---
kind: "section"
citation: "12 U.S.C. § 1822"
title: "12"
title_heading: "Banks and Banking"
number: "1822"
heading: "Corporation as receiver"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1822"
units:
  - "Chapter 16 — Federal Deposit Insurance Corporation"
---

# §1822. Corporation as receiver

- (a) **Bond not required; agents; fee—** The Corporation as [receiver](/usc/12/1813.md?p=j) of an [insured depository institution](/usc/12/1813.md?p=c-2) or branch of a [foreign bank](/usc/12/1813.md?p=s-1) shall not be required to furnish bond and may appoint an agent or agents to assist it in its duties as such [receiver](/usc/12/1813.md?p=j). All fees, compensation, and expenses of liquidation and administration shall be fixed by the Corporation, and may be paid by it out of funds coming into its possession as such [receiver](/usc/12/1813.md?p=j).
- (b) **Payment of insured deposit as discharge from liability—** Payment of an [insured deposit](/usc/12/1813.md?p=m-1) to any [person](/usc/12/5481.md?p=19) by the Corporation shall discharge the Corporation, and payment of a [transferred deposit](/usc/12/1813.md?p=n) to any [person](/usc/12/5481.md?p=19) by the [new depository institution](/usc/12/1813.md?p=i-1) or by an [insured depository institution](/usc/12/1813.md?p=c-2) in which a [transferred deposit](/usc/12/1813.md?p=n) has been made available shall discharge the Corporation and such [new depository institution](/usc/12/1813.md?p=i-1) or other [insured depository institution](/usc/12/1813.md?p=c-2), to the same extent that payment to such [person](/usc/12/5481.md?p=19) by the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) would have discharged it from liability for the [insured deposit](/usc/12/1813.md?p=m-1).
- (c) **Recognition of claimant not on depository institution records—** Except as otherwise prescribed by the [Board of Directors](/usc/12/1813.md?p=k), neither the Corporation nor such [new depository institution](/usc/12/1813.md?p=i-1) or other [insured depository institution](/usc/12/1813.md?p=c-2) shall be required to recognize as the owner of any portion of a [deposit](/usc/12/1813.md?p=l) appearing on the records of the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) under a name other than that of the claimant, any [person](/usc/12/5481.md?p=19) whose name or interest as such owner is not disclosed on the rec­ords of such [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) as part owner of said [deposit](/usc/12/1813.md?p=l), if such recognition would increase the aggregate amount of the [insured deposits](/usc/12/1813.md?p=m-1) in such [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1).
- (d) **Withholding payments to meet liability to depository institution—** The Corporation may withhold payment of such portion of the [insured deposit](/usc/12/1813.md?p=m-1) of any depositor in a [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) as may be required to provide for the payment of any liability of such depositor to the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) or its [receiver](/usc/12/1813.md?p=j), which is not offset against a claim due from such [depository institution](/usc/12/1813.md?p=c-1), pending the determination and payment of such liability by such depositor or any other [person](/usc/12/5481.md?p=19) liable therefor.
- (e) **Disposition of unclaimed deposits—**
  - (1) **Notices—**
    - (A) **First notice—** Within 30 days after the initiation of the payment of [insured deposits](/usc/12/1813.md?p=m-1) under [section 1821(f) of this title](/usc/12/1821.md?p=f), the Corporation shall provide written notice to all insured depositors that they must claim their [deposit](/usc/12/1813.md?p=l) from the Corporation, or if the [deposit](/usc/12/1813.md?p=l) has been transferred to another institution, from the transferee institution.
    - (B) **Second notice—** A second notice containing this information shall be mailed by the Corporation to all insured depositors who have not responded to the first notice, 15 months after the Corporation initiates such payment of insured depositors.
    - (C) **Address—** The notices shall be mailed to the last known address of the depositor appearing on the records of the [insured depository institution](/usc/12/1813.md?p=c-2) in [default](/usc/12/1813.md?p=x-1).
  - (2) **Transfer to appropriate State—** If an insured depositor fails to make a claim for his, her, or its insured or [transferred deposit](/usc/12/1813.md?p=n) within 18 months after the Corporation initiates the payment of [insured deposits](/usc/12/1813.md?p=m-1) under [section 1821(f) of this title](/usc/12/1821.md?p=f)—
    - (A) any transferee institution shall refund the [deposit](/usc/12/1813.md?p=l) to the Corporation, and all rights of the depositor against the transferee institution shall be barred; and
    - (B) with the exception of United States [deposits](/usc/12/1813.md?p=l), the Corporation shall deliver the [deposit](/usc/12/1813.md?p=l) to the custody of the appropriate [State](/usc/12/1813.md?p=a-3) as unclaimed property, unless the appropriate [State](/usc/12/1813.md?p=a-3) declines to accept custody. Upon delivery to the appropriate [State](/usc/12/1813.md?p=a-3), all rights of the depositor against the Corporation with respect to the [deposit](/usc/12/1813.md?p=l) shall be barred and the Corporation shall be deemed to have made payment to the depositor for purposes of [section 1821(g)(1) of this title](/usc/12/1821.md?p=g-1).
  - (3) **Refusal of appropriate State to accept custody—** If the appropriate [State](/usc/12/1813.md?p=a-3) declines to accept custody of the [deposit](/usc/12/1813.md?p=l) tendered pursuant to [paragraph (2)(B)](#e-2-B), the [deposit](/usc/12/1813.md?p=l) shall not be delivered to any [State](/usc/12/1813.md?p=a-3), and the insured depositor shall claim the [deposit](/usc/12/1813.md?p=l) from the Corporation before the receivership is terminated, or all rights of the depositor with respect to such [deposit](/usc/12/1813.md?p=l) shall be barred.
  - (4) **Treatment of United States deposits—** If the [deposit](/usc/12/1813.md?p=l) is a United States [deposit](/usc/12/1813.md?p=l) it shall be delivered to the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury for [deposit](/usc/12/1813.md?p=l) in the general fund of the Treasury. Upon delivery to the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury, all rights of the depositor against the Corporation with respect to the [deposit](/usc/12/1813.md?p=l) shall be barred and the Corporation shall be deemed to have made payment to the depositor for purposes of [section 1821(g)(1) of this title](/usc/12/1821.md?p=g-1).
  - (5) **Reversion—** If a depositor does not claim the [deposit](/usc/12/1813.md?p=l) delivered to the custody of the appropriate [State](/usc/12/1813.md?p=a-3) pursuant to [paragraph (2)(B)](#e-2-B) within 10 years of the date of delivery, the [deposit](/usc/12/1813.md?p=l) shall be immediately refunded to the Corporation and become its property. All rights of the depositor against the appropriate [State](/usc/12/1813.md?p=a-3) with respect to such [deposit](/usc/12/1813.md?p=l) shall be barred as of the date of the refund to the Corporation.
  - (6) **Definitions—** For purposes of this subsection—
    - (A) the term “transferee institution” means the [insured depository institution](/usc/12/1813.md?p=c-2) in which the Corporation has made available a [transferred deposit](/usc/12/1813.md?p=n) pursuant to [section 1821(f)(1) of this title](/usc/12/1821.md?p=f-1);
    - (B) the term “appropriate [State](/usc/12/1813.md?p=a-3)” means the [State](/usc/12/1813.md?p=a-3) to which notice was mailed under [paragraph (1)(C)](#e-1-C), except that if the notice was not mailed to an address that is within a [State](/usc/12/1813.md?p=a-3) it shall mean the [State](/usc/12/1813.md?p=a-3) in which the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) has its main office; and
    - (C) the term “United States [deposit](/usc/12/1813.md?p=l)” means an insured or [transferred deposit](/usc/12/1813.md?p=n) for which the [deposit](/usc/12/1813.md?p=l) records of the [depository institution](/usc/12/1813.md?p=c-1) in [default](/usc/12/1813.md?p=x-1) disclose that title to the [deposit](/usc/12/1813.md?p=l) is held by the United States, any department, agency, or instrumentality of the Federal Government, or any officer or employee thereof in such [person](/usc/12/5481.md?p=19)’s official capacity.
- (f) **Conflict of interest—**
  - (1) **Applicability of other provisions—**
    - (A) **Clarification of status of Corporation—** The Corporation is, and has been since its creation, an agency for purposes of title 18.
    - (B) **Treatment of contractors—** Any individual who, pursuant to a contract or any other arrangement, performs functions or activities of the Corporation, under the direct supervision of an officer or employee of the Corporation, shall be deemed to be an employee of the Corporation for purposes of [title 18](/usc/18.md) and this chapter. Any individual who, pursuant to a contract or any other agreement, acts for or on behalf of the Corporation, and who is not otherwise treated as an officer or employee of the United States for purposes of [title 18](/usc/18.md) shall be deemed to be a public official for purposes of [section 201 of title 18](/usc/18/201.md).
  - (2) **Regulations concerning employee conduct—** The officers and employees of the Corporation and those individuals under contract to the Corporation who are deemed, under [paragraph (1)(B)](#f-1-B), to be employees of the Corporation for purposes of [title 18](/usc/18.md) shall be subject to the ethics and conflict of interest rules and regulations issued by the Office of Government Ethics, [including](/usc/12/1813.md?p=t-1) those concerning employee conduct, financial disclosure, and post-employment activities. The [Board of Directors](/usc/12/1813.md?p=k) may prescribe regulations that supplement such rules and regulations only with the concurrence of that Office.
  - (3) **Regulations concerning independent contractors—** The [Board of Directors](/usc/12/1813.md?p=k) shall prescribe regulations applicable to those independent contractors who are not deemed, under [paragraph (1)(B)](#f-1-B), to be employees of the Corporation for purposes of [title 18](/usc/18.md) governing conflicts of interest, ethical responsibilities, and the use of confidential information consistent with the goals and purposes of titles [18](/usc/18.md) and 41. Any such regulations shall be in addition to, and not in lieu of, any other statute or regulation which may apply to the conduct of such independent contractors.
  - (4) **Disapproval of contractors—**
    - (A) **In general—** The [Board of Directors](/usc/12/1813.md?p=k) shall prescribe regulations establishing procedures for ensuring that any individual who is performing, directly or indirectly, any function or service on behalf of the Corporation meets minimum standards of competence, experience, integrity, and fitness.
    - (B) **Prohibition from service on behalf of Corporation—** The procedures established under [subparagraph (A)](#f-4-A) shall provide that the Corporation shall prohibit any [person](/usc/12/5481.md?p=19) who does not meet the minimum standards of competence, experience, integrity, and fitness from—
      - (i) entering into any contract with the Corporation; or
      - (ii) becoming employed by the Corporation or otherwise performing any service for or on behalf of the Corporation.
    - (C) **Information required to be submitted—** The procedures established under [subparagraph (A)](#f-4-A) shall require that any offer submitted to the Corporation by any [person](/usc/12/5481.md?p=19) under this section and any employment application submitted to the Corporation by any [person](/usc/12/5481.md?p=19) shall include—
      - (i) a list and description of any instance during the 5 years preceding the submission of such application in which the [person](/usc/12/5481.md?p=19) or a [company](/usc/12/1813.md?p=w-7) under such [person](/usc/12/5481.md?p=19)’s [control](/usc/12/1813.md?p=w-5) defaulted on a material obligation to an [insured depository institution](/usc/12/1813.md?p=c-2); and
      - (ii) such other information as the [Board](/usc/12/1861.md?p=b-3) may prescribe by regulation.
    - (D) **Subsequent submissions—**
      - (i) **In general—** No offer submitted to the Corporation may be accepted unless the offeror agrees that no [person](/usc/12/5481.md?p=19) will be employed, directly or indirectly, by the offeror under any contract with the Corporation unless—
        - (I) all applicable information described in [subparagraph (C)](#f-4-C) with respect to any such [person](/usc/12/5481.md?p=19) is submitted to the Corporation; and
        - (II) the Corporation does not disapprove of the direct or indirect employment of such [person](/usc/12/5481.md?p=19).
      - (ii) **Finality of determination—** Any determination made by the Corporation pursuant to this paragraph shall be in the Corporation’s sole discretion and shall not be subject to review.
    - (E) **Prohibition required in certain cases—** The standards established under [subparagraph (A)](#f-4-A) shall require the Corporation to prohibit any [person](/usc/12/5481.md?p=19) who has—
      - (i) been convicted of any felony;
      - (ii) been removed from, or prohibited from participating in the affairs of, any [insured depository institution](/usc/12/1813.md?p=c-2) pursuant to any final enforcement action by any [appropriate Federal banking agency](/usc/12/1813.md?p=q);
      - (iii) demonstrated a pattern or practice of defalcation regarding obligations to [insured depository institutions](/usc/12/1813.md?p=c-2); or
      - (iv) caused a substantial loss to the [Deposit Insurance Fund](/usc/12/1813.md?p=y-1) (or any predecessor [deposit insurance fund](/usc/12/1813.md?p=y-1));

      from performing any service on behalf of the Corporation.

  - (5) **Abrogation of contracts—** The Corporation may rescind any contract with a [person](/usc/12/5481.md?p=19) who—
    - (A) fails to disclose a material fact to the Corporation;
    - (B) would be prohibited under [paragraph (6)](#f-6) from providing services to, receiving fees from, or contracting with the Corporation; or
    - (C) has been subject to a final enforcement action by any [Federal banking agency](/usc/12/1813.md?p=z).
  - (6) **Priority of FDIC rules—** To the extent that the regulations under this subsection conflict with rules of other agencies or Government corporations, officers, [directors](/usc/12/5481.md?p=10), employees, and independent contractors of the Corporation who are also subject to the conflict of interest or ethical rules of another agency or Government corporation, shall be governed by the regulations prescribed by the [Board of Directors](/usc/12/1813.md?p=k) under this subsection when acting for or on behalf of the Corporation. Notwithstanding the preceding sentence, the rules of the Corporation shall not take priority over the ethics and conflict of interest rules and regulations promulgated by the Office of Government Ethics unless specifically authorized by that Office.

## Source credit

(Sept. 21, 1950, ch. 967, § 2[12], 64 Stat. 887; Pub. L. 95–369, § 6(c)(23), Sept. 17, 1978, 92 Stat. 619; Pub. L. 97–320, title I, § 113(l), Oct. 15, 1982, 96 Stat. 1474; Pub. L. 101–73, title II, §§ 201(a), 216, Aug. 9, 1989, 103 Stat. 187, 254; Pub. L. 103–44, § 1, June 28, 1993, 107 Stat. 220; Pub. L. 103–204, § 19(a), Dec. 17, 1993, 107 Stat. 2402; Pub. L. 104–179, § 4(b)(1), Aug. 6, 1996, 110 Stat. 1567; Pub. L. 109–173, § 8(a)(18), Feb. 15, 2006, 119 Stat. 3613; Pub. L. 110–289, div. A, title VI, § 1604(b)(1)(C), July 30, 2008, 122 Stat. 2829.)

## Notes

### Editorial Notes

### Prior Provisions

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

### Amendments

2008—Subsecs. (b), (c). Pub. L. 110–289 substituted “new depository institution” for “new bank” wherever appearing.

2006—Subsec. (f)(4)(E)(iv). Pub. L. 109–173 substituted “the Deposit Insurance Fund (or any predecessor deposit insurance fund)” for “Federal deposit insurance funds”.

1996—Subsec. (f)(3). Pub. L. 104–179 struck out “, with the concurrence of the Office of Government Ethics,” after “The Board of Directors”.

1993—Subsec. (e). Pub. L. 103–44 inserted heading and amended text generally. Prior to amendment, text read as follows: “If, after the Corporation shall have given at least three months’ notice to the depositor by mailing a copy thereof to his last-known address appearing on the records of the depository institution in default, any depositor in the depository institution in default shall fail to claim his insured deposit from the Corporation within eighteen months after the appointment of the receiver for the depository institution in default, or shall fail within such period to claim or arrange to continue the transferred deposit with the new bank or with the other insured depository institution which assumes liability therefor, all rights of the depositor against the Corporation with respect to the insured deposit, and against the new bank and such other insured depository institution with respect to the transferred deposit, shall be barred, and all rights of the depositor against the depository institution in default and its shareholders, or the receivership estate to which the Corporation may have become subrogated, shall thereupon revert to the depositor. The amount of any transferred deposits not claimed within such eighteen months’ period, shall be refunded to the Corporation.”

Subsec. (f). Pub. L. 103–204 added subsec. (f).

1989—Pub. L. 101–73, § 201(a), substituted references to insured depository institutions for references to insured banks wherever appearing in this section.

Subsec. (a). Pub. L. 101–73, § 216(2), inserted heading and text of subsec. (a), and struck out former subsec. (a) which read as follows: “Notwithstanding any other provision of law, the Corporation as receiver of a closed national bank, branch of a foreign bank, insured Federal savings bank, or District bank shall not be required to furnish bond and shall have the right to appoint an agent or agents to assist it in its duties as such receiver, and all fees, compensation, and expenses of liquidation and administration thereof shall be fixed by the Corporation, and may be paid by it out of funds coming into its possession as such receiver.”

Subsecs. (b), (c). Pub. L. 101–73, § 216(1), substituted “depository institution in default” for “closed bank” wherever appearing.

Subsec. (d). Pub. L. 101–73, § 216(1), (3), substituted “depository institution in default” for “closed bank” in three places, struck out “as a stockholder of the depository institution in default, or of any liability of such depositor” after “payment of any liability of such depositor”, and substituted “such depository institution” for “such bank”.

Subsec. (e). Pub. L. 101–73, § 216(1), substituted “depository institution in default” for “closed bank” wherever appearing.

1982—Subsec. (a). Pub. L. 97–320 inserted “insured Federal savings bank,” after “foreign bank,”.

1978—Subsec. (a). Pub. L. 95–369 inserted “, branch of a foreign bank,” after “a closed national bank”.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2006 Amendment

Amendment by 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.

### Effective Date of 1993 Amendments

Pub. L. 103–204, § 19(c), Dec. 17, 1993, 107 Stat. 2404, provided that: “The amendment made by subsection (a) [amending this section] shall apply after the end of the 6-month period beginning on the date of enactment of this Act [Dec. 17, 1993].”

Pub. L. 103–44, § 2, June 28, 1993, 107 Stat. 221, provided that: In General.—The amendments made by section 1 of this Act [amending this section] shall only apply with respect to institutions for which the Corporation has initiated the payment of insured deposits under section 11(f) of the Federal Deposit Insurance Act [12 U.S.C. 1821(f)] after the date of enactment of this Act [June 28, 1993]. Special Rule for Receiverships in Progress.—Section 12(e) of the Federal Deposit Insurance Act [12 U.S.C. 1822(e)] as in effect on the day before the date of enactment of this Act [June 28, 1993] shall apply with respect to insured deposits in depository institutions for which the Corporation was first appointed receiver during the period between January 1, 1989 and the date of enactment of this Act, except that such section 12(e) shall not bar any claim made against the Corporation by an insured depositor for an insured or transferred deposit, so long as such claim is made prior to the termination of the receivership. Information to States.—Within 120 days after the date of enactment of this Act [June 28, 1993], the Corporation shall provide, at the request of and for the sole use of any State, the name and last known address of any insured depositor (as shown on the records of the institution in default) eligible to make a claim against the Corporation solely due to the operation of subsection (b) of this section. Definition.—For purposes of this section, the term ‘Corporation’ means the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, or the Federal Savings and Loan Insurance Corporation, as appropriate.”