Page:United States Statutes at Large Volume 124.djvu/1492

 124 STAT. 1466 PUBLIC LAW 111–203—JULY 21, 2010 (I) the claimant did not receive notice of the appointment of the receiver in time to file such claim before such date; and (II) such claim is filed in time to permit pay- ment of such claim. (D) AUTHORITY TO DISALLOW CLAIMS.— (i) IN GENERAL.—The Corporation may disallow any portion of any claim by a creditor or claim of a security, preference, setoff, or priority which is not proved to the satisfaction of the Corporation. (ii) PAYMENTS TO UNDERSECURED CREDITORS.—In the case of a claim against a covered financial company that is secured by any property or other asset of such covered financial company, the receiver— (I) may treat the portion of such claim which exceeds an amount equal to the fair market value of such property or other asset as an unsecured claim; and (II) may not make any payment with respect to such unsecured portion of the claim, other than in connection with the disposition of all claims of unsecured creditors of the covered financial com- pany. (iii) EXCEPTIONS.—No provision of this paragraph shall apply with respect to— (I) any extension of credit from any Federal reserve bank, or the Corporation, to any covered financial company; or (II) subject to clause (ii), any legally enforce- able and perfected security interest in the assets of the covered financial company securing any such extension of credit. (E) LEGAL EFFECT OF FILING.— (i) STATUTE OF LIMITATIONS TOLLED.—For purposes of any applicable statute of limitations, the filing of a claim with the receiver shall constitute a commence- ment of an action. (ii) NO PREJUDICE TO OTHER ACTIONS.—Subject to paragraph (8), the filing of a claim with the receiver shall not prejudice any right of the claimant to continue any action which was filed before the date of appoint- ment of the receiver for the covered financial company. (4) JUDICIAL DETERMINATION OF CLAIMS.— (A) IN GENERAL.—Subject to subparagraph (B), a claim- ant may file suit on a claim (or continue an action com- menced before the date of appointment of the Corporation as receiver) in the district or territorial court of the United States for the district within which the principal place of business of the covered financial company is located (and such court shall have jurisdiction to hear such claim). (B) TIMING.—A claim under subparagraph (A) may be filed before the end of the 60-day period beginning on the earlier of— (i) the end of the period described in paragraph (3)(A)(i) (or, if extended by agreement of the Corpora- tion and the claimant, the period described in para- graph (3)(A)(ii)) with respect to any claim against a