Page:United States Statutes at Large Volume 103 Part 1.djvu/284

 103 STAT. 256 PUBLIC LAW 101-73 —AUG. 9, 1989 "(A) from the Bank Insurance Fund in the case of payments to or on behalf of a member of such Fund; or "(B) from the Savings Association Insurance Fund or from funds made available by the Resolution Trust Corporation in the case of payments to or on behalf of any Savings Association Insurance Fund member."; (4) by striking out subsections (d) and (e) and inserting the following: " (d) SALE OF ASSETS TO CORPORATION. — Loans. "(1) IN GENERAL.-Any conservator, receiver, or liquidator ap- pointed for any insured depository institution in default, includ- ing the Corporation acting in such capacity, shall be entitled to offer the assets of such depository institutions for sale to the Corporation or as security for loans from the Corporation. "(2) PROCEEDS. —The proceeds of every sale or loan of assets to the Corporation shall be utilized for the same purposes and in the same manner as other funds realized from the liquidation of the assets of such depository institutions. "(3) RIGHTS AND POWERS OF CORPORATION. — "(A) IN GENERAL.—With respect to any asset acquired or liability assumed pursuant to this section, the Corporation shall have all of the rights, powers, privileges, and authori- "* ties of the Corporation afe receiver under sections 11 and •" 15(b). "(B) RULE OF CONSTRUCTION. — Such rights, powers, privi- leges, and authorities shall be in addition to and not in derogation of any rights, powers, privileges, and authorities otherwise applicable to the Corporation. "(C) FIDUCIARY RESPONSIBILITY. —In exercising any right, power, privilege, or authority described in subparagraph (A), the Corporation shall continue to be subject to the fiduciary duties and obligations of the Corporation as re- ceiver to claimants against the insured depository institu- tion in receivership. "(4) LOANS. — The Corporation, in its discretion, may make loans on the security of or may purchase and liquidate or sell any part of the assets of an insured depository institution which is now or may hereafter be in default. "(e) AGREEMENTS AGAINST INTERESTS OF CORPORATION.— No agree- ment which tends to diminish or defeat the interest of the Corpora- tion in any asset acquired by it under this section or section 11, either as security for a loan or by purchase or as receiver of any insured depository institution, shall be valid against the Corporation unless such agreement— „. ^ "(1) is in writing, "(2) was executed by the depository institution and any person claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the depository institution, "(3) was approved by the board of directors of the depository institution or its loan committee, which approval shall be re- flected in the minutes of said board or committee, and "(4) has been, continuously, from the time of its execution, an official record of the depository institution."; (5) in subsection (f)—

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