12 U.S.C. § 1441a-3 : US Code - Section 1441A-3: RTC and FDIC properties

Search 12 U.S.C. § 1441a-3 : US Code - Section 1441A-3: RTC and FDIC properties

(a) Reports
(1) Submission
The Resolution Trust Corporation and the Federal Deposit
Insurance Corporation shall each submit to the Congress for each
year a report identifying and describing any property that is
covered property of the corporation concerned as of September 30
of such year. The report shall be submitted on or before March 30
of the following year.
(2) Consultation
In preparing the reports required under this subsection, each
corporation concerned may consult with the Secretary of the
Interior for purposes of identifying the properties described in
paragraph (1).
(b) Limitation on transfer
(1) Notice
The Resolution Trust Corporation and the Federal Deposit
Insurance Corporation may not sell or otherwise transfer any
covered property unless the corporation concerned causes to be
published in the Federal Register a notice of the availability of
the property for purchase or other transfer that identifies the
property and describes the location, characteristics, and size of
the property.
(2) Expression of serious interest
During the 90-day period beginning on the date that notice
under paragraph (1) concerning a covered property is first
published, any governmental agency or qualified organization may
submit to the corporation concerned a written notice of serious
interest for the purchase or other transfer of a particular
covered property for which notice has been published. The notice
of serious interest shall be in such form and include such
information as the corporation concerned may prescribe.
(3) Prohibition of transfer
During the period under paragraph (2), a corporation concerned
may not sell or otherwise transfer any covered property for which
notice has been published under paragraph (1). Upon the
expiration of such period, the corporation concerned may sell or
otherwise transfer any covered property for which notice under
paragraph (1) has been published if a notice of serious interest
under paragraph (2) concerning the property has not been timely
submitted.
(4) Offers and permitted transfer
If a notice of serious interest in a covered property is timely
submitted pursuant to paragraph (2), the corporation concerned
may not sell or otherwise transfer such covered property during
the 90-day period beginning upon the expiration of the period
under paragraph (2) except to a governmental agency or qualified
organization for use primarily for wildlife refuge, sanctuary,
open space, recreational, historical, cultural, or natural
resource conservation purposes, unless all notices of serious
interest under paragraph (2) have been withdrawn.
(c) Definitions
For purposes of this section:
(1) Corporation concerned
The term "corporation concerned" means -
(A) the Federal Deposit Insurance Corporation, with respect
to matters relating to the Federal Deposit Insurance
Corporation; and
(B) the Resolution Trust Corporation, with respect to matters
relating to the Resolution Trust Corporation.
(2) Covered property
The term "covered property" means any property -
(A) to which -
(i) the Resolution Trust Corporation has acquired title in
its corporate or receivership capacity; or
(ii) the Federal Deposit Insurance Corporation has acquired
title in its corporate capacity or which was acquired by the
former Federal Savings and Loan Insurance Corporation in its
corporate capacity; and
(B) that -
(i) is located within the John H. Chafee Coastal Barrier
Resources System; or
(ii) is undeveloped, greater than 50 acres in size, and
adjacent to or contiguous with any lands managed by a
governmental agency primarily for wildlife refuge, sanctuary,
open space, recreational, historical, cultural, or natural
resource conservation purposes.
(3) Governmental agency
The term "governmental agency" means any agency or entity of
the Federal Government or a State or local government.
(4) Undeveloped
The term "undeveloped" means -
(A) containing few manmade structures and having geomorphic
and ecological processes that are not significantly impeded by
any such structures or human activity; and
(B) having natural, cultural, recreational, or scientific
value of special significance.