1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 16 - FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1821a - FSLIC Resolution Fund
View MetadataPublication Title | United States Code, 1994 Edition, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 16 - FEDERAL DEPOSIT INSURANCE CORPORATION Sec. 1821a - FSLIC Resolution Fund |
Contains | section 1821a |
Date | 1994 |
Laws in Effect as of Date | January 4, 1995 |
Positive Law | No |
Disposition | standard |
Source Credit | Sept. 21, 1950, ch. 967, §2[11A], as added Aug. 9, 1989, Pub. L. 101-73, title II, §215, 103 Stat. 252; amended Dec. 12, 1991, Pub. L. 102-233, title II, §202(c), (d), 105 Stat. 1767; Dec. 19, 1991, Pub. L. 102-242, title I, §161(b), 105 Stat. 2285. |
Statutes at Large References | 103 Stat. 252 105 Stat. 1767, 2285 |
Public Law References | Public Law 101-73, Public Law 102-233, Public Law 102-242 |
§1821a. FSLIC Resolution Fund (a) Established (1) In general
There is established a separate fund to be designated as the FSLIC Resolution Fund which shall be managed by the Corporation and separately maintained and not commingled.
(2) Transfer of FSLIC assets and liabilities (A) In generalExcept as provided in section 1441a of this title, all assets and liabilities of the Federal Savings and Loan Insurance Corporation on the day before August 9, 1989, shall be transferred to the FSLIC Resolution Fund.
(B) Additional claims on assetsThe FSLIC Resolution Fund shall pay to the Savings Association Insurance Fund such amounts as are needed for administrative and supervisory expenses from August 9, 1989, through September 30, 1992.
(3) Separate holdingAssets and liabilities transferred to the FSLIC Resolution Fund shall be the assets and liabilities of the Fund and not of the Corporation and shall not be consolidated with the assets and liabilities of the Bank Insurance Fund, the Savings Association Insurance Fund, or the Corporation for accounting, reporting, or any other purpose.
(4) Rights, powers, and dutiesEffective August 10, 1989, the Corporation shall have all rights, powers, and duties to carry out the Corporation's duties with respect to the assets and liabilities of the FSLIC Resolution Fund that the Corporation otherwise has under this chapter.
(5) Corporation as conservator or receiver (A) In generalEffective 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 dutiesWhen acting as conservator or receiver with respect to any depository institution described in subparagraph (A), the Corporation shall have all rights, powers, and duties that the Corporation otherwise has as conservator or receiver under this chapter.
(b) Source of fundsThe 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.
(4) During the period beginning on August 9, 1989, and ending on December 31, 1992, amounts assessed against Savings Association Insurance Fund members by the Corporation pursuant to section 1817 of this title which are not required by the Financing Corporation pursuant to section 1441 of this title or by the Resolution Funding Corporation pursuant to section 1441b of this title.
(c) Treasury backup (1) In generalIf the funds described in subsections (a) and (b) of this section are insufficient to satisfy the liabilities of the FSLIC Resolution Fund, the Secretary of the Treasury shall pay to the Fund such amounts as may be necessary, as determined by the Corporation and the Secretary, for FSLIC Resolution Fund purposes.
(2) Authorization of appropriationsThere are authorized to be appropriated to the Secretary of the Treasury, without fiscal year limitation, such sums as may be necessary to carry out this section.
(d) Legal proceedingsAny 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.
(e) Transfer of net proceeds from sale of RTC assetsThe 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 1441a of this title.
(f) DissolutionThe 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 Savings Association Insurance Fund.
(Sept. 21, 1950, ch. 967, §2[11A], as added Aug. 9, 1989, Pub. L. 101–73, title II, §215, 103 Stat. 252; amended Dec. 12, 1991, Pub. L. 102–233, title II, §202(c), (d), 105 Stat. 1767; Dec. 19, 1991, Pub. L. 102–242, title I, §161(b), 105 Stat. 2285.)
Amendments1991—Subsec. (a)(2)(B). Pub. L. 102–233, §202(c), substituted “1992” for “1991”.
Subsec. (a)(4), (5). Pub. L. 102–242 added pars. (4) and (5).
Subsec. (b)(4). Pub. L. 102–233, §202(d), substituted “1992” for “1991”.
Section Referred to in Other SectionsThis section is referred to in section 1441 of this title.
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