Page:United States Statutes at Large Volume 122.djvu/2768

 12 2 STA T . 2 745PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ‘ ‘ (B)CLAIMSDE S CR I B ED .—Ator t claim r ef erre d to un der clau s e (i) is a claim arisin g from fraud , intentional mis - conduct resulting in un j ust enric h ment, or intentional mis- conduct resulting in su b stantial loss to the regulated entit y . ‘‘( 14 ) ACC OUNT IN G AND RECORD K EE P ING RE Q UIREMENTS.— ‘‘(A) I N GENERAL.— T he Agency as conser v ator or receiver shall, consistent w ith the accounting and re p orting practices and procedures established by the Agency, main- tain a full accounting of each conservatorship and receiver- ship or other disposition of a regulated entity in default. ‘‘(B) ANNUAL ACCOUNTING OR REPORT.— W ith respect to each conservatorship or receivership, the Agency shall ma k e an annual accounting or report available to the Board, the Comptroller G eneral of the U nited S tates, the Committee on Banking, H ousing, and Urban Affairs of the Senate, and the Committee on F inancial Services of the House of R epresentatives. ‘‘(C) A V AILABILIT Y O F REPORTS.—Any report prepared under subparagraph (B) shall be made available by the Agency upon re q uest to any shareholder of a regulated entity or any member of the public. ‘‘( D ) RECORDKEEPING REQUIREMENT.—After the end of the 6 -year period beginning on the date on which the conservatorship or receivership is terminated by the Director, the Agency may destroy any records of such regu- lated entity which the Agency, in the discretion of the Agency, determines to be unnecessary, unless directed not to do so by a court of competent jurisdiction or govern- mental agency, or prohibited by law. ‘‘(1 5 ) FRAUDULENT TRANSFERS.— ‘‘(A) IN GENERAL.—The Agency, as conservator or receiver, may avoid a transfer of any interest of an entity- affiliated party, or any person determined by the conser- vator or receiver to be a debtor of the regulated entity, in property, or any obligation incurred by such party or person, that was made within 5 years of the date on which the Agency was appointed conservator or receiver, if such party or person voluntarily or involuntarily made such transfer or incurred such liability with the intent to hinder, delay, or defraud the regulated entity, the Agency, the conservator, or receiver. ‘‘(B) RIG H T OF RECOVERY.—To the e x tent a transfer is avoided under subparagraph (A), the conservator or receiver may recover, for the benefit of the regulated entity, the property transferred, or, if a court so orders, the value of such property (at the time of such transfer) from— ‘‘(i) the initial transferee of such transfer or the entity-affiliated party or person for whose benefit such transfer was made or ‘‘(ii) any immediate or mediate transferee of any such initial transferee. ‘‘(C) RIGHTS OF TRANSFEREE OR OBLIGEE.—The conser- vator or receiver may not recover under subparagraph (B) from— ‘‘(i) any transferee that takes for value, including satisfaction or securing of a present or antecedent debt, in good faith; or

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