Section 11. Insurance Funds
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(a) Deposit Insurance.–
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.
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), except that $250,000 shall be substituted for $100,000 wherever such term appears in such paragraph) per participant per insured depository institution.
[Codified to 12 U.S.C. 1821(a)]
[Source: Section 2[11(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 884), effective September 21, 1950, as amended by section 301(c) of title III of the Act of October 16, 1966 (Pub. L. No. 89–695; 80 Stat. 1055), effective October 16, 1966; section 7(a)(3) of title I of the Act of December 23, 1969 (Pub. L. No. 91–151; 83 Stat. 375), effective December 23, 1969; sections 101(a)(3) and 102(a)(3) of title I of the Act of October 28, 1974 (Pub. L. No. 93–495; 88 Stat. 1500 and 1502), effective November 27, 1974; section 1401(a) of title XIV of the Act of November 10, 1978 (Pub. L. No. 95–630; 92 Stat. 3712), effective March 10, 1979; section 323 of title III of the Act of December 21, 1979 (Pub. L. No. 96–153; 93 Stat. 1120); section 308 of title III of the Act of March 31, 1980 (Pub. L. No. 96–221; 94 Stat. 147), effective March 31, 1980; section 103 of title I of the Act of December 26, 1981 (Pub. L. No. 97–110; 95 Stat. 1514), effective December 26, 1981; sections 201(a)(1) and 211 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 187 and 218), effective August 9, 1989; sections 202(a) and (b) of title II of the Act of December 12, 1991 (Pub. L. No. 102–233; 105 Stat. 1766), effective December 12, 1991; sections 311(a)(1), (b)(1), (b)(2), and (b)(5) of title III of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2363, 2364 and 2366, respectively), effective December 19, 1993; sections 8(a)–(g) and (i) of the Act of December 17, 1993 (Pub. L. No. 103–204; 107 Stat. 2384–2388), effective December 17, 1993; section 602(a)(21) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2289), effective September 23, 1994; Section 2705 of title II of the Act of September 30, 1996 (Pub. L. No. 104–208; 110 Stat. 3009–495), effective September 30, 1996; section 117 of the Act of November 12, 1999 (Pub. L. No. 106–102; 113 Stat. 1372), effective March 12, 2000; section 736(a)(6) of title VII of the Act of November 12, 1999 (Pub. L. 106–102; 113 Stat. 1481), effective November 12, 1999; section 2103(a)–(c) of title II of the Act of February 8, 2006 (Pub. L. No. 109–171; 120 Stat. 10 and 11), effective date shall take effect on the date the final regulations required under section 9(a)(2) take effect; section 2(a) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3601 and 3602), effective date shall take affect on the date on which the final regulations required under section 2109(a)(2) of the Federal Deposit Insurance Reform Act of 2005 take effect; section 8(a)(11)–(14) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3611, and 3612), effective date shall take effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005; section 335(a) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1554), effective July 21, 2010; section 343(a)(1) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1544 and 1545), effective December 31, 2010]
(b) Liquidation as Closing of Depository Institution.–For the purposes of this Act an insured depository institution 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.
[Codified to 12 U.S.C. 1821(b)]
[Source: Section 2[11(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 884), effective September 21, 1950, as amended by section 201(a)(1) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 187), effective August 9, 1989; amended by Pub. L. No. 111–203, July 21, 2010, effective December 31, 2010]
[PROSPECTIVE REPEAL.–Effective January 1, 2013, section 11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)), as amended by paragraph (1), is amended–(A) in subparagraph (B)–(i) by striking “DEPOSIT.–” and all that follows through “clause (ii), the net amount” and insert “DEPOSIT.–The net amount”; and (ii) by striking clauses (ii) and (iii); and (B) in subparagraph (C), by striking “subparagraph (B)(i)” and inserting “subparagraph (B)”.]
(c) Appointment of Corporation as Conservator or Receiver.–
[Codified to 12 U.S.C. 1821(c)]
[Source: Section 2[11(c)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 884), effective September 21, 1950, as amended by section 6(c)(17) of the Act of September 17, 1978 (Pub. L. No. 95–369; 92 Stat. 619), effective September 17, 1978; section 113(j) of title I of the Act of October 15, 1982 (Pub. L. No. 97–320; 96 Stat. 1474), effective October 15, 1982; sections 201(b) and 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 188 and 222), effective August 9, 1989; section 102 of title I of the Act of December 12, 1991 (Pub. L. No. 102–233; 105 Stat. 1761), effective December 12, 1991; sections 133(a) and (e) of title I of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2270 and 2272, respectively), effective December 19, 1992; sections 1501(a) and 1611(b) of title XV and XVI, respectively, of the Act of October 28, 1992 (Pub. L. No. 102–550; 106 Stat. 4044, 4090), effective December 20, 1992; section 3001(b) of title III of the Act of August 10, 1993 (Pub. L. No. 103–66; 107 Stat. 336), effective August 10, 1993; sections 27(b)(1)–(3) of the Act of December 17, 1993 (Pub. L. No. 103–204; 107 Stat. 2410), effective December 17, 1993; section 411(c)(2)(A) of title IV of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2253), effective September 23, 1994; sections 8(a)(4)(A)–(C) of the Act of October 30, 2004 (Pub. L. No. 108-386; 118 Stat. 2231), effective October 30, 2004; section 701(b) of title VII of the Act of October 13, 2006 (Pub. L. No. 109–351; 120 Stat. 1985), effective October 13, 2006, and shall apply with respect to conservators or receivers appointed on or after the day of enactment; section 363(5)(A) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1552), effective July 21, 2010]
(d) Powers and Duties of Corporation as Conservator or Receiver.–
the claimant may request administrative review of the claim in accordance with subparagraph (A) or (B) of paragraph (7) or file suit on such claim (or continue an action commenced before the appointment of the receiver) in the district or territorial court of the United States for the district within which the depository institution’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).
before the end of the 60-day period described in subparagraph (A), the claim shall be deemed to be disallowed (other than any portion of such claim which was allowed by the receiver) 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.
[Codified to 12 U.S.C. 1821(d)]
[Source: Section 2[11(d)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 884), effective September 21, 1950, as amended by section 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 222), effective August 9, 1989; sections 2521(a)(1), 2528(a), and 2534(a) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101–647; 104 Stat. 4863, 4877, and 4882 respectively), effective November 29, 1990; sections 123(a), 141(b), and 161(a) of title I, section 241(c) of title II, and sections 416 and 426 of title IV of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2252, 2277, 2285, 2331, 2376, and 2378, respectively), effective December 19, 1991; sections 1603(e)(1), 1604(c)(2), and 1606(c) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102–550; 106 Stat. 4081, 4083, and 4088), effective December 19, 1991; section 3001(a) of title III of the Act of August 10, 1993 (Pub. L. No. 103–66; 107 Stat. 336), effective August 10, 1993; sections 3(d) and 4(b) of the Act of December 17, 1993 (Pub. L. No. 103–204; 107 Stat. 2379 and 2380, respectively), effective December 17, 1993; section 602(a)(22)–(25) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2289), effective September 23, 1994; section 201 of title II of the Act of September 29, 1994 (Pub. L. No. 103–328; 108 Stat. 2368), effective September 29, 1994; section 2602 of title II of the Act of September 30, 1996 (Pub. L. No. 104–208; 110 Stat. 3009–469), effective September 30, 1996; section 1222 of title XII of the Act of December 27, 2000 (Pub. L. No. 106–569; 114 Stat. 3036, effective December 27, 2000; section 722(g) of title VII of the Act of October 13, 2006 (Pub. L. No. 109–351; 120 Stat. 1999), effective October 13, 2006; section 1604(a)(1) of title VII of the Act of July 30, 2008 (Pub. L. No. 110–289; 122 Stat. 2826), effective July 30, 2008; section 363(5)(B) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1552), effective July 21, 2010]
(e) Provisions Relating to Contracts Entered Into Before Appointment of Conservator or Receiver.–
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).
[Codified to 12 U.S.C. 1821(e)]
[Source: Section 2[11(e)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 885), effective September 21, 1950, as amended by sections 6(c)(18) and (19) of the Act of September 17, 1978 (Pub. L. No. 95–369; 92 Stat. 619), effective September 17, 1978; section 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 222), effective August 9, 1989; section 161(a) of title I of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2285), effective December 19, 1991; section 325 of Title III and section 602(a)(26) and (27) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2228 and 2289, respectively), effective September 23, 1994; section 501(c)(2) of title V of the Act of October 22, 1994 (Pub. L. No. 103–394; 108 Stat. 4143, effective October 22, 1994; section 2706 of title II of the Act of September 30, 1996 (Pub. L. No. 104–208; 110 Stat. 3009–496), effective September 30, 1996; sections 901(a)(1), (b)(1), (c)(1), (d)(1), (e)(1), (f)(1), (g)(1), (h)(1), 901(i)(1), 902(a)(1), 903(a), 904(a), 905(a), and 908(a) of title IX of the Act of April 20, 2005 (Pub. L. No. 109–8; 119 Stat. 147, 149, 151, 152, 155, 157–162, 165, 166, and 183, respectively), effective April 20, 2005; section 718(a) of title VII of the Act of October 13, 2006 (Pub. L. No. 109–351; 120 Stat. 1997), effective October 13, 2006; sections 2(a)(1), 2(b)(1), 2(c)(1), 3(a) and 6(a) of the Act of December 12, 2006 (Pub. L. No. 109–390; 120 Stat. 2692–2694, and 2698, respectively), effective December 12, 2006; section 1604(a)(2) and (3) of title VII of the Act of July 30, 2008 (Pub. L. No. 110–289; 122 Stat. 2826 and 2827), effective July 30, 2008]
(f) Payment of Insured Deposits.–
[Codified to 12 U.S.C. 1821(f)]
[Source: Section 2[11(f)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 885), effective September 21, 1950, as amended by section 6(c)(20) of the Act of September 17, 1978 (Pub. L. No. 95–369; 92 Stat. 619), effective September 17, 1978; sections 201(a)(1) and 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 187 and 222), effective August 9, 1989; section 602(a)(28) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2289), effective September 23, 1994; Section 8(a)(12) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3612), effective date shall take effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005; section 721(a) of title VII of the Act of October 13, 2006 (Pub. L. No. 109–351; 120 Stat. 1998), effective October 13, 2006]
(g) Subrogation of Corporation.–
[Codified to 12 U.S.C. 1821(g)]
[Source: Section 2[11(g)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 885), effective September 21, 1950, as amended by sections 6(c)(21) and (22) of the Act of September 17, 1978 (Pub. L. No. 95–369; 92 Stat. 619), effective September 17, 1978; section 113(k) of title I of the Act of October 15, 1982 (Pub. L. No. 97–320; 96 Stat. 1474), effective October 15, 1982; sections 201(a)(1) and 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 187 and 222), effective August 9, 1989]
(h) Conditions Applicable To Resolution Proceedings.–
[Codified to 12 U.S.C. 1821(h)]
[Source: Section 2[11(h)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 886–887), effective September 21, 1950, as amended by section 301(d) of title III of the Act of October 16, 1966 (Pub. L. No. 89–695; 80 Stat. 1055), effective October 16, 1966; section 7(a)(4) of title I of the Act of December 23, 1969 (Pub. L. No. 91–151; 83 Stat. 375), effective December 23, 1969; section 102(a)(4) of title I of the Act of October 28, 1974 (Pub. L. No. 93–495; 88 Stat. 1502), effective November 27, 1974; section 308 of title III of the Act of March 31, 1980 (Pub. L. No. 96–221; 94 Stat. 147), effective March 31, 1980; section 503(a)(1) and (2) of title V of the Act of August 10, 1987 (Pub. L. No. 100–86; 101 Stat. 629), effective August 10, 1987 (Pub. L. No. 100–86 redesignated paragraphs (i), (j), (k) and (l) as (2), (3), (4) and (5), respectively); section 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 222), effective August 9, 1989; section 141(d) of title I of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2277), effective December 19, 1991]
(i) Valuation of Claims in Default.–
[Codified to 12 U.S.C. 1821(i)]
[Source: Section 2[11(i)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 886), effective September 21, 1950, as added by section 503(a)(3) of title V of the Act of August 10, 1987 (Pub. L. No. 100–86; 101 Stat. 629–632), effective August 10, 1987, and as amended by section 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 222), effective August 9, 1989; section 161(e) of title I of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2286), effective December 19, 1991; section 602(a)(29) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2289), effective September 23, 1994; Section 8(a)(13) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3612), effective date shall take effect on the day of the merger of the Bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(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 by regulation or order, to restrain or affect the exercise of powers or functions of the Corporation as a conservator or a receiver.
[Codified to 12 U.S.C. 1821(j)]
[Source: Section 2[11(j)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 886), effective September 21, 1950, as added by section 507 of title V of the Act of August 10, 1987 (Pub. L. No. 100–86; 101 Stat. 634), effective August 10, 1987, and as amended by section 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 222), effective August 9, 1989]
(k) Liability of directors and officers.–A director or officer of an insured depository institution 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–
for gross negligence, including any similar conduct or conduct that demonstrates a greater disregard of a duty of care (than gross negligence) including intentional tortious conduct, as such terms are defined and determined under applicable State law. Nothing in this paragraph shall impair or affect any right of the Corporation under other applicable law.
[Codified to 12 U.S.C. 1821(k)]
[Source: Section 2[11(k)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 222), effective August 9, 1989]
(l) Damages.–In any proceeding related to any claim against an insured depository institution’s director, officer, employee, agent, attorney, accountant, appraiser, or any other party employed by or providing services to an insured depository institution, recoverable damages determined to result from the improvident or otherwise improper use or investment of any insured depository institution’s assets shall include principal losses and appropriate interest.
[Codified to 12 U.S.C. 1821(l)]
[Source: Section 2[11(l)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 212(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 222), effective August 9, 1989]
(m) New Depository Institutions.–
[Codified to 12 U.S.C. 1821(m)]
[Source: Section 2[11(m)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 213 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 243), effective August 9, 1989; section 2(c)(1) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3602), effective date shall take effect on the date on which the final regulations required under section 2109(a)(2), of the Federal Deposit Insurance Reform Act of 2005 take effect; section 1604(3) of title VII of the Act of July 30, 2008 (Pub. L. No. 110–289; 122 Stat. 2827), effective July 30, 2008; section 363(5)(C) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1552 and 1553), effective July 21, 2010]
(n) Bridge Depository Institutions.–
[Codified to 12 U.S.C. 1821(n)]
[Source: Section 2[11(n)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 214 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 246), effective August 9, 1989; as amended by section 161(a) of title I of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2285), effective December 19, 1991; section 602(a)(30) and (31) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2289), effective September 23, 1994; section 1604(a)(5) and (d) of title VII of the Act of July 30, 2008 (Pub. L. No. 110–289; 122 Stat. 2827, 2828, and 2829 respectively), effective July 30, 2008; section 363(5)(D) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1553), effective July 21, 2010]
(o) Supervisory Records.–In addition to the requirements of section 7(a)(2) to provide to the Corporation copies of reports of examination and reports of condition, whenever the Corporation has been appointed as receiver for an insured depository institution, the appropriate Federal banking agency shall make available all supervisory records to the receiver which may be used by the receiver in any manner the receiver determines to be appropriate.
[Codified to 12 U.S.C. 1821(o)]
[Source: Section 2[11(o)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 909 of title IX of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 477), effective August 9, 1989]
(p) Certain Sales of Assets Prohibited.–
[Codified to 12 U.S.C. 1821(p)]
[Source: Section 2[11(p)] of the Act of September 1, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 2526(a) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101–647; 104 Stat. 4875), effective November 29, 1990; amended by sections 20(a) and (b) of the Act of December 17, 1993 (Pub. L. No. 103–204; 107 Stat. 2404 and 2405), effective December 17, 1993; section 8(a)(14) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3612 and 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005; section 363(5)(E) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1553), effective July 21, 2010 ]
(q) Expedited Procedures for Certain Claims.–
[Codified to 12 U.S.C. 1821(q)]
[Source: Section 2[11(q)] of the Act of September 1, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 2527(a) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101–647; 104 Stat. 4877), effective November 29, 1990; section 602(a)(32) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2289), effective September 23, 1994]
(r) Foreign Investigations.–The Corporation, as conservator or receiver of any insured depository institution and for purposes of carrying out any power, authority, or duty with respect to an insured depository institution–
[Codified to 12 U.S.C. 1821(r)]
Source: Section 2[11(r)] of the Act of September 1, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 2532(b) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101–647; 104 Stat. 4880), effective November 29, 1990; section 363(5)(F) of title III of the Act of July 21, 2010 (Pub. L. No. 111–203; 124 Stat. 1553), effective July 21, 2010 ]
(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 for an insured depository institution.
[Codified to 12 U.S.C. 1821(s)]
[Source: Section 2[11(s)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 446 of title IV of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2382), effective December 19, 1991]
(t) Agencies May Share Information Without Waiving Privilege.–
[Codified to 12 U.S.C. 1821(t)]
[Source: Section 2[11(t)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 1544 of title XV of the Act of October 28, 1992 (Pub. L. No. 102–550; 106 Stat. 4069), effective October 28, 1992; section 106(i) of title I of the Act of October 19, 1996 (Pub. L. No. 104-316; 110 Stat. 3831), effective October 19, 1996; section 724 of title VII of the Act of October 13, 2006 (Pub. L. No. 109–351; 120 Stat. 2001), effective October 13, 2006; section 8(b) of the Act of July 7, 2004 (Pub. L. No. 108–271; 118 Stat. 814), effective July 7, 2004; section 1161(i) of title I of the Act of July 30, 2008 (Pub. L. No. 110–289; 122 Stat. 2781), effective July 30, 2008; section 1(1) of the Act of December 20, 2012 (Pub. L. No. 112–215; 126 Stat. 1589), effective December 20, 2012]
(u) Purchase Rights of Tenants.–
[Codified to 12 U.S.C. 1821(u)]
[Source: Section 2[11(u)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 15(b) of the Act of December 17, 1993 (Pub. L. No. 103–204; 107 Stat. 2399), effective December 17, 1993; section 602(a)(33) of title VI of the Act of September 23, 1994 (Pub. L. No. 103–325; 108 Stat. 2289), effective September 23, 1994]
(v) Preference for Sales for Homeless Families.–Subject to subsection (u) of this section, in selling any real property other than eligible residential property and eligible condominium property, as such terms are defined in section 40(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 (as such term is defined in section 103 of the Stewart B. McKinney Homeless Assistance Act [Title 42]) or homeless families.
[Codified to 12 U.S.C. 1821(v)]
[Source: Section 2[11(v)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 16(b) of the Act of December 17, 1993 (Pub. L. No. 103–204; 107 Stat. 2400), effective December 17, 1993]
(w) Preferences for Sales of Certain Commercial Real Properties.–
[Codified to 12 U.S.C. 1821(w)]
[Source: Section 2[11(w)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 17(b) of the Act of December 17, 1993 (Pub. L. No. 103–204; 107 Stat. 2401), effective December 17, 1993]
Sections 11(i) and (j) derive from sections 503(a)(3) and 507 of the Act of August 10, 1987 (Pub. L. No. 100–86; 101 Stat. 629 and 634, respectively), effective August 10, 1987.
Sections 11(k)-(o) were enacted by sections 212(a), 213, 214, and 901 of the Act of August 9, 1989, known as the “FIRRE Act”, (Pub. L. No. 101–73; 103 Stat. 222, 243, 246, and 477), effective August 9, 1989.
Implementing Regulations. FDIC regulations implementing and applying section 11 of the Federal Deposit Insurance Act, entitled “Part 307–“Notification of Changes of Insured Status,” appear under the “FDIC Rules and Regulations” tabcard.
(a) Established–
[Codified to 12 U.S.C. 1821a(a)]
[Source: Section 2[11A(a)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 252), effective August 9, 1989; as amended by section 202(c) of title II of the Act of December 12, 1991 (Pub. L. No. 102–233; 105 Stat. 1767), effective December 12, 1991; section 161(b) of title I of the Act of December 19, 1991 (Pub. L. No. 102–242; 105 Stat. 2286), effective December 19, 1991; section 8(a)(15) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3612 and 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(b) Source of Funds.–The FSLIC Resolution Fund shall be funded from the following sources to the extent funds are needed in the listed priority:
[Codified to 12 U.S.C. 1821a(b)]
[Source: Section 2[11A(b)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 252), effective August 9, 1989; as amended by section 202(d) of title II of the Act of December 12, 1991 (Pub. L. No. 102–233; 105 Stat. 1767), effective December 12, 1991; section 8(a)(16) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(c) Treasury Backup.–
[Codified to 12 U.S.C. 1821a(c)]
[Source: Section 2[11A(c)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 252), effective August 9, 1989]
(d) Legal Proceedings.–Any judgment resulting from a proceeding to which the Federal Savings and Loan Insurance Corporation was a party prior to its dissolution or which is initiated against the Corporation with respect to the Federal Savings and Loan Insurance Corporation or with respect to the FSLIC Resolution Fund shall be limited to the assets of the FSLIC Resolution Fund.
[Codified to 12 U.S.C. 1821a(d)]
[Source: Section 2[11A(d)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 252), effective August 9, 1989]
(e) Transfer of Net Proceeds From Sale of RTC Assets.–The FSLIC Resolution Fund shall transfer to the Resolution Funding Corporation any net proceeds from the sale of assets acquired from the Resolution Trust Corporation upon the termination of such Corporation pursuant to section 21A of the Federal Home Loan Bank Act.
[Codified to 12 U.S.C. 1821a(e)]
[Source: Section 2[11A(e)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 252), effective August 9, 1989]
(f) Dissolution.–The FSLIC Resolution Fund shall be dissolved upon satisfaction of all debts and liabilities and sale of all assets. Upon dissolution any remaining funds shall be paid into the Treasury. Any administrative facilities and supplies, including offices and office supplies, shall be transferred to the Corporation for use by and to be held as assets of the Deposit Insurance Fund.
[Codified to 12 U.S.C. 1821a(f)]
[Source: Section 2[11A(f)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101–73; 103 Stat. 252), effective August 9, 1989; section 8(a)(17) of the Act of February 15, 2006 (Pub. L. No. 109–173; 119 Stat. 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
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