12 U.S.C. § 1441a–3 — RTC and FDIC properties
submitted 36 years ago by Pub. L. 101-591 to r/title-12-BANKS-AND-BANKING · 615 words · no verdicts yet
The RTC and FDIC must report covered properties and give governmental agencies and qualified organizations an opportunity to express serious interest before certain transfers. Covered property includes specified coastal, undeveloped, and conservation-adjacent property.
(a)(1) Each of the Resolution Trust Corporation and FDIC must report to Congress each year on every property that was its covered property on September 30, describing and identifying it. The report is due by March 30 of the next year. (2) The corporation may consult the Interior Secretary to identify the properties. (b)(1) Neither corporation may sell or otherwise transfer covered property until it publishes a Federal Register notice identifying the property and describing its location, characteristics, and size. (2) During the 90 days after first publication, a governmental agency* or qualified organization may send a written notice of serious interest in buying or otherwise receiving the property, in the form and with the information the corporation requires. (3) During those 90 days the corporation may not transfer the property. Afterward it may transfer it if no timely serious-interest notice was submitted. (4) If one was submitted, the corporation may not transfer the property during the next 90 days except to a governmental agency or qualified organization for primarily wildlife-refuge, sanctuary, open-space, recreational, historical, cultural, or natural-resource-conservation use, unless all serious-interest notices are withdrawn. (c) Definitions. (1) “Corporation concerned” means FDIC for FDIC matters and RTC for RTC matters. (2) “Covered property” means property titled to RTC in its corporate or receivership capacity, or titled to FDIC in its corporate capacity or acquired by the former FSLIC in its corporate capacity, that either (i) lies in the John H. Chafee Coastal Barrier Resources System or (ii) is undeveloped, larger than 50 acres, and adjacent or contiguous to land managed mainly by a governmental agency for the listed conservation, recreation, historical, cultural, or open-space purposes. (3) “Governmental agency” means a federal, State*, or local government agency or entity. (4) “Undeveloped” means having few human-made structures and natural land and ecological processes not significantly blocked by structures or human activity, and having specially significant natural, cultural, recreational, or scientific value. This section does not otherwise define “qualified organization.”
The Resolution Trust Corporation and the Federal Deposit Insurance Corporation shall each submit to the Congress for each year a report identifying and describing any property that is covered property of the corporation concerned as of September 30 of such year. The report shall be submitted on or before March 30 of the following year.
In preparing the reports required under this subsection, each corporation concerned may consult with the Secretary of the Interior for purposes of identifying the properties described in paragraph (1).
The Resolution Trust Corporation and the Federal Deposit Insurance Corporation may not sell or otherwise transfer any covered property unless the corporation concerned causes to be published in the Federal Register a notice of the availability of the property for purchase or other transfer that identifies the property and describes the location, characteristics, and size of the property.
During the 90-day period beginning on the date that notice under paragraph (1) concerning a covered property is first published, any governmental agency* or qualified organization may submit to the corporation concerned a written notice of serious interest for the purchase or other transfer of a particular covered property for which notice has been published. The notice of serious interest shall be in such form and include such information as the corporation concerned may prescribe.
During the period under paragraph (2), a corporation concerned may not sell or otherwise transfer any covered property for which notice has been published under paragraph (1). Upon the expiration of such period, the corporation concerned may sell or otherwise transfer any covered property for which notice under paragraph (1) has been published if a notice of serious interest under paragraph (2) concerning the property has not been timely submitted.
If a notice of serious interest in a covered property is timely submitted pursuant to paragraph (2), the corporation concerned may not sell or otherwise transfer such covered property during the 90-day period beginning upon the expiration of the period under paragraph (2) except to a governmental agency or qualified organization for use primarily for wildlife refuge, sanctuary, open space, recreational, historical, cultural, or natural resource conservation purposes, unless all notices of serious interest under paragraph (2) have been withdrawn.
For purposes of this section:
The term “corporation concerned” means—
the Federal Deposit Insurance Corporation, with respect to matters relating to the Federal Deposit Insurance Corporation; and
the Resolution Trust Corporation, with respect to matters relating to the Resolution Trust Corporation.
The term “covered property” means any property—
to which—
the Resolution Trust Corporation has acquired title in its corporate or receivership capacity; or
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
that—
is located within the John H. Chafee Coastal Barrier Resources System; or
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.
The term “governmental agency” means any agency or entity of the Federal Government or a State* or local government.
The term “undeveloped” means—
containing few manmade structures and having geomorphic and ecological processes that are not significantly impeded by any such structures or human activity; and
having natural, cultural, recreational, or scientific value of special significance.
Source credit: (Pub. L. 101–591, § 10, Nov. 16, 1990, 104 Stat. 2939; Pub. L. 106–167, § 3(c)(5), Dec. 9, 1999, 113 Stat. 1804.)
- 1990Enacted · Pub. L. 101-591 · 104 Stat. 2939
- 1999Amended · Pub. L. 106-167 · 113 Stat. 1804
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-591 on 1990-11-16.
all 0 arguments · sorted by: best
no arguments yet — make the first case