12 USC 1821a - FSLIC Resolution Fund

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

§ 1821a.

FSLIC Resolution Fund

(a)

Established

(1)

In general

(2)

Transfer of FSLIC assets and liabilities

(3)

Separate holding

(4)

Rights, powers, and duties

(5)

Corporation as conservator or receiver

(A)

In general

Effective August 10, 1989, the Corporation shall succeed the Federal Savings and Loan Insurance Corporation as conservator or receiver with respect to any depository institution—

(i)

the accounts of which were insured before August 10, 1989 by the Federal Savings and Loan Insurance Corporation; and

(ii)

for which a conservator or receiver was appointed before January 1, 1989.

(B)

Rights, powers, and duties

(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:

(1)

Income earned on assets of the FSLIC Resolution Fund.

(2)

Liquidating dividends and payments made on claims received by the FSLIC Resolution Fund from receiverships to the extent such funds are not required by the Resolution Funding Corporation pursuant to section 1441b of this title or the Financing Corporation pursuant to section 1441 of this title.

(3)

Amounts borrowed by the Financing Corporation pursuant to section 1441 of this title.

(c)

Treasury backup

(1)

In general

(2)

Authorization of appropriations

(d)

Legal proceedings

(e)

Transfer of net proceeds from sale of RTC assets

(f)

Dissolution

(Sept. 21, 1950, ch. 967, § 2[11A], as added Pub. L. 101–73, title II, § 215, Aug. 9, 1989, 103 Stat. 252; amended Pub. L. 102–233, title II, § 202(c), (d), Dec. 12, 1991, 105 Stat. 1767; Pub. L. 102–242, title I, § 161(b), Dec. 19, 1991, 105 Stat. 2285; Pub. L. 104–208, div. A, title II, § 2704(d)(14)(J)–(L), Sept. 30, 1996, 110 Stat. 3009–492; Pub. L. 109–171, title II, § 2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109–173, § 8(a)(15)–(17), Feb. 15, 2006, 119 Stat. 3612, 3613.)

cite as: 12 USC 1821a