, title XIV, § 1401(a), Nov. 10, 1978, 92 Stat. 3712; Pub. L. 96–153, title III, § 323(a), Dec. 21, 1979, 93 Stat. 1120; Pub. L. 96–221, title III, § 308(a)(1)(C), (D), Mar. 31, 1980, 94 Stat. 147; Pub. L. 97–110, title I, § 103(c), Dec. 26, 1981, 95 Stat. 1514; Pub. L. 97–320, title I, § 113(j), (k), Oct. 15, 1982, 96 Stat. 1474; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 100–86, title V, §§ 503(a), 507, Aug. 10, 1987, 101 Stat. 629, 634; Pub. L. 101–73, title II, §§ 201(a), 211–214, title IX, § 909, Aug. 9, 1989, 103 Stat. 187, 218–246, 477; Pub. L. 101–647, title XXV, §§ 2521(a)(1), 2526(a), 2527(a), 2528(a), 2532(b), 2534(a), Nov. 29, 1990, 104 Stat. 4863, 4875, 4877, 4880, 4882; Pub. L. 102–233, title I, § 102, title II, § 202(a), (b), title III, § 302(a), Dec. 12, 1991, 105 Stat. 1761, 1766, 1767; Pub. L. 102–242, title I, §§ 123(a), 133(a), (e), 141(b), (d), 161(a), (e), title II, § 241(c)(1), title III, § 311(a)(1), (b)(1), (2), (5)(B), (C), title IV, §§ 416, 426, 446, Dec. 19, 1991, 105 Stat. 2252, 2270, 2272, 2277, 2285, 2286, 2331, 2363, 2364, 2366, 2376, 2378, 2382; Pub. L. 102–550, title XV, §§ 1501(a), 1544, title XVI, §§ 1603(e)(1), 1604(c)(2), 1606(c), 1611(b), Oct. 28, 1992, 106 Stat. 4044, 4069, 4081, 4083, 4088, 4090; Pub. L. 103–66, title III, § 3001(a), (b), Aug. 10, 1993, 107 Stat. 336; Pub. L. 103–204, §§ 3(d), 4(b), 8(a)–(f), (i), 11, 15(b), 16(b), 17(b), 20, 27(b), 38(b), Dec. 17, 1993, 107 Stat. 2379, 2380, 2384–2389, 2399–2401, 2404, 2410, 2416; Pub. L. 103–325, title III, § 325, title IV, § 411(c)(2)(A), title VI, § 602(a)(21)–(33), Sept. 23, 1994, 108 Stat. 2228, 2253, 2289; Pub. L. 103–328, title II, § 201(a), Sept. 29, 1994, 108 Stat. 2368; Pub. L. 103–394, title V, § 501(c)(2), Oct. 22, 1994, 108 Stat. 4143; Pub. L. 104–208, div. A, title II, §§ 2602, 2704(d)(1)–(4), (6)(C), (14)(H), (I), 2705, Sept. 30, 1996, 110 Stat. 3009–469, 3009–487, 3009–488, 3009–492, 3009–495; Pub. L. 104–316, title I, § 106(i), Oct. 19, 1996, 110 Stat. 3831; Pub. L. 106–102, title I, § 117, title VII, § 736(a), (b)(2), Nov. 12, 1999, 113 Stat. 1372, 1479; Pub. L. 106–400, § 2, Oct. 30, 2000, 114 Stat. 1675; Pub. L. 106–569, title XII, § 1222, Dec. 27, 2000, 114 Stat. 3036; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814; Pub. L. 108–386, § 8(a)(4), Oct. 30, 2004, 118 Stat. 2231; Pub. L. 109–8, title IX, §§ 901(a)(1), (b)(1), (c)(1), (d)(1), (e)(1), (f)(1), (g)(1), (h)(1), (i)(1), 902(a), 903(a), 904(a), 905(a), 908(a), Apr. 20, 2005, 119 Stat. 146, 147, 149, 151, 152, 155, 157–160, 165, 166, 183; Pub. L. 109–171, title II, §§ 2102(b), 2103(a)–(c), Feb. 8, 2006, 120 Stat. 9, 11; Pub. L. 109–173, §§ 2(a), (c)(1), 8(a)(11)–(14), Feb. 15, 2006, 119 Stat. 3601, 3602, 3611, 3612; Pub. L. 109–351, title VII, §§ 701(b), 718(a), 721(a), 722(a), 724, Oct. 13, 2006, 120 Stat. 1985, 1997–1999, 2001; Pub. L. 109–390, §§ 2(a)(1), (b)(1), (c)(1), 3(a), 6(a), Dec. 12, 2006, 120 Stat. 2692–2694, 2698; Pub. L. 110–289, div. A, title I, § 1161(i), title VI, § 1604(a), (c), (d), July 30, 2008, 122 Stat. 2781, 2826, 2829; Pub. L. 111–203, title III, §§ 335(a), 343(a)(1), (3), 363(5), July 21, 2010, 124 Stat. 1540, 1544, 1552; Pub. L. 111–343, § 1(a), Dec. 29, 2010, 124 Stat. 3609; Pub. L. 112–215, § 1(1), Dec. 20, 2012, 126 Stat. 1589.)

## Notes

### Editorial Notes

### References in Text

Section 1441a(b)(4) of this title, referred to in subsec. (d)(2)(I)(ii), was in the original “section 21A(b)(4)”, which has been translated as reading “section 21A(b)(4) of the Federal Home Loan Bank Act”, to reflect the probable intent of Congress. Section 1441a of this title was repealed by Pub. L. 111–203, title III, § 364(b), July 21, 2010, 124 Stat. 1555.

Section 1823(e)(2) of this title, referred to in subsec. (d)(9)(B), was redesignated section 1823(e)(1)(B) of this title by Pub. L. 103–325, title III, § 317(1), Sept. 23, 1994, 108 Stat. 2223.

Section 1441a(b)(14) of this title, referred to in subsec. (d)(14)(A)(ii), was repealed by Pub. L. 111–203, title III, § 364(b), July 21, 2010, 124 Stat. 1555.

The Federal Rules of Civil Procedure, referred to in subsec. (d)(18), (19), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure.

The Securities Exchange Act of 1934, referred to in subsec. (e)(8)(D)(v)(I), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.

The Gramm-Leach-Bliley Act, referred to in subsec. (e)(8)(D)(vi), (17), is Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1338. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of this title and Tables.

The Legal Certainty for Bank Products Act of 2000, referred to in subsec. (e)(8)(D)(vi), (17), is title IV of H.R. 5660, as enacted by Pub. L. 106–554, § 1(a)(5), Dec. 21, 2000, 114 Stat. 2763, 2763A–457, which is classified to sections 27 to 27f of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title of 2000 Amendment note set out under section 1 of Title 7 and Tables.

The Commodity Exchange Act, referred to in subsec. (e)(8)(D)(vi), (17), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.

The Federal Deposit Insurance Corporation Improvement Act of 1991, referred to in subsec. (e)(13)(C)(ii), is Pub. L. 102–242, Dec. 19, 1991, 105 Stat. 2236. Subtitle A of title IV of the Act is classified generally to subchapter I (§ 4401 et seq.) of chapter 45 of this title. For complete classification of this Act to the Code, see Short Title of 1991 Amendment note set out under section 1811 of this title and Tables.

Section 1008 of title 18, referred to in subsec. (p)(2)(A), was repealed by Pub. L. 101–73, title IX, § 961(g)(1), Aug. 9, 1989, 103 Stat. 500.

### Codification

Amendments to subsec. (m) of this section by section 1604(a)(4)(J)(ii) of Pub. L. 110–289 were executed before amendments by section 1604(a)(4)(E) of Pub. L. 110–289, to reflect the probable intent of Congress.

Amendments to subsec. (n) of this section by section 1604(a)(5)(I) of Pub. L. 110–289 were executed before amendments by section 1604(a)(5)(E) and (G) of Pub. L. 110–289, to reflect the probable intent of Congress.

Amendments to subsec. (n) of this section by section 1604(a)(5)(O)(iv) and (P)(ii) of Pub. L. 110–289 were executed before amendments by section 1604(a)(5)(D) of Pub. L. 110–289, to reflect the probable intent of Congress.

### Prior Provisions

Section is derived from subsec. (l) of former section 264 of this title. See Codification note set out under section 1811 of this title.

### Amendments

2012—Subsec. (t)(2)(A)(vi). Pub. L. 112–215 added cl. (vi).

2010—Subsec. (a)(1)(B). Pub. L. 111–203, § 343(a)(3)(A)(i), substituted “The net amount” for “(i) In general.—Subject to clause (ii), the net amount”.

Pub. L. 111–203, § 343(a)(1)(A), designated existing provisions as cl. (i), inserted heading, substituted “Subject to clause (ii), the net amount” for “The net amount”, and added cls. (ii) and (iii).

Subsec. (a)(1)(B)(ii). Pub. L. 111–203, § 343(a)(3)(A)(ii), struck out cl. (ii) which related to insurance for noninterest-bearing transaction accounts.

Subsec. (a)(1)(B)(iii). Pub. L. 111–343 substituted “means—” for “means a deposit” in introductory provisions, inserted “(I) a deposit” before “or account maintained”, redesignated former subcls. (I) to (III) as items (aa) to (cc) of subcl. (I), and added subcl. (II).

Pub. L. 111–203, § 343(a)(3)(A)(ii), struck out cl. (iii), which defined “noninterest-bearing transaction account”.

Subsec. (a)(1)(C). Pub. L. 111–203, § 343(a)(3)(B), substituted “subparagraph (B)” for “subparagraph (B)(i)”.

Pub. L. 111–203, § 343(a)(1)(B), substituted “subparagraph (B)(i)” for “subparagraph (B)”.

Subsec. (a)(1)(E). Pub. L. 111–203, § 335(a), substituted “$250,000,” for “$100,000,” and inserted at the end “Notwithstanding any other provision of law, the increase in the standard maximum deposit insurance amount to $250,000 shall apply to depositors in any institution for which the Corporation was appointed as receiver or conservator on or after January 1, 2008, and before October 3, 2008. The Corporation shall take such actions as are necessary to carry out the requirements of this section with respect to such depositors, without regard to any time limitations under this chapter. In implementing this and the preceding 2 sentences, any payment on a deposit claim made by the Corporation as receiver or conservator to a depositor above the standard maximum deposit insurance amount in effect at the time of the appointment of the Corporation as receiver or conservator shall be deemed to be part of the net amount due to the depositor under subparagraph (B).”

Subsec. (c)(2)(A)(ii). Pub. L. 111–203, § 363(5)(A)(i), struck out “(other than section 1441a of this title)” before period at end.

Subsec. (c)(4). Pub. L. 111–203, § 363(5)(A)(ii), substituted “Notwithstanding” for “Except as otherwise provided in section 1441a of this title and notwithstanding” in introductory provisions.

Subsec. (c)(6). Pub. L. 111–203, § 363(5)(A)(iii)(I), substituted “Comptroller of the Currency” for “Director of the Office of Thrift Supervision” in heading.

Subsec. (c)(6)(A). Pub. L. 111–203, § 363(5)(A)(iii)(II), struck out “or the Resolution Trust Corporation” before “may, at the discretion” and substituted “Comptroller of the Currency” for “Director of the Office of Thrift Supervision”.

Subsec. (c)(6)(B). Pub. L. 111–203, § 363(5)(A)(iii)(III), amended subpar. (B) generally. Prior to amendment, subpar. (B) related to appointment of the Corporation or the Resolution Trust Corporation as receiver under subpar. (A) or (C) of section 1464(d)(2) of this title for the purpose of liquidation or winding up any savings association’s affairs.

Subsec. (c)(12)(A). Pub. L. 111–203, § 363(5)(A)(iv), struck out “or the Resolution Trust Corporation” before “as conservator”.

Subsec. (d)(17)(A), (18)(B). Pub. L. 111–203, § 363(5)(B), struck out “or the Director of the Office of Thrift Supervision” after “Comptroller of the Currency”.

Subsec. (m)(9), (16), (18). Pub. L. 111–203, § 363(5)(C), struck out “or the Director of the Office of Thrift Supervision, as appropriate” after “Comptroller of the Currency” wherever appearing.

Subsec. (n)(1)(A). Pub. L. 111–203, § 363(5)(D)(i), substituted “insured banks or” for “insured banks, or the Director of the Office of Thrift Supervision, with respect to” and “applicable,” for “applicable,,”.

Subsec. (n)(2)(A). Pub. L. 111–203, § 363(5)(D)(ii), struck out “or the Director of the Office of Thrift Supervision” before “as a bridge” in introductory provisions.

Subsec. (n)(4)(D), (G). Pub. L. 111–203, § 363(5)(D)(iii), (iv), struck out “and the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency”.

Subsec. (n)(12)(B). Pub. L. 111–203, § 363(5)(D)(v), inserted “as” after “shall appoint the Corporation” and struck out “or the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” in two places.

Subsec. (p)(2)(B). Pub. L. 111–203, § 363(5)(E)(i), substituted “or the Corporation,” for “the Corporation, the FSLIC Resolution Fund, or the Resolution Trust Corporation,”.

Subsec. (p)(3)(B). Pub. L. 111–203, § 363(5)(E)(ii), struck out “, the FSLIC Resolution Fund, the Resolution Trust Corporation,” before “or the Corporation.”

Subsec. (r). Pub. L. 111–203, § 363(5)(F), struck out “and the Resolution Trust Corporation” before “, as conservator” in introductory provisions.

2008—Subsec. (d)(2)(F). Pub. L. 110–289, § 1604(a)(1)(A), substituted “as receiver, with respect to any insured depository institution, organize a new depository institution under subsection (m) or a bridge depository institution under subsection (n).” for “as receiver—

“(i) with respect to savings associations and by application to the Director of the Office of Thrift Supervision, organize a new Federal savings association to take over such assets or such liabilities as the Corporation may determine to be appropriate; and

“(ii) with respect to any insured bank, organize a new national bank under subsection (m) of this section or a bridge bank under subsection (n) of this section.”

Subsec. (d)(2)(G)(ii). Pub. L. 110–289, § 1604(a)(1)(B), substituted “new depository institution or a bridge depository institution” for “new bank or a bridge bank”.

Subsec. (e)(10)(C). Pub. L. 110–289, § 1604(a)(2), substituted “bridge depository institutions” for “bridge banks” in heading.

Subsec. (e)(10)(C)(i). Pub. L. 110–289, § 1604(a)(3), substituted “bridge depository institution” for “bridge bank”.

Subsec. (m). Pub. L. 110–289, § 1604(a)(4)(A)–(E), substituted “depository institutions” for “banks” in heading, “the insured depository institution in default to” for “the bank in default to” in par. (1), “the insured depository institution in default, and” for “the bank in default, and” in par. (11), “insured depository institution” for “insured bank” wherever appearing in pars. (1), (11)(A), (13), and (15)(B), and “new depository institution” for “new bank” and “such depository institution” for “such bank” wherever appearing in text. See Codification note above.

Subsec. (m)(1). Pub. L. 110–289, § 1604(a)(4)(F), inserted “or Federal savings association” after “national bank”.

Subsec. (m)(6). Pub. L. 110–289, § 1604(a)(4)(G), substituted “only depository institution” for “only bank”.

Subsec. (m)(9). Pub. L. 110–289, § 1604(a)(4)(H), inserted “or the Director of the Office of Thrift Supervision, as appropriate” after “Comptroller of the Currency”.

Subsec. (m)(15)(A). Pub. L. 110–289, § 1604(a)(4)(I), struck out “, but in no event less than that required by section 51 of this title for the organization of a national bank in the place where such new bank is located” before period at end.

Subsec. (m)(16). Pub. L. 110–289, § 1604(a)(4)(j)(iii)–(v), inserted “or Federal savings association” after “national bank” wherever appearing and “or Federal savings associations” after “national banks” and substituted “Such depository institution” for “Such bank”.

Pub. L. 110–289, § 1604(a)(4)(J)(ii), substituted “the depository institution” for “the bank” in two places. See Codification note above.

Pub. L. 110–289, § 1604(a)(4)(J)(i), inserted “or the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” in two places.

Subsec. (m)(18). Pub. L. 110–289, § 1604(a)(4)(K), inserted “or the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” in two places.

Subsec. (n). Pub. L. 110–289, § 1604(a)(5)(A)–(I), in heading substituted “depository institutions” for “banks” and in text substituted, wherever appearing, “bridge depository institution” for “bridge bank”, “bridge depository institutions” for “bridge banks” except in par. (1)(A), “bridge depository institution’s” for “bridge bank’s”, “insured depository institution” for “insured bank” in pars. (2), (3), (4)(I), (7), and (8)(B), “insured depository institutions” for “insured banks”, “such depository institution” for “such bank” except in par. (4)(J), “the depository institution” for “the bank”, and “depository institution or institutions” for “bank or banks”. See Codification note above.

Subsec. (n)(1)(A). Pub. L. 110–289, § 1604(a)(5)(J), inserted “, with respect to 1 or more insured banks, or the Director of the Office of Thrift Supervision, with respect to 1 or more insured savings associations,” after “Comptroller of the Currency”, “or Federal savings associations, as appropriate,” after “national banks”, and “or Federal savings associations, as applicable,” after “banking associations”, and substituted “as ‘bridge depository institutions’ ” for “as bridge banks”.

Subsec. (n)(1)(B)(i). Pub. L. 110–289, § 1604(c), struck out “, except that if any insured deposits are assumed, all insured deposits shall be assumed by the bridge bank or another insured depository institution” before semicolon at end.

Pub. L. 110–289, § 1604(a)(5)(K), struck out “of a bank” after “any insured deposits” and “of that bank” after “all insured deposits”.

Subsec. (n)(1)(E). Pub. L. 110–289, § 1604(a)(5)(L), (M), inserted “or Federal savings association” after “National bank” in heading and “, in the case of 1 or more insured banks, and as a Federal savings association, in the case of 1 or more insured savings associations” after “national bank” in text.

Subsec. (n)(2)(A). Pub. L. 110–289, § 1604(a)(5)(N)(i), (ii), inserted “or Federal savings association” after “national bank” and “or the Director of the Office of Thrift Supervision” after “Comptroller of the Currency” in introductory provisions.

Subsec. (n)(2)(B). Pub. L. 110–289, § 1604(a)(5)(N)(i), (iii), inserted “or Federal savings association” after “national bank” in heading and introductory provisions.

Subsec. (n)(4). Pub. L. 110–289, § 1604(a)(5)(O)(i), inserted “or Federal savings association, as appropriate” after “national bank” in introductory provisions.

Subsec. (n)(4)(C). Pub. L. 110–289, § 1604(a)(5)(O)(ii), substituted “under any” for “under section 51 of this title or any other”.

Subsec. (n)(4)(D). Pub. L. 110–289, § 1604(a)(5)(O)(iv), substituted “depository institution’s” for “bank’s”. See Codification note above.

Pub. L. 110–289, § 1604(a)(5)(O)(iii), inserted “and the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency”.

Subsec. (n)(4)(G). Pub. L. 110–289, § 1604(a)(5)(O)(iii), inserted “and the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency”.

Subsec. (n)(4)(H). Pub. L. 110–289, § 1604(a)(5)(O)(v), substituted “a depository institution in default” for “a bank in default”.

Subsec. (n)(5)(D). Pub. L. 110–289, § 1604(d), added subpar. (D).

Subsec. (n)(8)(A). Pub. L. 110–289, § 1604(a)(5)(P)(i), substituted “the depository institutions” for “the banks”.

Subsec. (n)(8)(B). Pub. L. 110–289, § 1604(a)(5)(P)(ii), substituted “depository institution’s” for “bank’s”. See Codification note above.

Subsec. (n)(9), (10). Pub. L. 110–289, § 1604(a)(5)(Q), substituted “bridge depository institution” for “bridge bank” in heading.

Subsec. (n)(11)(A) to (C). Pub. L. 110–289, § 1604(a)(5)(R), inserted “or a Federal savings association, as the case may be,” after “national bank”.

Subsec. (n)(12). Pub. L. 110–289, § 1604(a)(5)(Q), substituted “bridge depository institution” for “bridge bank” in heading.

Subsec. (n)(12)(B). Pub. L. 110–289, § 1604(a)(5)(S), inserted “or the Director of the Office of Thrift Supervision, as appropriate,” after “Comptroller of the Currency” in two places and “or Federal savings associations, as appropriate” after “national banks”.

Subsec. (n)(13). Pub. L. 110–289, § 1604(a)(5)(Q), (T), substituted “bridge depository institutions” for “bridge banks” in heading and “single depository institution” for “single bank” in text.

Subsec. (t)(2)(A)(vii). Pub. L. 110–289, § 1161(i), added cl. (vii).

2006—Subsec. (a)(1)(B). Pub. L. 109–171, § 2103(a)(1), added subpar. (B) and struck out heading and text of former subpar. (B). Text read as follows: “The net amount due to any depositor at an insured depository institution shall not exceed $100,000 as determined in accordance with subparagraphs (C) and (D).”

Subsec. (a)(1)(D). Pub. L. 109–171, § 2103(b), amended heading and text of subpar. (D) generally. Prior to amendment, subpar. (D) provided that for the purpose of determining the amount of insurance due under subpar. (B), the Corporation was to provide deposit insurance coverage with respect to deposits accepted by any insured depository institution on a pro rata or “pass-through” basis to a participant in or beneficiary of an employee benefit plan, including any eligible deferred compensation plan described in section 457 of title 26.

Subsec. (a)(1)(E), (F). Pub. L. 109–171, § 2103(a)(2), added subpars. (E) and (F).

Subsec. (a)(2). Pub. L. 109–173, § 2(a), inserted par. (2) heading and substituted subpar. (A) and heading and introductory provisions of subpar. (B) for introductory provisions of former subpar. (A) which related to exception to limitation relating to the amount of deposit insurance available for the account of any one depositor, struck out concluding provisions of former subpar. (A) which related to the status of certain depositors under former provisions, redesignated former subpar. (B) as (C), inserted heading, and substituted “government depositor” for “depositor referred to in subparagraph (A) of this paragraph” in two places.

Subsec. (a)(3)(A). Pub. L. 109–171, § 2103(c), in concluding provisions substituted “$250,000 (which amount shall be subject to inflation adjustments as provided in paragraph (1)(F), except that $250,000 shall be substituted for $100,000 wherever such term appears in such paragraph)” for “$100,000”.

Subsec. (a)(4). Pub. L. 109–173, § 8(a)(11)(B), added par. (4) and struck out former par. (4) which set out general provisions relating to the Bank Insurance Fund and the Savings Association Insurance Fund.

Pub. L. 109–171, § 2102(b), repealed Pub. L. 104–208, § 2704(d)(1)–(3). See 1996 Amendment notes below.

Subsec. (a)(5) to (8). Pub. L. 109–173, § 8(a)(11)(C), (D), redesignated par. (8) as (5) and struck out former pars. (5) to (7), which related to the establishment and operations of the Bank Insurance Fund and Savings Association Insurance Fund and provisions applicable to maintenance of accounts.

Pub. L. 109–171, § 2102(b), repealed Pub. L. 104–208, § 2704(d)(6)(C). See 1996 Amendment notes below.

Subsec. (c)(5)(H)(iii). Pub. L. 109–173, § 8(a)(11)(A), substituted “Deposit Insurance Fund” for “deposit insurance fund”.

Subsec. (c)(7). Pub. L. 109–351, § 701(b), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “If the Corporation appoints itself as conservator or receiver under paragraph (4), the insured State depository institution may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such institution is located, or in the United States District Court for the District of Columbia, for an order requiring the Corporation to remove itself as such conservator or receiver, and the court shall, upon the merits, dismiss such action or direct the Corporation to remove itself as such conservator or receiver.”

Subsec. (c)(10). Pub. L. 109–173, § 8(a)(11)(A), substituted “Deposit Insurance Fund” for “deposit insurance fund” in heading and cls. (i) and (ii) of subpar. (B).

Subsec. (d)(15)(D). Pub. L. 109–351, § 722(a), designated existing provisions as cl. (i), inserted heading, substituted “Except as provided in clause (ii), after the end of the 6-year period” for “After the end of the 6-year period”, and added cl. (ii).

Subsec. (e)(8)(D)(ii)(I). Pub. L. 109–390, § 2(a)(1)(A), substituted “a mortgage loan,” for “a mortgage loan, or” after “certificate of deposit,” and inserted before semicolon at end “(whether or not such repurchase or reverse repurchase transaction is a ‘repurchase agreement’, as defined in clause (v))”.

Subsec. (e)(8)(D)(ii)(IV). Pub. L. 109–390, § 2(a)(1)(B), inserted “(including by novation)” after “the guarantee” and “(whether or not such settlement is in connection with any agreement or transaction referred to in subclauses (I) through (XII) (other than subclause (II))” before semicolon at end.

Subsec. (e)(8)(D)(ii)(VI) to (VIII). Pub. L. 109–390, § 2(a)(1)(D), (E), added subcls. (VI) and (VII) and redesignated former subcl. (VI) as (VIII). Former subcls. (VII) and (VIII) redesignated (IX) and (X), respectively.

Subsec. (e)(8)(D)(ii)(IX). Pub. L. 109–390, § 2(a)(1)(D), redesignated subcl. (VII) as (IX). Former subcl. (IX) redesignated (XI).

Pub. L. 109–390, § 2(a)(1)(C), substituted “(VIII), (IX), or (X)” for “or (VIII)” in two places.

Subsec. (e)(8)(D)(ii)(X) to (XII). Pub. L. 109–390, § 2(a)(1)(D), redesignated subcls. (VIII) to (X) as (X) to (XII), respectively.

Subsec. (e)(8)(D)(iv)(I). Pub. L. 109–390, § 2(b)(1), substituted “or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a ‘repurchase agreement’, as defined in clause (v))” for “transaction, reverse repurchase transaction”.

Subsec. (e)(8)(D)(vi). Pub. L. 109–390, § 2(c)(1)(C), substituted in concluding provisions “the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934) and the Commodity Exchange Act” for “the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Investor Protection Act of 1970, the Commodity Exchange Act, the Gramm-Leach-Bliley Act, and the Legal Certainty for Bank Products Act of 2000”.

Subsec. (e)(8)(D)(vi)(I). Pub. L. 109–390, § 2(c)(1)(A), substituted “, precious metals, or other commodity” for “or precious metals” and “weather swap, option, future, or forward agreement; an emissions swap, option, future, or forward agreement; or an inflation swap, option, future, or forward agreement” for “or a weather swap, weather derivative, or weather option”.

Subsec. (e)(8)(D)(vi)(II). Pub. L. 109–390, § 2(c)(1)(B), inserted “or other derivatives” after “dealings in the swap” and substituted “future, option, or spot transaction” for “future, or option”.

Subsec. (e)(8)(D)(ix). Pub. L. 109–390, § 3(a), added cl. (ix).

Subsec. (e)(8)(G)(ii), (iii). Pub. L. 109–390, § 6(a), added cls. (ii) and (iii) and struck out former cl. (ii) which defined walkaway clause.

Subsec. (e)(13)(C). Pub. L. 109–351, § 718(a), added subpar. (C).

Subsec. (e)(15)(B)(i). Pub. L. 109–173, § 8(a)(11)(A), substituted “Deposit Insurance Fund” for “deposit insurance fund”.

Subsec. (f)(1). Pub. L. 109–173, § 8(a)(12), substituted period at end for “, except that—

“(A) all payments made pursuant to this section on account of a closed Bank Insurance Fund member shall be made only from the Bank Insurance Fund, and

“(B) all payments made pursuant to this section on account of a closed Savings Association Insurance Fund member shall be made only from the Savings Association Insurance Fund.”

Pub. L. 109–171, § 2102(b), repealed Pub. L. 104–208, § 2704(d)(14)(H). See 1996 Amendment note below.

Subsec. (f)(3) to (5). Pub. L. 109–351, § 721(a), added pars. (3) to (5) and struck out former pars. (3) to (5) which related to resolution of disputes, review of Corporation’s determination, and statute of limitations, respectively.

Subsec. (i)(3)(B), (C). Pub. L. 109–173, § 8(a)(13), redesignated subpar. (C) as (B), substituted “subparagraph (A)” for “subparagraphs (A) and (B)”, and struck out heading and text of former subpar. (B). Text read as follows: “If the depository institution in default is a Bank Insurance Fund member, the Corporation may only make such payments out of funds held in the Bank Insurance Fund. If the depository institution in default is a Savings Association Insurance Fund member, the Corporation may only make such payments out of funds held in the Savings Association Insurance Fund.”

Pub. L. 109–171, § 2102(b), repealed Pub. L. 104–208, § 2704(d)(14)(I). See 1996 Amendment note below.

Subsec. (m)(6). Pub. L. 109–173, § 2(c)(1), substituted “an amount equal to the standard maximum deposit insurance amount” for “$100,000”.

Subsec. (p)(2)(B). Pub. L. 109–173, § 8(a)(11)(A), (14), substituted “the Deposit Insurance Fund” for “any deposit insurance fund”.

Subsec. (t)(1). Pub. L. 109–351, § 724(1), inserted “, in any capacity,” after “A covered agency” in introductory provisions.

Subsec. (t)(2)(A)(i). Pub. L. 109–351, § 724(2)(A), struck out “appropriate” before “Federal banking agency”.

Subsec. (t)(2)(A)(ii) to (vi). Pub. L. 109–351, § 724(2)(B), (C), redesignated cls. (iii) to (vi) as (ii) to (v), respectively, and struck out former cl. (ii) which read as follows: “The Resolution Trust Corporation.”

2005—Subsec. (e)(8)(A). Pub. L. 109–8, § 901(h)(1)(A), substituted “paragraphs (9) and (10)” for “paragraph (10)” in introductory provisions and “such person has to cause the termination, liquidation, or acceleration” for “to cause the termination or liquidation” in cl. (i), added cl. (ii), and struck out former cl. (ii) which read as follows: “any right under any security arrangement relating to any contract or agreement described in clause (i); or”.

Subsec. (e)(8)(C)(i). Pub. L. 109–8, § 901(i)(1), inserted “section 91 of this title or any other Federal or State law relating to the avoidance of preferential or fraudulent transfers,” before “the Corporation”.

Subsec. (e)(8)(D). Pub. L. 109–8, § 901(a)(1)(A), substituted “subsection, the following definitions shall apply:” for “subsection—” in introductory provisions.

Subsec. (e)(8)(D)(i). Pub. L. 109–8, § 901(a)(1)(B), inserted “, resolution, or order” after “any similar agreement that the Corporation determines by regulation”.

Subsec. (e)(8)(D)(ii). Pub. L. 109–8, § 901(b)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘securities contract’—

“(I) has the meaning given to such term in section 741 of title 11, except that the term ‘security’ (as used in such section) shall be deemed to include any mortgage loan, any mortgage-related security (as defined in section 78c(a)(41) of title 15), and any interest in any mortgage loan or mortgage-related security; and

“(II) does not include any participation in a commercial mortgage loan unless the Corporation determines by regulation, resolution, or order to include any such participation within the meaning of such term.”

Subsec. (e)(8)(D)(iii). Pub. L. 109–8, § 901(c)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘commodity contract’ has the meaning given to such term in section 761 of title 11.”

Subsec. (e)(8)(D)(iv). Pub. L. 109–8, § 901(d)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘forward contract’ has the meaning given to such term in section 101 of title 11.”

Subsec. (e)(8)(D)(v). Pub. L. 109–8, § 901(e)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘repurchase agreement’—

“(I) has the meaning given to such term in section 101 of title 11, except that the items (as described in such section) which may be subject to any such agreement shall be deemed to include mortgage-related securities (as such term is defined in section 78c(a)(41) of title 15), any mortgage loan, and any interest in any mortgage loan; and

“(II) does not include any participation in a commercial mortgage loan unless the Corporation determines by regulation, resolution, or order to include any such participation within the meaning of such term.”

Subsec. (e)(8)(D)(vi). Pub. L. 109–8, § 901(f)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘swap agreement’—

“(I) means any agreement, including the terms and conditions incorporated by reference in any such agreement, which is a rate swap agreement, basis swap, commodity swap, forward rate agreement, interest rate future, interest rate option purchased, forward foreign exchange agreement, rate cap agreement, rate floor agreement, rate collar agreement, currency swap agreement, cross-currency rate swap agreement, currency future, or currency option purchased or any other similar agreement, and

“(II) includes any combination of such agreements and any option to enter into any such agreement.”

Subsec. (e)(8)(D)(vii). Pub. L. 109–8, § 905(a), amended heading and text of cl. (vii) generally. Prior to amendment, text read as follows: “Any master agreement for any agreements described in clause (vi)(I) together with all supplements to such master agreement shall be treated as 1 swap agreement.”

Subsec. (e)(8)(D)(viii). Pub. L. 109–8, § 901(g)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘transfer’ has the meaning given to such term in section 101 of title 11.”

Subsec. (e)(8)(E). Pub. L. 109–8, § 902(a)(1)(A), substituted “other than subsections (d)(9) and (e)(10)” for “other than paragraph (12) of this subsection, subsection (d)(9)” in introductory provisions.

Subsec. (e)(8)(E)(ii). Pub. L. 109–8, § 901(h)(1)(B), added cl. (ii) and struck out former cl. (ii) which read as follows: “any right under any security arrangement relating to such qualified financial contracts; or”.

Subsec. (e)(8)(F), (G). Pub. L. 109–8, § 902(a)(1)(B), added subpars. (F) and (G).

Subsec. (e)(8)(H). Pub. L. 109–8, § 908(a), added subpar. (H).

Subsec. (e)(9). Pub. L. 109–8, § 903(a)(1), reenacted heading without change and amended text generally. Prior to amendment, text related to transfer of qualified financial contracts, claims, and property of a depository institution in default.

Subsec. (e)(10)(A). Pub. L. 109–8, § 903(a)(2), substituted concluding provisions for former concluding provisions which read as follows: “the conservator or receiver shall use such conservator’s or receiver’s best efforts to notify any person who is a party to any such contract of such transfer by 12:00, noon (local time) on the business day following such transfer.”

Subsec. (e)(10)(B) to (D). Pub. L. 109–8, § 903(a)(3), added subpars. (B) and (C) and redesignated former subpar. (B) as (D).

Subsec. (e)(11). Pub. L. 109–8, § 904(a)(2), added par. (11). Former par. (11) redesignated (12).

Subsec. (e)(12). Pub. L. 109–8, § 904(a)(1), redesignated par. (11) as (12). Former par. (12) redesignated (13).

Subsec. (e)(12)(A). Pub. L. 109–8, § 902(a)(2), inserted “or the exercise of rights or powers by” after “the appointment of”.

Subsec. (e)(13) to (16). Pub. L. 109–8, § 904(a)(1), redesignated pars. (12) to (15) as (13) to (16), respectively.

Subsec. (e)(17). Pub. L. 109–8, § 904(a)(3), added par. (17).

2004—Subsec. (c)(2)(A)(i). Pub. L. 108–386, § 8(a)(4)(A), struck out “or District bank” after “Federal depository institution”.

Subsec. (c)(2)(A)(ii). Pub. L. 108–386, § 8(a)(4)(B), struck out “or District bank” after “Federal depository institution” and “or the code of law for the District of Columbia” before period at end.

Subsec. (c)(3)(A). Pub. L. 108–386, § 8(a)(4)(C), struck out “(other than a District depository institution)” after “State depository institution”.

Subsec. (t)(2)(A)(vi). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”.

2000—Subsec. (d)(10)(C). Pub. L. 106–569 added subpar. (C).

Subsecs. (v), (w)(1)(B)(ii). Pub. L. 106–400 made technical amendment to references in original act which appear in text as references to section 11302 of title 42.

1999—Subsec. (a)(4)(B). Pub. L. 106–102, § 117, substituted “to benefit any shareholder or affiliate (other than an insured depository institution that receives assistance in accordance with the provisions of this chapter) of” for “to benefit any shareholder of” in introductory provisions.

Subsec. (a)(5). Pub. L. 106–102, § 736(b)(2), amended Pub. L. 104–208, § 2704(d)(4), (6)(C). See 1996 Amendment notes below.

Subsec. (a)(6). Pub. L. 106–102, § 736(b)(2)(B), amended Pub. L. 104–208, § 2704(d)(6)(C)(i). See 1996 Amendment note below.

Subsec. (a)(6)(L). Pub. L. 106–102, § 736(a), struck out heading and text of subpar. (L). Text read as follows:

“(i) Establishment.—If, on January 1, 1999, the reserve ratio of the Savings Association Insurance Fund exceeds the designated reserve ratio, there is established a Special Reserve of the Savings Association Insurance Fund, which shall be administered by the Corporation and shall be invested in accordance with section 1823(a) of this title.

“(ii) Amounts in special reserve.—If, on January 1, 1999, the reserve ratio of the Savings Association Insurance Fund exceeds the designated reserve ratio, the amount by which the reserve ratio exceeds the designated reserve ratio shall be placed in the Special Reserve of the Savings Association Insurance Fund established by clause (i).

“(iii) Limitation.—The Corporation shall not provide any assessment credit, refund, or other payment from any amount in the Special Reserve of the Savings Association Insurance Fund.

“(iv) Emergency use of special reserve.—Notwithstanding clause (iii), the Corporation may, in its sole discretion, transfer amounts from the Special Reserve of the Savings Association Insurance Fund to the Savings Association Insurance Fund for the purposes set forth in paragraph (4), only if—

“(I) the reserve ratio of the Savings Association Insurance Fund is less than 50 percent of the designated reserve ratio; and

“(II) the Corporation expects the reserve ratio of the Savings Association Insurance Fund to remain at less than 50 percent of the designated reserve ratio for each of the next 4 calendar quarters.

“(v) Exclusion of special reserve in calculating reserve ratio.—Notwithstanding any other provision of law, any amounts in the Special Reserve of the Savings Association Insurance Fund shall be excluded in calculating the reserve ratio of the Savings Association Insurance Fund.”

Subsec. (a)(7), (8). Pub. L. 106–102, § 736(b)(2)(B), (C), amended Pub. L. 104–208, § 2704(d)(6)(C). See 1996 Amendment notes below.

1996—Subsec. (a)(4). Pub. L. 104–208, § 2704(d)(1)(C), which directed substitution of “Establishment of the Deposit Insurance Fund” for “General provisions relating to funds” in heading, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (a)(4)(A) to (C). Pub. L. 104–208, § 2704(d)(1)(A), (B), (2), which directed striking out subpar. (A), redesignating subpar. (B) as (C) and substituting “Deposit Insurance Fund” for “Bank Insurance Fund and the Savings Association Insurance Fund” in introductory provisions, and adding new subpars. (A) and (B), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (a)(4)(D). Pub. L. 104–208, § 2704(d)(3), which directed adding subpar. (D), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (a)(5). Pub. L. 104–208, § 2704(d)(6)(C), as amended by Pub. L. 106–102, § 736(b)(2)(B), (C), which directed striking out par. (5) and redesignating par. (8) as (5), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Pub. L. 104–208, § 2704(d)(4), which directed general amendment of par. (5), was repealed by Pub. L. 106–102, § 736(b)(2)(A).

Subsec. (a)(6). Pub. L. 104–208, § 2704(d)(6)(C)(i), as amended by Pub. L. 106–102, § 736(b)(2)(B), which directed striking out par. (6), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (a)(6)(L). Pub. L. 104–208, § 2705, added subpar. (L).

Subsec. (a)(7), (8). Pub. L. 104–208, § 2704(d)(6)(C), as amended by Pub. L. 106–102, § 736(b)(2)(B), (C), which directed striking out par. (7) and redesignating par. (8) as (5), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (d)(20). Pub. L. 104–208, § 2602, added par. (20).

Subsec. (f)(1). Pub. L. 104–208, § 2704(d)(14)(H), which directed substitution of a period for “, except that—” and subpars. (A) and (B), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (i)(3)(B), (C). Pub. L. 104–208, § 2704(d)(14)(I), which directed striking out subpar. (B) and redesignating subpar. (C) as (B) and substituting “subparagraph (A)” for “subparagraphs (A) and (B)”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (t)(2)(A)(vi). Pub. L. 104–316 added cl. (vi).

1994—Subsec. (a)(4). Pub. L. 103–325, § 602(a)(21), substituted “provisions” for “Provisions” in heading.

Subsec. (c)(5)(M). Pub. L. 103–325, § 411(c)(2)(A), substituted “section 5322 or 5324 of title 31” for “section 5322 of title 31”.

Subsec. (d)(2)(B)(iii). Pub. L. 103–325, § 602(a)(22), substituted “are consistent” for “is consistent”.

Subsec. (d)(8)(B)(ii). Pub. L. 103–325, § 602(a)(23), inserted “provide” before “a statement”.

Subsec. (d)(14)(B). Pub. L. 103–325, § 602(a)(24), substituted “statute of limitations” for “statute of limitation”.

Subsec. (d)(14)(C). Pub. L. 103–328 added subpar. (C).

Subsec. (d)(16)(B)(iv). Pub. L. 103–325, § 602(a)(25), substituted “disposition” for “dispositions”.

Subsec. (e)(8)(D). Pub. L. 103–394 substituted “section 741” for “section 741(7)” in cl. (ii)(I), “section 761” for “section 761(4)” in cl. (iii), “section 101” for “section 101(24)” in cl. (iv), “section 101” for “section 101(41)” in cl. (v)(I), and “section 101” for “section 101(50)” in cl. (viii).

Subsec. (e)(8)(D)(v)(I). Pub. L. 103–325, § 602(a)(26), substituted “title 15),” for “title 15,”.

Subsec. (e)(12)(B). Pub. L. 103–325, § 602(a)(27), substituted “director’s or officer’s” for “directors or officers”.

Subsec. (e)(14), (15). Pub. L. 103–325, § 325, added pars. (14) and (15).

Subsec. (f)(3)(A). Pub. L. 103–325, § 602(a)(28), substituted “with” for “to” in heading.

Subsec. (i)(3)(A). Pub. L. 103–325, § 602(a)(29), substituted “other claimant or category of claimants” for “other claimant or category or claimants” in second sentence.

Subsec. (n)(4)(E)(i). Pub. L. 103–325, § 602(a)(30), inserted “and” at end.

Subsec. (n)(12)(A). Pub. L. 103–325, § 602(a)(31), substituted “subparagraph” for “subparagraphs”.

Subsec. (q)(1). Pub. L. 103–325, § 602(a)(32), substituted “held” for “decided” in second sentence.

Subsec. (u)(3)(B). Pub. L. 103–325, § 602(a)(33), substituted “section 1831q(p) of this title” for “subsection (c)(9)”.

1993—Subsec. (a)(1)(C). Pub. L. 103–204, § 38(b), substituted “paragraph (1) or (2) of section 1817(i) of this title or any funds described in section 1817(i)(3) of this title” for “section 1817(i)(1) of this title”.

Subsec. (a)(4). Pub. L. 103–204, § 11, substituted “Provisions” for “provision” in heading, and amended text generally. Prior to amendment, text read as follows: “The Bank Insurance Fund established under paragraph (5) and the Savings Association Insurance Fund established under paragraph (6) shall each be—

“(A) maintained and administered by the Corporation;

“(B) maintained separately and not commingled; and

“(C) used by the Corporation to carry out its insurance purposes in the manner provided in this subsection.”

Subsec. (a)(6)(D) to (F). Pub. L. 103–204, § 8(a)–(c), amended subpars. (D) to (F) generally. Prior to amendment, subpars. (D) to (F) related to the availability of funds for administrative expenses, Treasury payments to the Fund, and Treasury payments to maintain the net worth of the Fund, respectively.

Subsec. (a)(6)(G). Pub. L. 103–204, § 8(i), substituted “subparagraph (D)” for “subparagraphs (E) and (F)” in heading and text.

Subsec. (a)(6)(H). Pub. L. 103–204, § 8(d), amended subpar. (H) generally. Prior to amendment, subpar. (H) read as follows: “Discretionary rtc payments.—If amounts available to the Savings Association Insurance Fund for purposes other than the payment of administrative expenses are insufficient for the Savings Association Insurance Fund to carry out the purposes of this chapter, the Corporation may request the Resolution Trust Corporation to provide, and the Thrift Depositor Protection Oversight Board of the Resolution Trust Corporation (in the discretion of the Thrift Depositor Protection Oversight Board) may pay, such amount as may be needed for such purposes.”

Subsec. (a)(6)(J). Pub. L. 103–204, § 8(e), substituted “Subject to subparagraph (E), there are” for “There are” and “of subparagraph (D) for fiscal years 1994 through 1998, except that the aggregate amount appropriated pursuant to this authorization may not exceed $8,000,000,000.” for “of this paragraph, except that—

“(i) the annual amount appropriated under subparagraph (F) shall not exceed $2,000,000,000 in either fiscal year 1992 or fiscal year 1993; and

“(ii) the cumulative amount appropriated under subparagraph (F) for fiscal years 1992 through 2000 shall not exceed $16,000,000,000.”

Subsec. (a)(6)(K). Pub. L. 103–204, § 8(f), added subpar. (K).

Subsec. (c)(6)(B)(i). Pub. L. 103–204, § 27(b)(1), substituted “such date as is determined by the Chairperson of the Thrift Depositor Protection Oversight Board under section 1441a(b)(3)(A)(ii) of this title” for “October 1, 1993”.

Subsec. (c)(6)(B)(ii). Pub. L. 103–204, § 27(b)(2), (3), substituted “on or after the date determined by the Chairperson of the Thrift Depositor Protection Oversight Board under section 1441a(b)(3)(A)(ii) of this title” for “after September 30, 1993” and “before such date” for “on or before such date”.

Subsec. (c)(6)(B)(iii). Pub. L. 103–204, § 27(b)(2), substituted “on or after the date determined by the Chairperson of the Thrift Depositor Protection Oversight Board under section 1441a(b)(3)(A)(ii) of this title” for “after September 30, 1993”.

Subsec. (c)(13). Pub. L. 103–66, § 3001(b)(1), in subpar. (A) struck out “subject to subparagraph (B),” before “this section shall” and inserted “and” at end, redesignated subpar. (C) as (B), and struck out former subpar. (B) which read as follows: “the Corporation shall apply the law of the State in which the institution is chartered insofar as that law gives the claims of depositors priority over those of other creditors or claimants; and”.

Subsec. (d)(2)(K). Pub. L. 103–204, § 3(d), inserted “legal,” after “auction marketing,” and substituted “only if” for “if” and “the most practicable” for “practicable”.

Subsec. (d)(11). Pub. L. 103–66, § 3001(a), amended par. (11) generally, substituting present provisions for former provisions relating to distribution of assets, which consisted of a subpar. (A) relating to subrogated claims and claims of uninsured depositors and other creditors and a subpar. (B) relating to distribution to shareholders of amounts remaining after payment of all other claims and expenses.

Subsec. (d)(14)(A)(ii). Pub. L. 103–204, 4(b), inserted “(other than a claim which is subject to section 1441a(b)(14) of this title)” after “any tort claim”.

Subsec. (g)(4). Pub. L. 103–66, § 3001(b)(2), substituted “Subject to subsection (d)(11), if” for “If”.

Subsec. (p). Pub. L. 103–204, § 20, in heading, substituted “Certain sales of assets prohibited” for “Certain convicted debtors prohibited from purchasing assets”, added par. (1), redesignated former pars. (1) and (2) as pars. (2) and (3), respectively, in par. (2) substituted “paragraph (3)” for “paragraph (2)” and “person” for “individual”, in par. (3) substituted “Paragraphs (1) and (2)” for “Paragraph (1)” and “person” for “individual”, wherever appearing, and added par. (4).

Subsec. (u). Pub. L. 103–204, § 15(b), added subsec. (u).

Subsec. (v). Pub. L. 103–204, § 16(b), added subsec. (v).

Subsec. (w). Pub. L. 103–204, § 17(b), added subsec. (w).

1992—Subsec. (c)(5)(M). Pub. L. 102–550, § 1501(a), added subpar. (M).

Subsec. (c)(6)(B). Pub. L. 102–550, § 1611(b)(2), substituted “subparagraph (A) or (C) of section 1464(d)(2) of this title” for “subparagraph (C) or (F) of section 1464(d)(2) of this title”.

Pub. L. 102–550, § 1611(b)(1), substituted “subparagraph (C) or (F) of section 1464(d)(2) of this title” for “section 1464(d)(2)(C) of this title”.

Subsec. (d)(2)(B), (E). Pub. L. 102–550, § 1604(c)(2), made technical amendment to reference to section 1831q of this title to reflect change in reference to corresponding section of original act.

Subsec. (d)(4)(A). Pub. L. 102–550, § 1606(c), substituted “determination” for “determinations” after “administrative”.

Subsec. (d)(5)(D)(iii)(I). Pub. L. 102–550, § 1603(e)(1), substituted “insured depository institution” for “institution described in paragraph (3)(A)”.

Subsec. (t). Pub. L. 102–550, § 1544, added subsec. (t).

1991—Subsec. (a)(1). Pub. L. 102–242, § 311(b)(1), added par. (1) and struck out former par. (1) which read as follows: “The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter. The maximum amount of the insured deposit of any depositor shall be $100,000.”

Subsec. (a)(2)(A). Pub. L. 102–242, § 311(b)(5)(B), in closing provisions, substituted “such depositor shall, for the purpose of determining the amount of insured deposits under this subsection, be deemed a depositor in such custodial capacity separate and distinct from any other officer, employee, or agent of the United States or any public unit referred to in clause (ii), (iii), (iv), or (v) and the deposit of any such depositor shall be insured in an amount not to exceed $100,000 per account” for “his deposit shall be insured” before “in an amount not to exceed $100,000 per account.”

Subsec. (a)(2)(B). Pub. L. 102–242, § 311(b)(5)(C), substituted “(B)” for “(b)” as subpar. designation.

Subsec. (a)(3). Pub. L. 102–242, § 311(b)(2), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “Notwithstanding any limitation in this chapter or in any other provision of law relating to the amount of deposit insurance available for the account of any one depositor, time and savings deposits in an insured depository institution made pursuant to a pension or profit-sharing plan described in section 401(d) of title 26, or made in the form of individual retirement accounts as described in section 408(a) of title 26, shall be insured in the amount of $100,000 per account. As to any plan qualifying under section 401(d) or section 408(a) of title 26, the term ‘per account’ means the present vested and ascertainable interest of each beneficiary under the plan, excluding any remainder interest created by, or as a result of, the plan.”

Subsec. (a)(6)(E). Pub. L. 102–233, § 202(a), substituted “1993” for “1992” and “2000” for “1999”.

Subsec. (a)(6)(J). Pub. L. 102–233, § 202(b), substituted “1992” for “1991” and “1993” for “1992” in cl. (i), and “1992” for “1991” and “2000” for “1999” in cl. (ii).

Subsec. (a)(8). Pub. L. 102–242, § 311(a)(1), added par. (8).

Subsec. (c)(5). Pub. L. 102–242, § 133(a), amended par. (5) generally, revising and restating as subpars. (A) to (L) provisions of former subpars. (A) to (H).

Subsec. (c)(6)(B). Pub. L. 102–233, § 102, amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Whenever the Director of the Office of Thrift Supervision appoints a receiver under the provisions of section 1464(d)(2)(C) of this title for the purpose of liquidation or winding up any savings association’s affairs—

“(i) during the 3-year period beginning on August 9, 1989, the Resolution Trust Corporation shall be appointed; and

“(ii) after the end of the 3-year period referred to in clause (i), the Corporation shall be appointed.”

Subsec. (c)(9). Pub. L. 102–242, § 133(e), amended par. (9) generally. Prior to amendment, par. (9) read as follows: “In any case in which the Corporation is appointed conservator or receiver pursuant to paragraph (4) or (6)—

“(A) the provisions of this section shall be applicable to the Corporation, as conservator or receiver of any insured State depository institution in the same manner and to the same extent as if such institution were a Federal depository institution for which the Corporation had been appointed conservator or receiver; and

“(B) the Corporation as receiver of any insured State depository institution may—

“(i) liquidate such institution in an orderly manner; and

“(ii) make such other disposition of any matter concerning such institution as the Corporation determines is in the best interests of the institution, the depositors of such institution, and the Corporation.”

Subsec. (c)(10) to (13). Pub. L. 102–242, § 133(e), added pars. (10) to (13).

Subsec. (d)(2)(B). Pub. L. 102–242, § 241(c)(1)(A), inserted “(subject to the provisions of section 1831q of this title)” before comma in introductory provisions.

Subsec. (d)(2)(E). Pub. L. 102–242, § 241(c)(1)(B), inserted “(subject to the provisions of section 1831q of this title)” before first comma.

Subsec. (d)(2)(K). Pub. L. 102–242, § 426, added subpar. (K).

Subsec. (d)(3)(A). Pub. L. 102–242, § 161(a)(1), substituted “paragraph (4)” for “paragraph (4)(A)”.

Subsec. (d)(4). Pub. L. 102–242, § 416, amended par. (4) generally. Prior to amendment, par. (4) read as follows: “The Corporation may prescribe regulations regarding the allowance or disallowance of claims by the receiver and providing for administrative determination of claims and review of such determination.”

Subsec. (d)(5)(D). Pub. L. 102–242, § 141(b), amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows: “The receiver may disallow any portion of any claim by a creditor or claim of security, preference, or priority which is not proved to the satisfaction of the receiver.”

Subsec. (d)(11)(B). Pub. L. 102–242, § 161(a)(2), substituted “paragraph (15)(B)” for “paragraph (14)(C)”.

Subsec. (d)(13)(E). Pub. L. 102–242, § 123(a), added subpar. (E).

Subsec. (e)(3)(C)(ii), (4)(B)(iii). Pub. L. 102–242, § 161(a)(3), (4), substituted “subsection (i)” for “subsection (k)”.

Subsec. (e)(8)(A), (E). Pub. L. 102–242, § 161(a)(5), substituted “subsection (d)(9) of this section” for “subsections (d)(9) and (i)(4)(I) of this section”.

Subsec. (h). Pub. L. 102–242, § 141(d)(2), substituted “resolution” for “liquidation” in heading.

Subsec. (h)(4). Pub. L. 102–242, § 141(d)(1), added par. (4).

Subsec. (i)(3)(A). Pub. L. 102–242, § 161(e), substituted “Notwithstanding any other provision of Federal or State law, or the constitution of any State, the” for “The”.

Subsec. (n)(9). Pub. L. 102–242, § 161(a)(6), substituted “paragraphs (11) and (12)” for “paragraphs (11) and (13)”.

Subsec. (n)(11)(D). Pub. L. 102–242, § 161(a)(7), substituted “paragraph (9)” for “paragraph (8)”.

Subsec. (s). Pub. L. 102–242, § 446, added subsec. (s).

1990—Subsec. (d)(2)(I), (J). Pub. L. 101–647, § 2534(a), added subpar. (I) and redesignated former subpar. (I) as (J).

Subsec. (d)(17). Pub. L. 101–647, § 2528(a), added par. (17).

Subsec. (d)(18), (19). Pub. L. 101–647, § 2521(a)(1), added pars. (18) and (19).

Subsec. (p). Pub. L. 101–647, § 2526(a), added subsec. (p).

Subsec. (q). Pub. L. 101–647, § 2527, added subsec. (q).

Subsec. (r). Pub. L. 101–647, § 2532(b), added subsec. (r).

1989—Subsec. (a)(1). Pub. L. 101–73, § 211(1), added par. (1) and struck out former par. (1) which read as follows: “The Temporary Federal Deposit Insurance Fund and the Fund for Mutuals heretofore created pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, are consolidated into a Permanent Insurance Fund for insuring deposits, and the assets therein shall be held by the Corporation for the uses and purposes of the Corporation: Provided, That the obligations to and rights of the Corporation, depositors, banks, and other persons arising out of any event or transaction prior to September 21, 1950, shall remain unimpaired. On and after August 23, 1935, the Corporation shall insure the deposits of all insured banks as provided in this chapter: Provided further, That the insurance shall apply only to deposits of insured banks which have been made available since March 10, 1933, for withdrawal in the usual course of the banking business: Provided further, That if any insured bank shall, without the consent of the Corporation, release or modify restrictions on or deferments of deposits which had not been made available for withdrawal in the usual course of the banking business on or before August 23, 1935, such deposits shall not be insured. Except as provided in paragraph (2), the maximum amount of the insured deposit of any depositor shall be $100,000.”

Subsec. (a)(2)(A). Pub. L. 101–73, § 201(a), substituted “insured depository institution” for “insured bank” wherever appearing.

Subsec. (a)(2)(B). Pub. L. 101–73, § 211(2), struck out “time and savings” after “deposited in”.

Pub. L. 101–73, § 201(a), substituted “insured depository institution” for “insured bank”.

Subsec. (a)(3). Pub. L. 101–73, § 201(a), substituted “insured depository institution” for “insured bank”.

Subsec. (a)(4) to (7). Pub. L. 101–73, § 211(3), added pars. (4) to (7).

Subsec. (b). Pub. L. 101–73, § 201(a), substituted “insured depository institution” for “insured bank”.

Subsec. (c). Pub. L. 101–73, § 212(a), added subsec. (c) and struck out former subsec. (c) which related to Corporation as receiver.

Subsec. (d). Pub. L. 101–73, § 212(a), added subsec. (d) and struck out former subsec. (d) which related to powers and duties of Corporation as receiver.

Subsec. (e). Pub. L. 101–73, § 212(a), added subsec. (e) and struck out former subsec. (e) which related to Corporation as receiver of State banks.

Subsec. (f). Pub. L. 101–73, § 212(a), added subsec. (f) and struck out former subsec. (f) which related to payment of insured deposits of closed insured bank or insured branch of a foreign bank.

Subsec. (g). Pub. L. 101–73, § 212(a), added subsec. (g) and struck out former subsec. (g) which related to subrogation rights of Corporation in the case of a closed national bank, insured branch of a foreign bank, District bank, or closed insured Federal savings bank.

Subsec. (h). Pub. L. 101–73, § 212(a), added subsec. (h) and struck out former subsec. (h) which related to organization, etc., of new national banks upon closing of insured banks. See subsec. (m) of this section.

Subsec. (i). Pub. L. 101–73, § 212(a), added subsec. (i) and struck out former subsec. (i) which related to establishment, etc., of bridge banks. See subsec. (n) of this section.

Subsec. (j). Pub. L. 101–73, § 212(a), added subsec. (j) and struck out former subsec. (j) which related to conditions applicable to liquidation proceedings.

Subsecs. (k), (l). Pub. L. 101–73, § 212(a), added subsecs. (k) and (l).

Subsec. (m). Pub. L. 101–73, § 213, added subsec. (m).

Subsec. (n). Pub. L. 101–73, § 214, added subsec. (n).

Subsec. (o). Pub. L. 101–73, § 909, added subsec. (o).

1987—Subsec. (h). Pub. L. 100–86, § 503(a)(1), (2), designated existing provisions as par. (1) and redesignated former subsecs. (i) to (l) as pars. (2) to (5), respectively.

Subsec. (i). Pub. L. 100–86, § 503(a)(2), (3), added subsec. (i). Former subsec. (i) redesignated subsec. (h)(2) of this section.

Subsec. (j). Pub. L. 100–86, §§ 503(a)(2), 507, added subsec. (j). Former subsec. (j) redesignated subsec. (h)(3) of this section.

Subsecs. (k), (l). Pub. L. 100–86, § 503(a)(2), redesignated subsecs. (k) and (l) as pars. (4) and (5), respectively, of subsec. (h).

1986—Subsec. (a)(3). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing, which for purposes of codification was translated as “title 26” thus requiring no change in text.

1982—Subsec. (c). Pub. L. 97–320, § 113(j), inserted provision relating to appointment of Corporation as receiver for an insured Federal savings bank by Federal Home Loan Bank Board.

Subsec. (g). Pub. L. 97–320, § 113(k), inserted “or closed insured Federal savings bank,” after “foreign bank, or District bank,”.

1981—Subsec. (a)(2)(A)(iv). Pub. L. 97–110 inserted “the Trust Territory of the Pacific Islands,” after “Virgin Islands, American Samoa,” and “of the Trust Territory of the Pacific Islands,” after “of American Samoa,”.

1980—Subsec. (a)(1). Pub. L. 96–221, § 308(a)(1)(C), substituted “$100,000” for “$40,000”.

Subsec. (i). Pub. L. 96–221, § 308(a)(1)(D), substituted “$100,000” for “$40,000”.

1979—Subsec. (a)(2)(A)(v). Pub. L. 96–153 added cl. (v).

1978—Subsec. (a)(3). Pub. L. 95–630 added par. (3).

Subsec. (c). Pub. L. 95–369, § 6(c)(17), inserted “insured Federal branch of a foreign bank” after “any insured national bank”.

Subsec. (e). Pub. L. 95–369, § 6(c)(18), (19), inserted “or any insured branch (other than a Federal branch) of a foreign bank” after “(except a District bank)”, and substituted “such insured State bank or insured branch of a foreign bank” for “such insured State bank”.

Subsec. (f). Pub. L. 95–369, § 6(c)(20), inserted “or insured branch of a foreign bank” after “Whenever an insured bank”.

Subsec. (g). Pub. L. 95–369, § 6(c)(21), (22), inserted “insured branch of a foreign bank” after “In the case of a closed national bank”, and substituted “In the case of any closed insured bank or closed insured branch of a foreign bank, such subrogation” for “In the case of any closed insured bank, such subrogation”.

1974—Subsec. (a). Pub. L. 93–495, §§ 101(a)(3), 102(a)(3), redesignated existing provisions as par. (1), inserted exception relating to applicability of par. (2), substituted “$40,000” for “$20,000’, and added par. (2).

Subsec. (i). Pub. L. 93–495, § 102(a)(4), substituted “$40,000” for “$20,000”.

1969—Subsec. (a). Pub. L. 91–151, § 7(a)(3), substituted $20,000 for $15,000 in last sentence.

Subsec. (i). Pub. L. 91–151, § 7(a)(4), substituted $20,000 for $15,000 in fifth sentence.

1966—Subsec. (a). Pub. L. 89–695, § 301(c), substituted in last sentence “$15,000” for “$10,000” and struck out “: And provided further, That in the case of banks closing prior to September 21, 1950, the maximum amount of the insured deposit of any depositor shall be $5,000”.

Subsec. (i). Pub. L. 89–695, § 301(d), substituted “$15,000” for “$10,000” in fifth sentence.

### Statutory Notes and Related Subsidiaries

### Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

Oversight Board redesignated Thrift Depositor Protection Oversight Board, effective Feb. 1, 1992, see section 302(a) of Pub. L. 102–233, formerly set out as a note under section 1441a of this title. Thrift Depositor Protection Oversight Board abolished, see section 14(a)–(d) of Pub. L. 105–216, formerly set out as a note under section 1441a of this title.

### Effective Date of 2010 Amendment

Pub. L. 111–343, § 1(b), Dec. 29, 2010, 124 Stat. 3609, provided that: “The amendments made by subsection (a) [amending this section] shall take effect on December 31, 2010.”

Amendment by section 335(a) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.

Pub. L. 111–203, title III, § 343(a)(2), July 21, 2010, 124 Stat. 1544, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on December 31, 2010.”

Pub. L. 111–203, title III, § 343(a)(3), July 21, 2010, 124 Stat. 1544, provided that the amendment made by section 343(a)(3) is effective Jan. 1, 2013.

Amendment by section 363(5) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

### Effective Date of 2006 Amendment

Amendment by Pub. L. 109–390 not applicable to any cases commenced under Title 11, Bankruptcy, or to appointments made under any Federal or State law, before Dec. 12, 2006, see section 7 of Pub. L. 109–390, set out as a note under section 101 of Title 11.

Amendment by subsection 701(b) of Pub. L. 109–351 applicable with respect to conservators or receivers appointed on or after Oct. 13, 2006, see section 701(c) of Pub. L. 109–351, set out as a note under section 191 of this title.

Amendment by section 2(a), (c)(1) of Pub. L. 109–173 effective Apr. 1, 2006, see section 2(e) of Pub. L. 109–173, set out as a note under section 1785 of this title.

Amendment by section 8(a)(11)–(14) of Pub. L. 109–173 effective Mar. 31, 2006, see section 8(b) of Pub. L. 109–173, set out as a note under section 1813 of this title.

Amendment by section 2102(b) of Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006, see section 2102(c) of Pub. L. 109–171, set out as a Merger of BIF and SAIF note below.

Pub. L. 109–171, title II, § 2103(d), Feb. 8, 2006, 120 Stat. 12, provided that: “This section [amending this section] and the amendments made by this section shall take effect on the date the final regulations required under section 9(a)(2) [probably means section 2109(a)(2) of Pub. L. 109–171, set out as a Regulations note under section 1817 of this title] take effect [Apr. 1, 2006, see 71 F.R. 14629].”

### Effective Date of 2005 Amendment

Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under Title 11, Bankruptcy, before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of Title 11.

### Effective Date of 2004 Amendment

Amendment by Pub. L. 108–386 effective Oct. 30, 2004, and, except as otherwise provided, applicable with respect to fiscal year 2005 and each succeeding fiscal year, see sections 8(i) and 9 of Pub. L. 108–386, set out as notes under section 321 of this title.

### Effective Date of 1999 Amendment

Amendment by section 117 of Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.

Pub. L. 106–102, title VII, § 736(c), Nov. 12, 1999, 113 Stat. 1479, provided that: “This section [amending this section and provisions set out as a note under this section] and the amendments made by this section shall become effective on the date of the enactment of this Act [Nov. 12, 1999].”

### Effective Date of 1996 Amendment

Pub. L. 104–208, div. A, title II, § 2704(c), Sept. 30, 1996, 110 Stat. 3009–487, which provided that section 2704 of div. A of Pub. L. 104–208 (amending this section, sections 24, 338a, 347b, 1431, 1441a, 1441b, 1464, 1467a, 1723i, 1735f–14, 1813, 1815 to 1817, 1821a, 1823 to 1825, 1827, 1828, 1831a, 1831e, 1831m, 1831o, 1833a, 1834, 1841, and 3341 of this title, and section 905 of Title 2, The Congress, repealing section 1831h of this title, and enacting provisions set out as notes under this section) was to become effective on Jan. 1, 1999, if no insured depository institution was a savings association on that date, was repealed by Pub. L. 109–171, title II, § 2102(b), (c), Feb. 8, 2006, 120 Stat. 9, eff. no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006.

### Effective Date of 1994 Amendment

Amendment by Pub. L. 103–394 effective Oct. 22, 1994, and not applicable with respect to cases commenced under Title 11, Bankruptcy, before Oct. 22, 1994, see section 702 of Pub. L. 103–394, set out as a note under section 101 of Title 11.

### Effective Date of 1993 Amendment

Pub. L. 103–66, title III, § 3001(c), Aug. 10, 1993, 107 Stat. 337, provided that: “The amendments made by this section [amending this section] shall apply with respect to insured depository institutions for which a receiver is appointed after the date of the enactment of this Act [Aug. 10, 1993].”

### Effective Date of 1992 Amendment

Amendment by section 1501(a) of Pub. L. 102–550 effective Dec. 20, 1992, see section 1501(c) of Pub. L. 102–550, set out as a note under section 1786 of this title.

Amendment by sections 1603(e)(1), 1604(c)(2), and 1606(c) of Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, except that where amendment is to any provision of law added or amended by Pub. L. 102–242 effective after Dec. 19, 1992, then amendment by Pub. L. 102–550 effective on effective date of amendment by Pub. L. 102–242, see section 1609 of Pub. L. 102–550, set out as a note under section 191 of this title.

Pub. L. 102–550, title XVI, § 1611(b)(2), Oct. 28, 1992, 106 Stat. 4090, provided that the amendment made by that section is effective one year after Dec. 19, 1991.

### Effective Date of 1991 Amendment

Amendment by section 133(a), (e) of Pub. L. 102–242 effective 1 year after Dec. 19, 1991, see section 133(g) of Pub. L. 102–242, set out as a note under section 191 of this title.

Pub. L. 102–242, title III, § 311(c), Dec. 19, 1991, 105 Stat. 2366, provided that: In general.—Except as provided in paragraph (2), the amendments made by subsection (a) and paragraphs (2) and (3) of subsection (b) [amending this section and section 1817 of this title] shall take effect at the end of the 2-year period beginning on the date of the enactment of this Act [Dec. 19, 1991].Application to time deposits.— Certain deposits excluded.—Except with respect to the amendment referred to in paragraph (3), the amendments made by subsections (a) and (b) [amending this section and sections 1813 and 1817 of this title] shall not apply to any time deposit which— was made before the date of enactment of this Act [Dec. 19, 1991]; and matures after the end of the 2-year period referred to in paragraph (1). Rollovers and renewals treated as new deposit.—Any renewal or rollover of a time deposit described in subparagraph (A) after the date of the enactment of this Act shall be treated as a new deposit which is not described in such subparagraph.Effective date for amendment relating to certain employee plans.— Section 11(a)(1)(B) of the Federal Deposit Insurance Act [12 U.S.C. 1821(a)(1)(B)] (as amended by subsection (b)(1) of this section) shall take effect on the earlier of— the date of the enactment of this Act [Dec. 19, 1991]; or January 1, 1992. Section 11(a)(3)(A) of the Federal Deposit Insurance Act (as amended by subsection (b)(2) of this section) shall take effect on the earlier of the dates described in clauses (i) and (ii) of subparagraph (A) with respect to plans described in clause (ii) of such section.”

### Effective Date of 1980 Amendment

Amendment by Pub. L. 96–221 effective Mar. 31, 1980, see section 308(e) of Pub. L. 96–221, set out as a note under section 1817 of this title.

Amendment by section 308(a)(1) of Pub. L. 96–221 not applicable to any claim arising out of the closing of a bank prior to the effective date of section 308 of Pub L. 96–221, see section 308(a)(2) of Pub. L. 96–221, set out as a note under section 1813 of this title.

### Effective Date of 1979 Amendment

Amendment by Pub. L. 96–153 applicable only to claims arising after Dec. 21, 1979, with respect to a closing of a bank, etc., see section 323(e) of Pub. L. 96–153, set out as an Effective and Termination Dates of 1979 Amendment note under section 1757 of this title.

### Effective Date of 1978 Amendment

Amendment by Pub. L. 95–630 effective Nov. 10, 1978, see section 1402 of Pub. L. 95–630, set out as a note under section 1787 of this title.

### Effective Date of 1974 Amendment

Amendment by sections 101(a)(3) and 102(a)(3), (4) of Pub. L. 93–495 effective on thirtieth day beginning after Oct. 28, 1974, and amendment by section 102(a)(3), (4) of Pub. L. 93–495 not applicable to any claim arising out of the closing of any bank prior to such effective date, see sections 101(g) and 102(a)(3), (4) of Pub. L. 93–495, set out as a note under section 1813 of this title.

### Effective Date of 1969 Amendment

Amendment by Pub. L. 91–151 not applicable to any claim arising out of the closing of a bank where such closing took place prior to Dec. 23, 1969, see section 7(b) of Pub. L. 91–151, set out as a note under section 1813 of this title.

### Effective Date of 1966 Amendment

Amendment by Pub. L. 89–695 not applicable to any claim arising out of the closing of a bank where such closing is prior to Oct. 16, 1966, see section 301(e) of Pub. L. 89–695, set out as a note under section 1813 of this title.

### Regulations

Pub. L. 102–242, title III, § 311(b)(4), Dec. 19, 1991, 105 Stat. 2365, provided that: Review of coverage.—For the purpose of prescribing regulations, during the 1-year period beginning on the date of the enactment of this Act [Dec. 19, 1991], the Board of Directors shall review the capacities and rights in which deposit accounts are maintained and for which deposit insurance coverage is provided by the Corporation. Regulations.—After the end of the 1-year period referred to in subparagraph (A), the Board of Directors may prescribe regulations that provide for separate insurance coverage for the different capacities and rights in which deposit accounts are maintained if a determination is made by the Board of Directors that such separate insurance coverage is consistent with— the purpose of protecting small depositors and limiting the undue expansion of deposit insurance coverage; and the insurance provisions of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.]. Delayed effective date for regulations.—No regulation prescribed under subparagraph (B) may take effect before the 2-year period beginning on the date of the enactment of this Act [Dec. 19, 1991].”

### Temporary Adjustment in Standard Maximum Deposit Insurance Amount

Subsec. (a)(1)(E) of this section to apply with “$250,000” substituted for “$100,000” during period beginning on Oct. 3, 2008, and ending on Dec. 31, 2009, see section 5241(a)(1) of this title.

### Merger of BIF and SAIF

Pub. L. 109–171, title II, § 2102, Feb. 8, 2006, 120 Stat. 9, provided that:In General.— Merger.—The Bank Insurance Fund and the Savings Association Insurance Fund shall be merged into the Deposit Insurance Fund. Disposition of assets and liabilities.—All assets and liabilities of the Bank Insurance Fund and the Savings Association Insurance Fund shall be transferred to the Deposit Insurance Fund. No separate existence.—The separate existence of the Bank Insurance Fund and the Savings Association Insurance Fund shall cease on the effective date of the merger thereof under this section. Repeal of Outdated Merger Provision.—Section 2704 of the Deposit Insurance Funds Act of 1996 (12 U.S.C. 1821 note) [section 2704 of Pub. L. 104–208, which amended this section, sections 24, 338a, 347b, 1431, 1441a, 1441b, 1464, 1467a, 1723i, 1735f–14, 1813, 1815 to 1817, 1821a, 1823 to 1825, 1827, 1828, 1831a, 1831e, 1831m, 1831o, 1833a, 1834, 1841, and 3341 of this title, and section 905 of Title 2, The Congress, repealed section 1831h of this title, and enacted provisions set out as notes under this section] is repealed. Effective Date.—This section shall take effect no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning on the date of the enactment of this Act [Feb. 8, 2006].”

Pub. L. 104–208, div. A, title II, § 2704(a), (b), Sept. 30, 1996, 110 Stat. 3009–486, as amended by Pub. L. 106–102, title VII, § 736(b)(1), Nov. 12, 1999, 113 Stat. 1479, which provided that the Bank Insurance Fund and the Savings Association Insurance Fund were to be merged into the Deposit Insurance Fund, that all assets and liabilities of the Bank Insurance Fund and the Savings Association Insurance Fund were to be transferred to the Deposit Insurance Fund, and that the separate existence of the Bank Insurance Fund and the Savings Association Insurance Fund was to cease, was repealed by Pub. L. 109–171, title II, § 2102(b), (c), Feb. 8, 2006, 120 Stat. 9, eff. no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006. See Effective Date of 1996 Amendment note and note above.

### GAO Report

Pub. L. 103–204, § 8(g), Dec. 17, 1993, 107 Stat. 2388, provided that: “Not later than 60 days after receipt of any certification submitted pursuant to subparagraph (E) or (F) of section 11(a)(6) of the Federal Deposit Insurance Act [former 12 U.S.C. 1821(a)(6)], the Comptroller General shall transmit a report to the Congress evaluating any such certification.”

### Single Agency for Real Property Disposition

Pub. L. 103–204, § 26(b), Dec. 17, 1993, 107 Stat. 2409, provided that: Study.—The Comptroller General of the United States shall conduct a study to determine the feasibility and effectiveness of establishing a single Federal agency responsible for selling and otherwise disposing of real property owned or held by the Department of Housing and Urban Development, the Farmers Home Administration of the Department of Agriculture, the Federal Deposit Insurance Corporation, and the Resolution Trust Corporation. The study shall examine the real property disposition procedures of such agencies and corporations, analyze the feasibility of consolidating such procedures through such single agency, and determine the characteristics and authority necessary for any such single agency to efficiently carry out such disposition activities. Report.—Not later than 12 months after the date of enactment of this Act [Dec. 17, 1993], the Comptroller General shall submit a report to the Congress on the study required under paragraph (1), which shall describe any findings under the study and contain any recommendations of the Comptroller General for the establishment of such single agency.”

### Exemptions for Certain Transactions

Pub. L. 103–204, § 37, Dec. 17, 1993, 107 Stat. 2416, provided that: Transactions Involving Certain Institutions.—Section 11(a)(4)(B) of the Federal Deposit Insurance Act [12 U.S.C. 1821(a)(4)(B)] shall not prohibit assistance from the Bank Insurance Fund that otherwise meets all the criteria established in section 13(c) of such Act [12 U.S.C. 1823(c)] from being provided to an insured depository institution that became wholly-owned, either directly or through a wholly-owned subsidiary, by an entity or instrumentality of a State government during the period beginning on January 1, 1992, and ending on the date of enactment of this Act [Dec. 17, 1993]. Transactions Involving the FDIC as Receiver.—Notwithstanding the extension, pursuant to section 27 [12 U.S.C. 1831d], of the Resolution Trust Corporation’s jurisdiction to be appointed conservator or receiver of certain savings associations after September 30, 1993, no provision of this Act [see Short Title of 1993 Amendment note set out under section 1421 of this title] or any amendment made by this Act shall invalidate or otherwise affect— any appointment of the Federal Deposit Insurance Corporation as receiver for any savings association that became effective before the date of enactment of this Act; or any action taken by the Federal Deposit Insurance Corporation as such receiver before, on, or after such date of enactment.”

### Informational Study

Pub. L. 102–242, title III, § 311(d), Dec. 19, 1991, 105 Stat. 2366, provided that the Federal Deposit Insurance Corporation should conduct a study of the cost and feasibility of tracking the insured and uninsured deposits of any individual and the exposure of the Federal Government with respect to all insured depository institutions, and also provided that before the end of the 18-month period beginning on Dec. 19, 1991, the Corporation should submit to Congress a report containing a detailed statement of findings made and conclusions drawn from the study, including appropriate recommendations for administrative and legislative action.

### Continuation of Health Plan Coverage in Cases of Failed Financial Institutions

Pub. L. 102–242, title IV, § 451, Dec. 19, 1991, 105 Stat. 2382, as amended by Pub. L. 102–550, title XVI, § 1606(g)(1), Oct. 28, 1992, 106 Stat. 4088, provided that: Continuation Coverage.—The Federal Deposit Insurance Corporation— shall, in its capacity as a successor of a failed depository institution (whether acting directly or through any bridge bank), have the same obligation to provide a group health plan meeting the requirements of section 602 of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1162] (relating to continuation coverage requirements of group health plans) with respect to former employees of such institution as such institution would have had but for its failure, and shall require that any successor described in subsection (b)(1)(B)(iii) provide a group health plan with respect to former employees of such institution in the same manner as the failed depository institution would have been required to provide but for its failure. Definitions.—For purposes of this section— Successor.—An entity is a successor of a failed depository institution during any period if— such entity holds substantially all of the assets or liabilities of such institution, and such entity is— the Federal Deposit Insurance Corporation, any bridge bank, or an entity that acquires such assets or liabilities from the Federal Deposit Insurance Corporation or a bridge bank. Failed depository institution.—The term ‘failed depository institution’ means any depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act [12 U.S.C. 1813(c)]) for which a receiver has been appointed. Bridge bank.—The term ‘bridge bank’ has the meaning given such term by section 3(i)(2) of the Federal Deposit Insurance Act [12 U.S.C. 1813(i)(2)]. No premium costs imposed on fdic.—Subsection (a) shall not be construed as requiring the Federal Deposit Insurance Corporation to incur, by reason of this section, any obligation for any premium under any group health plan referred to in such subsection. Effective Date.—This section shall apply to plan years beginning on or after the date of the enactment of this Act [Dec. 19, 1991], regardless of whether the qualifying event under section 603 of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1163] occurred before, on, or after such date.”

### Definitions

Pub. L. 104–208, div. A, title II, § 2710, Sept. 30, 1996, 110 Stat. 3009–498, provided that: “For purposes of this subtitle [subtitle G (§§ 2701–2711) of title II of div. A of Pub. L. 104–208, see Short Title of 1996 Amendment note set out under section 1811 of this title], the following definitions shall apply: Bank insurance fund.—The term ‘Bank Insurance Fund’ means the fund established pursuant to section (11)(a)(5)(A) of the Federal Deposit Insurance Act [former 12 U.S.C. 1821(a)(5)(A)], as that section existed on the day before the date of enactment of this Act [Sept. 30, 1996]. BIF member, saif member.—The terms ‘Bank Insurance Fund member’ and ‘Savings Association Insurance Fund member’ have the same meanings as in section 7(l) of the Federal Deposit Insurance Act [12 U.S.C. 1817(l)]. Various banking terms.—The terms ‘bank’, ‘Board of Directors’, ‘Corporation’, ‘deposit’, ‘insured depository institution’, ‘Federal savings association’, ‘savings association’, ‘State savings bank’, and ‘State depository institution’ have the same meanings as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]. Deposit insurance fund.—The term ‘Deposit Insurance Fund’ means the fund established under section 11(a)(4) of the Federal Deposit Insurance Act [former 12 U.S.C. 1821(a)(4)] (as amended by section 2704(d) of this subtitle). Depository institution holding company.—The term ‘depository institution holding company’ has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]. Designated reserve ratio.—The term ‘designated reserve ratio’ has the same meaning as in section 7(b)(2)(A)(iv) of the Federal Deposit Insurance Act [former 12 U.S.C. 1817(b)(2)(A)(iv), see 12 U.S.C. 1817(b)(3)]. SAIF.—The term ‘Savings Association Insurance Fund’ means the fund established pursuant to section 11(a)(6)(A) of the Federal Deposit Insurance Act [former 12 U.S.C. 1821(a)(6)(A)], as that section existed on the day before the date of enactment of this Act [Sept. 30, 1996]. SAIF-assessable deposit.—The term ‘SAIF-assessable deposit’— means a deposit that is subject to assessment for purposes of the Savings Association Insurance Fund under the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.] (including a deposit that is treated as insured by the Savings Association Insurance Fund under section 5(d)(3) of the Federal Deposit Insurance Act [12 U.S.C. 1815(d)(3)]); and includes any deposit described in subparagraph (A) which is assumed after March 31, 1995, if the insured depository institution, the deposits of which are assumed, is not an insured depository institution when the special assessment is imposed under section 2702(a) [former 12 U.S.C. 1817 note].”

### Executive Documents

### Termination of Trust Territory of the Pacific Islands

For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.