Page:United States Statutes at Large Volume 122.djvu/2765

 12 2 STA T . 2 74 2 PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ‘ ‘ (i)al l eg e th ee x i s te nc e of legall yv ali d and enfo r ce - a b le or p erfected sec u rity interests in assets of any regulated entity for w hich the A gency has been appointed receiver and ‘‘(ii) allege that irreparable in j ury will occur if the routine clai m s procedure is followed . ‘‘( B ) DET E RMINA TI O N P ERIO D . — Before the end of the 90 -day period beginning on the date on which any claim is filed in accordance with the procedures established under subparagraph (A) , the Director shall— ‘‘(i) determine— ‘‘( I ) whether to allow or disallow such claim; or ‘‘(II) whether such claim should be determined pursuant to the procedures established under para- graph ( 5 ); and ‘‘(ii) notify the claimant of the determination, and if the claim is disallowed, provide a statement of each reason for the disallowance and the procedure for obtaining agency review or judicial determination. ‘‘( C ) P ERIOD F OR FI L IN G OR RENE W ING SU IT.—Any claimant who files a re q uest for expedited relief shall be permitted to file a suit, or to continue a suit filed before the date of appointment of the receiver, see k ing a deter- mination of the rights of the claimant with respect to such security interest after the earlier of— ‘‘(i) the end of the 90-day period beginning on the date of the filing of a request for expedited relief; or ‘‘(ii) the date on which the Agency denies the claim. ‘‘(D) S TATUTE OF LIMITATIONS.—If an action described under subparagraph (C) is not filed, or the motion to renew a previously filed suit is not made, before the end of the 3 0-day period beginning on the date on which such action or motion may be filed under subparagraph (B), the claim shall be deemed to be disallowed as of the end of such period (other than any portion of such claim which was allowed by the receiver), such disallowance shall be final, and the claimant shall have no further rights or remedies with respect to such claim. ‘‘( E ) L EGAL EFFE C T OF FILING.— ‘‘(i) STATUTE OF LIMITATION TOLLED.— F or purposes of any applicable statute of limitations, the filing of a claim with the receiver shall constitute a commence- ment of an action. ‘‘(ii) N O PRE J UDICE TO OT H ER ACTIONS.—Subject to paragraph ( 1 0), the filing of a claim with the receiver shall not prejudice any right of the claimant to continue any action that was filed before the appointment of the receiver, subject to the determination of claims by the receiver. ‘‘(9) PA Y MENT OF CLAIMS.— ‘‘(A) IN GENERAL.— T he receiver may, in the discretion of the receiver, and to the extent that funds are available from the assets of the regulated entity, pay creditor claims, in such manner and amounts as are authori z ed under this section, which are— Deadlin e .Not i f i c ation. Deadline.

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