2014 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 52 - Emergency Economic Stabilization (Sections 5201 - 5261)
Subchapter I - Troubled Assets Relief Program (Sections 5211 - 5241)
Sec. 5216 - Rights; management; sale of troubled assets; revenues and sale proceeds
Publication Title | United States Code, 2012 Edition, Supplement 2, 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 52 - EMERGENCY ECONOMIC STABILIZATION SUBCHAPTER I - TROUBLED ASSETS RELIEF PROGRAM Sec. 5216 - Rights; management; sale of troubled assets; revenues and sale proceeds |
Contains | section 5216 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 110-343, div. A, title I, §106, Oct. 3, 2008, 122 Stat. 3773; Pub. L. 111-203, title XIII, §1303, July 21, 2010, 124 Stat. 2133. |
Statutes at Large References | 122 Stat. 3773, 3765 124 Stat. 2133 |
Public and Private Laws | Public Law 110-343, Public Law 111-203 |
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The Secretary may, at any time, exercise any rights received in connection with troubled assets purchased under this chapter.
(b) Management of troubled assetsThe Secretary shall have authority to manage troubled assets purchased under this chapter, including revenues and portfolio risks therefrom.
(c) Sale of troubled assetsThe Secretary may, at any time, upon terms and conditions and at a price determined by the Secretary, sell, or enter into securities loans, repurchase transactions, or other financial transactions in regard to, any troubled asset purchased under this chapter.
(d) Transfer to TreasuryRevenues of, and proceeds from the sale of troubled assets purchased under this chapter, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under section 5223 of this title shall be paid into the general fund of the Treasury for reduction of the public debt.
(e) Application of sunset to troubled assetsThe authority of the Secretary to hold any troubled asset purchased under this chapter before the termination date in section 5230 of this title, or to purchase or fund the purchase of a troubled asset under a commitment entered into before the termination date in section 5230 of this title, is not subject to the provisions of section 5230 of this title.
(f) ReportThe Secretary of the Treasury shall report to Congress every 6 months on amounts received and transferred to the general fund under subsection (d).
(Pub. L. 110–343, div. A, title I, §106, Oct. 3, 2008, 122 Stat. 3773; Pub. L. 111–203, title XIII, §1303, July 21, 2010, 124 Stat. 2133.)
REFERENCES IN TEXTThis chapter, referred to in text, was in the original "this Act" and was translated as reading "this division", meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.
AMENDMENTS2010—Subsec. (f). Pub. L. 111–203 added subsec. (f).
EFFECTIVE DATE OF 2010 AMENDMENTAmendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.
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