12 U.S.C. § 5613 — Additional related matters
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 239 words · no verdicts yet
The Corporation cannot use the parallel authority in section 1823(c)(4)(G)(i) for a program covered by section 5612. It must take specified receivership or bankruptcy steps after a participant defaults. Subsection (b) is omitted.
(a) Beginning July 21, 2010, the Corporation may not use section 1823(c)(4)(G)(i) to create a widely available debt-guarantee program for which section 5612 provides authority. (b) Omitted. (c) If a participating institution, holding company, or other participant defaults after that date on a Corporation-guaranteed obligation, the Corporation shall appoint itself receiver for a defaulting insured depository institution. For another defaulting company, it shall either (A) require consideration of resolution under sections 5383 and 5382 and require bankruptcy under title 11, section 301, if no receiver is appointed within 30 days, or (B) file an involuntary bankruptcy petition under title 11, section 303.
Effective upon July 21, 2010, the Corporation may not exercise its authority under section 1823(c)(4)(G)(i) of this title to establish any widely available debt guarantee program for which section 5612 of this title would provide authority.
If an insured depository institution or depository institution holding company (as those terms are defined in section 1813 of this title) participating in a program under section 5612 of this title, or any participant in a debt guarantee program established pursuant to section 1823(c)(4)(G)(i) of this title defaults on any obligation guaranteed by the Corporation after July 21, 2010, the Corporation shall—
appoint itself as receiver for the insured depository institution that defaults; and
with respect to any other participating company that is not an insured depository institution that defaults—
require—
consideration of whether a determination shall be made, as provided in section 5383 of this title to resolve the company under section 5382 of this title; and
the company to file a petition for bankruptcy under section 301 of title 11 if the Corporation is not appointed receiver pursuant to section 5382 of this title within 30 days of the date of default; or
file a petition for involuntary bankruptcy on behalf of the company under section 303 of title 11.
Source credit: (Pub. L. 111–203, title XI, § 1106, July 21, 2010, 124 Stat. 2125.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 2125
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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