Notes on 12 U.S.C. § 1822 : US Code - Notes

Search Notes on 12 U.S.C. § 1822 : US Code - Notes

(Sept. 21, 1950, ch. 967, Sec. 2[12], 64 Stat. 887; Pub. L. 95-369,
Sec. 6(c)(23), Sept. 17, 1978, 92 Stat. 619; Pub. L. 97-320, title
I, Sec. 113(l), Oct. 15, 1982, 96 Stat. 1474; Pub. L. 101-73, title
II, Secs. 201(a), 216, Aug. 9, 1989, 103 Stat. 187, 254; Pub. L.
103-44, Sec. 1, June 28, 1993, 107 Stat. 220; Pub. L. 103-204, Sec.
19(a), Dec. 17, 1993, 107 Stat. 2402; Pub. L. 104-179, Sec.
4(b)(1), Aug. 6, 1996, 110 Stat. 1567; Pub. L. 109-173, Sec.
8(a)(18), Feb. 15, 2006, 119 Stat. 3613.)
PRIOR PROVISIONS
Section is derived from subsec. (m) of former section 264 of this
title. See Codification note set out under section 1811 of this
title.
AMENDMENTS
2006 - Subsec. (f)(4)(E)(iv). Pub. L. 109-173 substituted "the
Deposit Insurance Fund (or any predecessor deposit insurance fund)"
for "Federal deposit insurance funds".
1996 - Subsec. (f)(3). Pub. L. 104-179 struck out ", with the
concurrence of the Office of Government Ethics," after "The Board
of Directors".
1993 - Subsec. (e). Pub. L. 103-44 inserted heading and amended
text generally. Prior to amendment, text read as follows: "If,
after the Corporation shall have given at least three months'
notice to the depositor by mailing a copy thereof to his last-known
address appearing on the records of the depository institution in
default, any depositor in the depository institution in default
shall fail to claim his insured deposit from the Corporation within
eighteen months after the appointment of the receiver for the
depository institution in default, or shall fail within such period
to claim or arrange to continue the transferred deposit with the
new bank or with the other insured depository institution which
assumes liability therefor, all rights of the depositor against the
Corporation with respect to the insured deposit, and against the
new bank and such other insured depository institution with respect
to the transferred deposit, shall be barred, and all rights of the
depositor against the depository institution in default and its
shareholders, or the receivership estate to which the Corporation
may have become subrogated, shall thereupon revert to the
depositor. The amount of any transferred deposits not claimed
within such eighteen months' period, shall be refunded to the
Corporation."
Subsec. (f). Pub. L. 103-204 added subsec. (f).
1989 - Pub. L. 101-73, Sec. 201(a), substituted references to
insured depository institutions for references to insured banks
wherever appearing in this section.
Subsec. (a). Pub. L. 101-73, Sec. 216(2), inserted heading and
text of subsec. (a), and struck out former subsec. (a) which read
as follows: "Notwithstanding any other provision of law, the
Corporation as receiver of a closed national bank, branch of a
foreign bank, insured Federal savings bank, or District bank shall
not be required to furnish bond and shall have the right to appoint
an agent or agents to assist it in its duties as such receiver, and
all fees, compensation, and expenses of liquidation and
administration thereof shall be fixed by the Corporation, and may
be paid by it out of funds coming into its possession as such
receiver."
Subsecs. (b), (c). Pub. L. 101-73, Sec. 216(1), substituted
"depository institution in default" for "closed bank" wherever
appearing.
Subsec. (d). Pub. L. 101-73, Sec. 216(1), (3), substituted
"depository institution in default" for "closed bank" in three
places, struck out "as a stockholder of the depository institution
in default, or of any liability of such depositor" after "payment
of any liability of such depositor", and substituted "such
depository institution" for "such bank".
Subsec. (e). Pub. L. 101-73, Sec. 216(1), substituted "depository
institution in default" for "closed bank" wherever appearing.
1982 - Subsec. (a). Pub. L. 97-320 inserted "insured Federal
savings bank," after "foreign bank,".
1978 - Subsec. (a). Pub. L. 95-369 inserted ", branch of a
foreign bank," after "a closed national bank".
EFFECTIVE DATE OF 2006 AMENDMENT
Amendment by Pub. L. 109-173 effective Mar. 31, 2006, see section
8(b) of Pub. L. 109-173, set out as a note under section 1813 of
this title.
EFFECTIVE DATE OF 1993 AMENDMENTS
Section 19(c) of Pub. L. 103-204 provided that: "The amendment
made by subsection (a) [amending this section] shall apply after
the end of the 6-month period beginning on the date of enactment of
this Act [Dec. 17, 1993]."
Section 2 of Pub. L. 103-44 provided that:
"(a) In General. - The amendments made by section 1 of this Act
[amending this section] shall only apply with respect to
institutions for which the Corporation has initiated the payment of
insured deposits under section 11(f) of the Federal Deposit
Insurance Act [12 U.S.C. 1821(f)] after the date of enactment of
this Act [June 28, 1993].
"(b) Special Rule for Receiverships in Progress. - Section 12(e)
of the Federal Deposit Insurance Act [12 U.S.C. 1822(e)] as in
effect on the day before the date of enactment of this Act [June
28, 1993] shall apply with respect to insured deposits in
depository institutions for which the Corporation was first
appointed receiver during the period between January 1, 1989 and
the date of enactment of this Act, except that such section 12(e)
shall not bar any claim made against the Corporation by an insured
depositor for an insured or transferred deposit, so long as such
claim is made prior to the termination of the receivership.
"(c) Information to States. - Within 120 days after the date of
enactment of this Act [June 28, 1993], the Corporation shall
provide, at the request of and for the sole use of any State, the
name and last known address of any insured depositor (as shown on
the records of the institution in default) eligible to make a claim
against the Corporation solely due to the operation of subsection
(b) of this section.
"(d) Definition. - For purposes of this section, the term
'Corporation' means the Federal Deposit Insurance Corporation, the
Resolution Trust Corporation, or the Federal Savings and Loan
Insurance Corporation, as appropriate."