Page:United States Statutes at Large Volume 103 Part 1.djvu/572

 103 STAT. 544 PUBLIC LAW 101-73 —AUG. 9, 1989 Courts, U.S. District of Columbia. "(1) IN GENERAL. — In case of the liquidation of any insured credit union, payment of the insured deposits in such credit > union shall be made by the Board as soon as possible, subject to the provisions of subsection (e) of this section, either by cash or by making available to each accountholder a transferred deposit in a new credit union in the same community or in another insured credit union in an amount equal to the insured deposit of such accountholder. "(2) PROOF OF CLAIMS. —The Board, in its discretion, may require proof of claims to be filed and may approve or reject such claims for insured deposits. "(3) RESOLUTION OF DISPUTES.— " (A) RESOLUTIONS IN ACCORDANCE TO BOARD REGULA- TIONS.— In the case of any disputed claim relating to any insured deposit or any determination of insurance coverage with respect to any deposit, the Board may resolve such disputed claim in accordance with regulations prescribed by the Board establishing procedures for resolving such claims. "(B) ADJUDICATION OF CLAIMS. — If the Board has not pre- scribed regulations establishing procedures for resolving disputed claims, the Board may require the final deter- mination of a court of competent jurisdiction before paying any such claim. "(4) REVIEW OF BOARD'S DETERMINATION. —Final determination made by the Board shall be reviewable in accordance with chapter 7 of title 5, United States Code, by the United States Court of Appeals for the District of Columbia or the court of appeals for the Federal judicial circuit where the principal place of business of the credit union is located. "(5) STATUTE OF LIMITATIONS.—Any request for review of a finail determination by the Board shall be filed with the appro- priate circuit court of appeals not later than 60 days after such determination is ordered. " (e) SUBROGATION OF BOARD. — "(1) IN GENERAL. — Notwithstanding any other provision of Federal law, the law of any State, or the constitution of any State, the Eioard, upon the payment to any accountholder as provided in subsection (d) in connection with any insured credit union described in such subsection or the assumption of any deposit in such credit union by another insured credit union pursuant to this section, shall be subrogated to all rights of the accountholder against such credit union to the extent of such payment or assumption. (2) DIVIDENDS ON SUBROGATED AMOUNTS.—The subrogation of the Board under paragraph (1) with respect to any insured credit union shall include the right on the part of the Board to receive the same dividends from the proceeds of the assets of such credit union as would have been payable to the accountholder on a claim for the insured deposit, but such accountholder shall retain such claim for any uninsured or unassumed portion of the deposit. "(f) VALUATION OF CLAIMS IN DEFAULT. — "(1) IN GENERAL. — Notwithstanding any other provision of Federal law or the law of any State, this subsection shall govern the rights of the creditors (other than insured accountholders) of such credit union.

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