12 U.S.C. § 209 — Liability protection

submitted 93 years ago by ch. 1 to r/title-12-BANKS-AND-BANKING · 151 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law protects a conservator from being sued over actions taken while doing conservatorship work. A federal conservator is covered by standard federal tort-claim rules, while any other conservator is shielded unless they were grossly negligent or acted intentionally.

(a) If the conservator is a federal agency or a federal employee, the liability rules in chapters 161 and 171 of title 28 apply to that conservator's acts or omissions done as part of the conservatorship's duties. (b) If the conservator isn't a federal agency or employee, that conservator isn't liable in a lawsuit — whether based in tort or something else — for acts or omissions done as part of the conservatorship's duties, unless a court finds the conduct was grossly negligent, including similarly reckless conduct or any kind of intentional wrongdoing. (c) The Comptroller has the authority to indemnify — reimburse or protect — the conservator, on whatever terms the Comptroller thinks are appropriate.

the actual law source: uscode.house.gov ↗public domain

(a) Federal agency and employees

In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title 28 shall apply with respect to such conservator’s liability for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship.

(b) Other conservators

In any case where the conservator is not a conservator described in subsection (a), the conservator shall not be liable for damages in tort or otherwise for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship, unless such acts or omissions constitute gross negligence, including any similar conduct or any form of intentional tortious conduct, as determined by a court.

The Comptroller 1 shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.

Source credit: (Mar. 9, 1933, ch. 1, title II, § 209, 48 Stat. 5; Sept. 3, 1954, ch. 1263, § 23, 68 Stat. 1234; Pub. L. 101–73, title VIII, § 806, Aug. 9, 1989, 103 Stat. 445.)

history & why it existsrecord from the source credit

1933Enacted · Act of Mar. 9, 1933, ch. 1 · 48 Stat. 5
1954Amended · Act of Sept. 3, 1954, ch. 1263 · 68 Stat. 1234
1989Amended · Pub. L. 101-73 · 103 Stat. 445

A history note hasn’t been published yet. The record shows enactment by ch. 1 on 1933-03-09.

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