§ 1821a. — FSLIC Resolution Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1821a]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 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.
(Sept. 21, 1950, ch. 967, Sec. 2[11A], as added Pub. L. 101-73, title
II, Sec. 215, Aug. 9, 1989, 103 Stat. 252; amended Pub. L. 102-233,
title II, Sec. 202(c), (d), Dec. 12, 1991, 105 Stat. 1767; Pub. L. 102-
242, title I, Sec. 161(b), Dec. 19, 1991, 105 Stat. 2285; Pub. L. 104-
208, div. A, title II, Sec. 2704(d)(14)(J)-(L), Sept. 30, 1996, 110
Stat. 3009-492.)
Amendments
1996--Subsec. (a)(2). Pub. L. 104-208, Sec. 2704(d)(14)(J)(i), (ii),
which directed striking out subpar. (A) heading and subpar. (B) and
redesignating subpar. (A) as par. (2), was not executed. See Effective
Date of 1996 Amendment note below.
Subsec. (a)(3). Pub. L. 104-208, Sec. 2704(d)(14)(J)(iii), which
directed substitution of ``the Deposit Insurance Fund'' for ``the Bank
Insurance Fund, the Savings Association Insurance Fund,'', was not
executed. See Effective Date of 1996 Amendment note below.
Subsec. (b)(4). Pub. L. 104-208, Sec. 2704(d)(14)(K), which directed
striking out par. (4), was not executed. See Effective Date of 1996
Amendment note below.
Subsec. (f). Pub. L. 104-208, Sec. 2704(d)(14)(L), which directed
substitution of ``Deposit Insurance Fund'' for ``Savings Association
Insurance Fund'', was not executed. See Effective Date of 1996 Amendment
note below.
1991--Subsec. (a)(2)(B). Pub. L. 102-233, Sec. 202(c), substituted
``1992'' for ``1991''.
Subsec. (a)(4), (5). Pub. L. 102-242 added pars. (4) and (5).
Subsec. (b)(4). Pub. L. 102-233, Sec. 202(d), substituted ``1992''
for ``1991''.
Effective Date of 1996 Amendment
Amendment by Pub. L. 104-208 effective Jan. 1, 1999, if no insured
depository institution is a savings association on that date, see
section 2704(c) of Pub. L. 104-208, set out as a note under section 1821
of this title.
Payment of Judgments and Settlements of Claims Against United States
Pub. L. 106-113, div. B, Sec. 1000(a)(1) [title I, Sec. 110], Nov.
29, 1999, 113 Stat. 1535, 1501A-20, provided that: ``Hereafter, for
payments of judgments against the United States and compromise
settlements of claims in suits against the United States arising from
the Financial Institutions Reform, Recovery and Enforcement Act [Pub. L.
101-73, see Tables for classification] and its implementation, such sums
as may be necessary, to remain available until expended: Provided, That
the foregoing authority is available solely for payment of judgments and
compromise settlements: Provided further, That payment of litigation
expenses is available under existing authority and will continue to be
made available as set forth in the Memorandum of Understanding between
the Federal Deposit Insurance Corporation and the Department of Justice,
dated October 2, 1998.''
Similar provisions were contained in Pub. L. 105-277, div. A,
Sec. 101(b) [title I, Sec. 130], Oct. 21, 1998, 112 Stat. 2681-50, 2681-
77.
Section Referred to in Other Sections
This section is referred to in section 1441 of this title.
