Page:United States Statutes at Large Volume 103 Part 1.djvu/230

 103 STAT. 202 PUBLIC LAW 101-73 —AUG. 9, 1989 the Corporation under subparagraph (A) if written notice with respect to such liability is not received by such institu- tion before the end of the 2-year period beginning on the date the Corporation incurred the loss. " (2) AMOUNT OF COMPENSATION; PROCEDURES.— "(A) USE OF ESTIMATES.— When an insured depository institution is in default or requires assistance to prevent default, the Corporation shall— "(i) in good faith, estimate the amount of the loss the Corporation will incur from such default or assistance; "(ii) if, with respect to such insured depository institution, there is more than 1 commonly controlled insured depository institution, estimate the amount of each such commonly controlled depository institution's share of such liability; and "(iii) advise each commonly controlled depository ^ institution of the Corporation's estimate of the amount of such institution's liability for such losses. "(B) PROCEDURES; IMMEDIATE PAYMENT.—The Corpora- tion, after consultation with the appropriate Federal bank- ing agency and the appropriate State chartering agency, shall— "(i) on a case-by-case basis, establish the procedures and schedule under which any insured depository institution shall reimburse the Corporation for such institution's liability under paragraph (1) in connection ' with any commonly controlled insured depository institution; or "(ii) require any insured depository institution to make immediate payment of the amount of such institution's liability under paragraph (1) in connection with any commonly controlled insured depository institution. "(C) PRIORITY. —The liability of any insured depository institution under this subsection shall have priority with respect to other obligations and liabilities as follows: "(i) SUPERIORITY.— The liability shall be superior to the following obligations and liabilities of the deposi- tory institution: "(I) Any obligation to shareholders arising as a result of their status as shareholders (including any depository institution holding company or any shareholder or creditor of such company). "(II) Any obligation or liability owed to any affili- ate of the depository institution (including any ' ' other insured depository institution), other than any secured obligation which was secured as of May 1, 1989. "'' " (ii) SUBORDINATION. — The liability shall be subordi- nate in right and payment to the following obligations and liabilities of the depository institution: " (I) Any deposit liability (which is not a liability described in clause (i)(ID). "(II) Any secured obligation, other than any obligation owed to any affiliate of the depository institution (including any other insured depository institution) which was secured after May 1, 1989.

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