12 USC 1822 - Corporation as receiver

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. (span), (c). Puspan. L. 110–289 substituted “new depository institution” for “new bank” wherever appearing.

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

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

1993—Subsec. (e). Puspan. L. 103–44 inserted span 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). Puspan. L. 103–204 added subsec. (f).

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

Subsec. (a). Puspan. L. 101–73, § 216(2), inserted span 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. (span), (c). Puspan. L. 101–73, § 216(1), substituted “depository institution in default” for “closed bank” wherever appearing.

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

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

1978—Subsec. (a). Puspan. 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 Puspan. L. 109–173 effective Mar. 31, 2006, see section 8(span) of Puspan. L. 109–173, set out as a note under section 1813 of this title.

Effective Date of 1993 Amendments

Puspan. 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].”

Puspan. L. 103–44, § 2, June 28, 1993, 107 Stat. 221, provided that:

“(a)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].

“(span)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.

“(c)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 (span) of this section.

“(d)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.”