12 USC 1441a-3 - RTC and FDIC properties

U.S Code last checked for updates: Nov 22, 2024

§ 1441a–3.

RTC and FDIC properties

(a)

Reports

(1)

Submission

(2)

Consultation

(b)

Limitation on transfer

(1)

Notice

(2)

Expression of serious interest

(3)

Prohibition of transfer

(4)

Offers and permitted transfer

(c)

Definitions

For purposes of this section:

(1)

Corporation concerned

The term “corporation concerned” means—

(A)

the Federal Deposit Insurance Corporation, with respect to matters relating to the Federal Deposit Insurance Corporation; and

(B)

the Resolution Trust Corporation, with respect to matters relating to the Resolution Trust Corporation.

(2)

Covered property

The term “covered property” means any property—

(A)

to which—

(i)

the Resolution Trust Corporation has acquired title in its corporate or receivership capacity; or

(ii)

the Federal Deposit Insurance Corporation has acquired title in its corporate capacity or which was acquired by the former Federal Savings and Loan Insurance Corporation in its corporate capacity; and

(B)

that—

(i)

is located within the John H. Chafee Coastal Barrier Resources System; or

(ii)

is undeveloped, greater than 50 acres in size, and adjacent to or contiguous with any lands managed by a governmental agency primarily for wildlife refuge, sanctuary, open space, recreational, historical, cultural, or natural resource conservation purposes.

(3)

Governmental agency

(4)

Undeveloped

The term “undeveloped” means—

(A)

containing few manmade structures and having geomorphic and ecological processes that are not significantly impeded by any such structures or human activity; and

(B)

having natural, cultural, recreational, or scientific value of special significance.

(Pub. L. 101–591, § 10, Nov. 16, 1990, 104 Stat. 2939; Pub. L. 106–167, § 3(c)(5), Dec. 9, 1999, 113 Stat. 1804.)

cite as: 12 USC 1441a-3