Page:United States Statutes at Large Volume 119.djvu/180

 119 STAT. 162

PUBLIC LAW 109–8—APR. 20, 2005 (A) by redesignating subparagraph (B) as subparagraph (D); and (B) by inserting after subparagraph (A) the following new subparagraphs: ‘‘(B) CERTAIN RIGHTS NOT ENFORCEABLE.— ‘‘(i) RECEIVERSHIP.—A person who is a party to a qualified financial contract with an insured depository institution may not exercise any right that such person has to terminate, liquidate, or net such contract under paragraph (8)(A) of this subsection or section 403 or 404 of the Federal Deposit Insurance Corporation Improvement Act of 1991, solely by reason of or incidental to the appointment of a receiver for the depository institution (or the insolvency or financial condition of the depository institution for which the receiver has been appointed)— ‘‘(I) until 5:00 p.m. (eastern time) on the business day following the date of the appointment of the receiver; or ‘‘(II) after the person has received notice that the contract has been transferred pursuant to paragraph (9)(A). ‘‘(ii) CONSERVATORSHIP.—A person who is a party to a qualified financial contract with an insured depository institution may not exercise any right that such person has to terminate, liquidate, or net such contract under paragraph (8)(E) of this subsection or section 403 or 404 of the Federal Deposit Insurance Corporation Improvement Act of 1991, solely by reason of or incidental to the appointment of a conservator for the depository institution (or the insolvency or financial condition of the depository institution for which the conservator has been appointed). ‘‘(iii) NOTICE.—For purposes of this paragraph, the Corporation as receiver or conservator of an insured depository institution shall be deemed to have notified a person who is a party to a qualified financial contract with such depository institution if the Corporation has taken steps reasonably calculated to provide notice to such person by the time specified in subparagraph (A). ‘‘(C) TREATMENT OF BRIDGE BANKS.—The following institutions shall not be considered to be a financial institution for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding for purposes of paragraph (9): ‘‘(i) A bridge bank. ‘‘(ii) A depository institution organized by the Corporation, for which a conservator is appointed either— ‘‘(I) immediately upon the organization of the institution; or ‘‘(II) at the time of a purchase and assumption transaction between the depository institution and the Corporation as receiver for a depository institution in default.’’. (b) INSURED CREDIT UNIONS.—

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