---
kind: "section"
citation: "12 U.S.C. § 5387"
title: "12"
title_heading: "Banks and Banking"
number: "5387"
heading: "Directors not liable for acquiescing in appointment of receiver"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5387"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter II — Orderly Liquidation Authority"
---

# §5387. Directors not liable for acquiescing in appointment of receiver


The members of the [board](/usc/12/1861.md?p=b-3) of [directors](/usc/12/5341.md?p=1) (or body performing similar functions) of a [covered financial company](/usc/12/5381.md?p=a-8) shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the [Corporation](/usc/12/5301.md?p=7) as receiver for the [covered financial company](/usc/12/5381.md?p=a-8) under [section 5383 of this title](/usc/12/5383.md).


## Source credit

(Pub. L. 111–203, title II, § 207, July 21, 2010, 124 Stat. 1459.)

## Notes

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.