Page:United States Statutes at Large Volume 122.djvu/2783

 12 2 STA T . 2 760PUBLIC LA W 110 – 2 89—J UL Y3 0, 2008 ‘ ‘ (I I )90days a fter t h e date o fa p po in t m ent ofare c ei v er . ‘‘(ii) EXCEPTIONS . —T his s ub para g raph sha l l not— ‘‘(I) apply to a contract for liability insurance for an officer or director ‘‘(II) apply to the rights of parties to certain q ualified financial contracts under subsection (d)( 8 ); and ‘‘(III) be construed as permitting the conser - vator or receiver to fail to comply w ith otherwise enforceable provisions of such contracts. ‘‘( 14 ) SAV IN G SC L A U SE.—The meanings of terms used in this subsection are applicable for purposes of this subsection only , and shall not be construed or applied so as to challenge or affect the characteri z ation, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the G ramm- L each- B liley A ct, the Legal C ertainty for Ban kP roducts Act of 2 000, the securities laws (as that term is defined in section 3 (a)(4 7 ) of the Securities E x change Act of 1934), and the Commodity Exchange Act. ‘‘(1 5 ) EXCEPTION F O R FE D ERAL RESERVE AND FEDERAL H O M E LOAN B AN K S.— N o provision of this subsection shall apply with respect to— ‘‘(A) any extension of credit from any F ederal H ome Loan Bank or Federal R eserve Bank to any regulated entity; or ‘‘(B) any security interest in the assets of the regulated entity securing any such extension of credit. ‘‘(e) V ALUATION OF CLAIMS IN D EFAULT.— ‘‘(1) IN GENERAL.—Notwithstanding any other provision of Federal law or the law of any State, and regardless of the method which the Agency determines to utilize with respect to a regulated entity in default or in danger of default, including transactions authorized under subsection (i), this subsection shall govern the rights of the creditors of such regulated entity. ‘‘(2) M AXIMUM LIABILIT Y .—The maximum liability of the Agency, acting as receiver or in any other capacity, to any person having a claim against the receiver or the regulated entity for which such receiver is appointed shall be not more than the amount that such claimant would have received if the Agency had liquidated the assets and liabilities of the regulated entity without exercising the authority of the Agency under subsection (i). ‘‘(f) LIMITATION ON COURT ACTION.—Except as provided in this section or at the request of the Director, no court may take any action to restrain or affect the exercise of powers or functions of the Agency as a conservator or a receiver. ‘‘(g) LIABILITY OF DIRECTORS AND O FFICERS.— ‘‘(1) IN GENERAL.—A director or officer of a regulated entity may be held personally liable for monetary damages in any civil action described in paragraph (2) brought by, on behalf of, or at the request or direction of the Agency, and prosecuted wholly or partially for the benefit of the Agency— ‘‘(A) acting as conservator or receiver of such regulated entity; or

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