Page:United States Statutes at Large Volume 124.djvu/1496

 124 STAT. 1470 PUBLIC LAW 111–203—JULY 21, 2010 (ii) minimizes the amount of any loss realized in the resolution of cases; (iii) mitigates the potential for serious adverse effects to the financial system; (iv) ensures timely and adequate competition and fair and consistent treatment of offerors; and (v) prohibits discrimination on the basis of race, sex, or ethnic group in the solicitation and consider- ation of offers. (10) STATUTE OF LIMITATIONS FOR ACTIONS BROUGHT BY RECEIVER.— (A) IN GENERAL.—Notwithstanding any provision of any contract, the applicable statute of limitations with regard to any action brought by the Corporation as receiver for a covered financial company shall be— (i) in the case of any contract claim, the longer of— (I) the 6-year period beginning on the date on which the claim accrues; or (II) the period applicable under State law; and (ii) in the case of any tort claim, the longer of— (I) the 3-year period beginning on the date on which the claim accrues; or (II) the period applicable under State law. (B) DATE ON WHICH A CLAIM ACCRUES.—For purposes of subparagraph (A), the date on which the statute of limitations begins to run on any claim described in subpara- graph (A) shall be the later of— (i) the date of the appointment of the Corporation as receiver under this title; or (ii) the date on which the cause of action accrues. (C) REVIVAL OF EXPIRED STATE CAUSES OF ACTION.— (i) IN GENERAL.—In the case of any tort claim described in clause (ii) for which the applicable statute of limitations under State law has expired not more than 5 years before the date of appointment of the Corporation as receiver for a covered financial com- pany, the Corporation may bring an action as receiver on such claim without regard to the expiration of the statute of limitations. (ii) CLAIMS DESCRIBED.—A tort claim referred to in clause (i) is a claim arising from fraud, intentional misconduct resulting in unjust enrichment, or inten- tional misconduct resulting in substantial loss to the covered financial company. (11) AVOIDABLE TRANSFERS.— (A) FRAUDULENT TRANSFERS.—The Corporation, as receiver for any covered financial company, may avoid a transfer of any interest of the covered financial company in property, or any obligation incurred by the covered finan- cial company, that was made or incurred at or within 2 years before the date on which the Corporation was appointed receiver, if— (i) the covered financial company voluntarily or involuntarily— (I) made such transfer or incurred such obliga- tion with actual intent to hinder, delay, or defraud Time period.