Page:United States Statutes at Large Volume 103 Part 1.djvu/270

 103 STAT. 242 PUBLIC LAW 101-73—AUG. 9, 1989 waiver shall be effected in such manner and on such terms and conditions as will not increase recoveries or dividends on ac- ^ count of claims to which the Corporation is not subrogated. "(4) APPLICABILITY OF STATE LAW. —If the Corporation is ap- pointed pursuant to subsection (c)(3), or determines not to invoke the authority conferred in subsection (c)(4), the rights of depositors and other creditors of any State depository institu- tion shall be determined in accordance with the applicable provisions of State law. "(W CONDITIONS APPLICABLE To LIQUIDATION PROCEEDINGS.— "(1) CONSIDERATION OF LOCAL ECONOMIC IMPACT REQUIRED.— The Corporation shall fully consider the adverse economic impact on local communities, including businesses and farms, of actions to be taken by it during the administration and liquida- tion of loans of a depository institution in default. "(2) ACTIONS TO ALLEVIATE ADVERSE ECONOMIC IMPACT TO BE CONSIDERED. — The actions which the Corporation shall consider include the release of proceeds from the sale of products and services for family living and business expenses and shortening the undue length of the decisionmaking process for the accept- •'- ance of offers of settlement contingent upon third party financ- ing. (3) GUIDELINES REQUIRED. — The Corporation shall adopt and publish procedures and guidelines to minimize adverse eco- nomic effects caused by ite actions on individual debtors in the community, "(i) VALUATION OF CLAIMS IN DEFAULT.— / "(1) IN GENERAL.— Notwithstanding any other provision of Federal law or the law of any State and regardless of the - method which the Corporation determines to utilize with re- spect to an insured depository institution in default or in danger of default, including transactions authorized under subsection (n) and section 13(c), this subsection shall govern the rights of the creditors (other than insured depositors) of such institution. \^ "(2) MAXIMUM LIABILTTY. —The maximum liability of the Cor- poration, acting as receiver or in any other capacity, to any person having a claim against the recfeiver or the insured depository institution for which such receivier is appointed shall equal the amount such claimant would have received if the Corporation had liquidated the assets and liabilities of such institution without exercising the Corporation's authority under subsection (n) of this section or section 13. "(3) ADDITIONAL PAYMENTS AUTHORIZED.— "(A) IN GENERAL. —The Corporation may, in its discretion and in the interests of minimizing its losses, use its own resources to make additional payments or credit additional amounts to or with respect to or for the account of any claimant or category of claimants. The Corporation shall not be obligated, as a result of having made any such payment or credited any such amount to or with respect to or for the account of any claimant or category of claimants, to make payments to any other claimant or category or claimants. "(B) SOURCE OF FUNDS.—I f the depository institution in default is a Bank Insurance Fund member, the Corporation may only make such payments out of funds held in the '' Bank Insurance Fund. If the depository institution in de-

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