Page:United States Statutes at Large Volume 103 Part 1.djvu/573

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 545 " (2) MAXIMUM LIABILITY. —The maximum liability of the Board, acting as liquidating agent or in any other capacity, to any person having a claim against the liquidating agent or the insured credit union for which such liquidating agent is ap- pointed shall equal the amount such claimant would have received if the Board had liquidated the assets and liabilities of such credit union without exercising the Board's authority under subsection (n) of this section. "(3) ADDITIONAL PAYMENTS AUTHORIZED. — "(A) IN GENERAL.—The Board may, in its discretion and in the interests of minimizing its losses, use its own re- sources to make additional payments or credit additional amounts to or with respect to or for the account of any claimant or category of claimants. The Board shall not be obligated, as a result of having made any such payment or credited any such amount to or with respect to or for the account of any clcdmant or category of claimants, to make payments to any other claimant or category or claimants. "(B) MANNER OF PAYMENT.—The Board may make the payments or credit the amounts specified in subparagraph (A) directly to the claimants or may make such payments or credit such gunounts to an open insured credit union to induce the open insured credit union to accept liability for such claims. "(g) LIMITATION ON COURT ACTION.— Except as provided in this section, no court may take any action, except at the request of the Board of Directors by regulation or order, to restrain or affect the exercise of powers or functions of the Board as a conservator or a liquidating agent. "(h) LIABILITY OF DIRECTORS AND OFFICERS. — A director or officer of an insured credit union may be held personally liable for monetary damages in any civil action by, on behalf of, or at the request or direction of the Board, which action is prosecuted wholly or partially for the benefit of the Board— "(1) acting as conservator or liquidating agent of such insured credit union, "(2) acting based upon a suit, claim, or cause of action pur- chased from, assigned by, or otherwise conveyed by such liq- • uidating agent or conservator, or "(3) acting based upon a suit, clgiim, or cause of action pur- chased from, assigned by, or otherwise conveyed in whole or in part by an insured credit union or its affiliate in connection with assistance provided under section 208, for gross negligence, including any similar conduct or conduct that demonstrates a greater disregard of a duty of care (than gross negligence) including intentional tortious conduct, as such terms are defined and determined under applicable State law. Nothing in this paragraph shall impair or affect any right, if any, of the Board under other applicable law. "(i) DAMAGES.—In any proceeding related to any claim against an insured credit union's director, officer, employee, agent, attorney, accountant, appraiser, or any other party employed by or providing services to an insured credit union, recoverable damages determined to result from the improvident or otherwise improper use or invest- ment of any insured credit union's sissets shall include principal losses and appropriate interest."; and

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