Page:United States Statutes at Large Volume 103 Part 1.djvu/569

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 541 law of any State, no person shall be stayed or prohibited from exercising— "(i) any right to cause the termination or liquidation of any qualified financial contract with an insured credit union which arises upon the appointment of the Board as liquidating agent for such credit union at any time after such appointment; "(ii) any right under any security arrangement relat- ing to any contract or agreement described in clause (i); or "(iii) any right to offset or net out any termination value, payment amount, or other transfer obligation arising under or in connection with 1 or more contracts and agreements described in clause (i), including any master agreement for such contracts or agreements. " (B) APPLICABILTTY OF OTHER PROVISIONS.— Subsection (b)(12) shall apply in the case of any judicial action or proceeding brought against any liquidating agent referred to in subparagraph (A), or the credit union for which such liquidating agent was appointed, by any party to a contract or agreement described in subparagraph (A)(i) with such credit union. " (C) CERTAIN TRANSFERS NOT AVOIDABLE. — " (i) IN GENERAL. — Notwithstanding paragraph (11), the Board, whether acting as such or as conservator or liquidating agent of an insured credit union, may not avoid any transfer of money or other property in connection with any qualified financial contract with an insured credit union. "(ii) EXCEPTION FOR CERTAIN TRANSFERS. —Clause (i) shall not apply to gmy transfer of money or other property in connection with any qualified financial contract with an insured credit union if the Board determines that the transferee had actual intent to hinder, delay, or defraud such credit union, the credi- tors of such credit union, or any conservator or liq- uidating agent appointed for such credit union. " (D) CERTAIN CONTRACTS AND AGREEMENTS DEFINED.—For purposes of this subsection— "(i) QUALIFIED FINANCIAL CONTRACT. — The term 'qualified financial contract' means any securities con- tract, forward contract, repurchase agreement, and any similar agreement that the Board determines by regu- lation to be a qualified financial contract for purposes of this paragraph. "(ii) SECURITIES CONTRACT. — The term 'securities con- tract'— "(I) has the meaning given to such term in sec- tion 741(7) of title 11, United States Code, except that the term 'security' (as used in such section) shall be deemed to include any mortgage loan, any mortgage-related security (as defined in section 3(a)(41) of the Securities Exchange Act of 1934), and any interest in any mortgage loan or mort- gage-related security; and "(II) does not include any participation in a commercial mortgage loan unless the Board deter-

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