Page:United States Statutes at Large Volume 103 Part 1.djvu/564

 103 STAT. 536 PUBLIC LAW 101-73-AUG. 9, 1989 "(B) DISTRIBUTION TO SHAREHOLDERS OF AMOUNTS REMAIN- ING AFTER PAYMENT OF ALL OTHER CLAIMS AND EXPENSES. — In any case in which funds remain after all account- holders, creditors, other claimants, and administrative ex- penses are paid, the liquidating agent shall distribute such funds to the credit union's shareholders or members to- gether with the accounting report required under para- graph (14XC). "(12) SUSPENSION OF LEGAL ACTIONS. — "(A) IN GENERAL.—After the appointment of a conserva- tor or liquidating agent for an insured credit union, the conservator or liquidating agent may request a stay for a period not to exceed— "(i) 45 days, in the case of any conservator; and "(ii) 90 days, in the case of any liquidating agent, in any judicial action or proceeding to which such credit union is or becomes a party. "(B) GRANT OF STAY BY ALL COURTS REQUIRED. — Upon receipt of a request by any conservator or liquidating agent pursuant to subparagraph (A) for a stay of any judicial action or proceeding in any court with jurisdiction of such action or proceeding, the court shall grant such stay as to all parties. " (13) ADDITIONAL RIGHTS AND DUTIES.— "(A) PRIOR FINAL ADJUDICATION. —The Board shall abide by any final unappealable judgment of any court of com- petent jurisdiction which was rendered before the appoint- ment of the Board as conservator or liquidating agent. "(B) RIGHTS AND REMEDIES OF CONSERVATOR OR UQUIDAT- ING AGENT. —In the event of any appealable judgment, the Board as conservator or liquidating agent shall— "(i) have all the rights and remedies available to the credit union (before the appointment of such conserva- tor or liquidating agent) and the Board in its corporate capacity, including removal to Federal court and all appellate rights; and "(ii) not be required to post any bond in order to pursue such remedies. "(C) No ATTACHMENT OR EXECUTION.—No attachment or execution may issue by any court upon assets in the posses- sion of the liquidating agent. "(D) LIMITATION ON JUDICIAL REVIEW. —Except as other- wise provided in this subsection, no court shall have juris- diction over— "(i) any claim or action for payment from, or any action seeking a determination of rights with respect to, the assets of any credit union for which the Board has been appointed liquidating agent, including assets which the Board may acquire from itself as such liq- uidating agent; or "(ii) any claim relating to any act or omission of such credit union or the Board as liquidating agent. "(14) STATUTE OF LIMITATIONS FOR ACTIONS BROUGHT BY CON- SERVATOR OR UQUIDATING AGENT. — "(A) IN GENERAL.— Notwithstanding any provision of any contract, the applicable statute of limitations with regard to

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