Page:United States Statutes at Large Volume 103 Part 1.djvu/563

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 535 30-day period beginning on the date on which such action or motion may be filed in accordance with subparagraph (B), the claim shall be deemed to be disallowed as of the end of such period (other than any portion of such claim which was allowed by the liquidating agent), such disallowance shall be final, and the cledmant shall have no further rights or remedies with respect to such claim. "(E) LEGAL EFFECT OF FIUNG, — "(i) STATUTE OF LIMITATION TOLLED. —For purposes of any applicable statute of limitations, the filing of a claim with the liquidating agent shall constitute a commencement of an action. "(ii) No PREJUDICE TO OTHER ACTIONS. — Subject to paragraph (12), the filing of a claim with the liquidat- ing agent shall not prejudice any right of the claimsuit to continue any action which was filed before the appointment of the liquidating agent. ' (9) AGREEMENT AS BASIS OF CLAIM. — "(A) REQUIREMENTS.—Except as provided in subpara- graph (B), any agreement which does not meet the require- ments set forth in section 208(a)(3) shall not form the basis of, or substantially comprise, a claim against the liquidat- ing agent or the Board. (B) EXCEPTION TO CONTEMPORANEOUS EXECUTION REQUIREMENT. —Notwithstanding section 208(a)(3), any agreement between a Federal home loan bank or Federal Iteserve bank and any insured credit union which was executed before the extension of credit by such bank to such credit union shall be treated as having been executed contemporaneously with such extension of credit for pur- poses of subparagraph (A). ' (10) PAYMENT OF CLAIMS. — "(A) IN GENERAL.— The liquidating agent may, in the liquidating agent's discretion and to the extent funds are available, pay creditor claims which are allowed by the liquidating agent, approved by the Board pursuant to a fingil determination pursuant to paragraph (7) or (8), or determined by the final judgment of any court of competent jurisdiction in such manner and amounts as are authorized under this Act. "(B) PAYMENT OP DIVIDENDS ON CLAIMS. —The liquidating agent may, in the liquidating agent's sole discretion, pay dividends on proved claims at any time, and no liability shall attach to the Board (in such Board's corporate capac- ity or as liquidating agent), by reason of any such payment, for failure to pay dividends to a claimant whose claim is not proved at the time of any such payment. '(11) DISTRIBUTION OF ASSETS. — " (A) SUBROGATED CLAIMS; CLAIMS OF UNINSURED ACCOUNTHOLDERS AND OTHER CREDITORS.— The liquidating agent shall— "(i) retain for the account of the Board such portion of the amounts realized from any liquidation as the Board may be entitled to receive in connection with the subrogation of the claims of accountholders; and "(ii) pay to accountholders and other creditors the net amounts available for distribution to them.

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