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U.S. Code as of:
01/19/04
Section 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 general
Except 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 assets
The 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 holding
Assets 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 duties
Effective 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 general
Effective 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 duties
When 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 funds
The 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 general
If 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 appropriations
There 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 proceedings
Any 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 assets
The 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) Dissolution
The 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.
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