{"identifier":"/us/usc/t12/s1821a","title":12,"num":"\u00a7\u202f1821a.","heading":"FSLIC Resolution Fund","text":"\u00a7\u202f1821a.\nFSLIC Resolution Fund\n(a)\nEstablished\n(1)\nIn general\nThere is established a separate fund to be designated as the FSLIC Resolution Fund which shall be managed by the Corporation and separately maintained and not commingled.\n(2)\nTransfer of FSLIC assets and liabilities\nExcept as provided in section 1441a\n1\n1 See References in Text note below.\nAugust 9, 1989\n(3)\nSeparate holding\nAssets and liabilities transferred to the FSLIC Resolution Fund shall be the assets and liabilities of the Fund and not of the Corporation and shall not be consolidated with the assets and liabilities of the Deposit Insurance Fund or the Corporation for accounting, reporting, or any other purpose.\n(4)\nRights, powers, and duties\nEffective\nAugust 10, 1989\n(5)\nCorporation as conservator or receiver\n(A)\nIn general\nEffective\n(i) the accounts of which were insured before\nAugust 10, 1989\n(ii) for which a conservator or receiver was appointed before\nJanuary 1, 1989\n(B)\nRights, powers, and duties\nWhen acting as conservator or receiver with respect to any depository institution described in subparagraph (A), the Corporation shall have all rights, powers, and duties that the Corporation otherwise has as conservator or receiver under this chapter.\n(b)\nSource of funds\nThe FSLIC Resolution Fund shall be funded from the following sources to the extent funds are needed in the listed priority:\n(1) Income earned on assets of the FSLIC Resolution Fund.\n(2) Liquidating dividends and payments made on claims received by the FSLIC Resolution Fund from receiverships to the extent such funds are not required by the Resolution Funding Corporation pursuant to\nsection 1441b of this title\nsection 1441 of this title\n(3) Amounts borrowed by the Financing Corporation pursuant to\nsection 1441 of this title\n(c)\nTreasury backup\n(1)\nIn general\nIf the funds described in subsections (a) and (b) are insufficient to satisfy the liabilities of the FSLIC Resolution Fund, the Secretary of the Treasury shall pay to the Fund such amounts as may be necessary, as determined by the Corporation and the Secretary, for FSLIC Resolution Fund purposes.\n(2)\nAuthorization of appropriations\nThere are authorized to be appropriated to the Secretary of the Treasury, without fiscal year limitation, such sums as may be necessary to carry out this section.\n(d)\nLegal proceedings\nAny judgment resulting from a proceeding to which the Federal Savings and Loan Insurance Corporation was a party prior to its dissolution or which is initiated against the Corporation with respect to the Federal Savings and Loan Insurance Corporation or with respect to the FSLIC Resolution Fund shall be limited to the assets of the FSLIC Resolution Fund.\n(e)\nTransfer of net proceeds from sale of RTC assets\nThe FSLIC Resolution Fund shall transfer to the Resolution Funding Corporation any net proceeds from the sale of assets acquired from the Resolution Trust Corporation upon the termination of such Corporation pursuant to section 1441a\n1\n(f)\nDissolution\nThe FSLIC Resolution Fund shall be dissolved upon satisfaction of all debts and liabilities and sale of all assets. Upon dissolution any remaining funds shall be paid into the Treasury. Any administrative facilities and supplies, including offices and office supplies, shall be transferred to the Corporation for use by and to be held as assets of the Deposit Insurance Fund.","url":"https://projectusc.org/usc/t12/s1821a.html","content":[{"t":"sec","id":"/us/usc/t12/s1821a","children":[{"t":"num","text":"\u00a7\u202f1821a."},{"t":"heading","text":"FSLIC Resolution Fund"},{"t":"subsec","id":"/us/usc/t12/s1821a/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Established"},{"t":"para","id":"/us/usc/t12/s1821a/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"There is established a separate fund to be designated as the FSLIC Resolution Fund which shall be managed by the Corporation and separately maintained and not commingled.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1821a/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Transfer of FSLIC assets and liabilities"},{"t":"content","children":[{"t":"p","text":"Except as provided in section 1441a\u202f","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSee References in Text note below."},{"t":"text","text":"\u202fSee References in Text note below.","tail":" of this title, all assets and liabilities of the Federal Savings and Loan Insurance Corporation on the day before "},{"t":"text","text":"August 9, 1989","tail":", shall be transferred to the FSLIC Resolution Fund."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1821a/a/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Separate holding"},{"t":"content","children":[{"t":"p","text":"Assets and liabilities transferred to the FSLIC Resolution Fund shall be the assets and liabilities of the Fund and not of the Corporation and shall not be consolidated with the assets and liabilities of the Deposit Insurance Fund or the Corporation for accounting, reporting, or any other purpose.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1821a/a/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Rights, powers, and duties"},{"t":"content","children":[{"t":"p","text":"Effective ","children":[{"t":"text","text":"August 10, 1989","tail":", the Corporation shall have all rights, powers, and duties to carry out the Corporation\u2019s duties with respect to the assets and liabilities of the FSLIC Resolution Fund that the Corporation otherwise has under this chapter."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1821a/a/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Corporation as conservator or receiver"},{"t":"subpara","id":"/us/usc/t12/s1821a/a/5/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"Effective ","children":[{"t":"text","text":"August 10, 1989","tail":", the Corporation shall succeed the Federal Savings and Loan Insurance Corporation as conservator or receiver with respect to any depository institution\u2014"}]},{"t":"clause","id":"/us/usc/t12/s1821a/a/5/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" the accounts of which were insured before ","children":[{"t":"text","text":"August 10, 1989","tail":" by the Federal Savings and Loan Insurance Corporation; and"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s1821a/a/5/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" for which a conservator or receiver was appointed before ","children":[{"t":"text","text":"January 1, 1989","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s1821a/a/5/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Rights, powers, and duties"},{"t":"content","children":[{"t":"p","text":"When acting as conservator or receiver with respect to any depository institution described in subparagraph (A), the Corporation shall have all rights, powers, and duties that the Corporation otherwise has as conservator or receiver under this chapter.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s1821a/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Source of funds"},{"t":"chapeau","text":"The FSLIC Resolution Fund shall be funded from the following sources to the extent funds are needed in the listed priority:"},{"t":"para","id":"/us/usc/t12/s1821a/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" Income earned on assets of the FSLIC Resolution Fund.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1821a/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" Liquidating dividends and payments made on claims received by the FSLIC Resolution Fund from receiverships to the extent such funds are not required by the Resolution Funding Corporation pursuant to ","children":[{"t":"ref","text":"section 1441b of this title","href":"/us/usc/t12/s1441b","tail":" or the Financing Corporation pursuant to "},{"t":"ref","text":"section 1441 of this title","href":"/us/usc/t12/s1441","tail":"."}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1821a/b/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" Amounts borrowed by the Financing Corporation pursuant to ","children":[{"t":"ref","text":"section 1441 of this title","href":"/us/usc/t12/s1441","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s1821a/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Treasury backup"},{"t":"para","id":"/us/usc/t12/s1821a/c/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"If the funds described in subsections (a) and (b) are insufficient to satisfy the liabilities of the FSLIC Resolution Fund, the Secretary of the Treasury shall pay to the Fund such amounts as may be necessary, as determined by the Corporation and the Secretary, for FSLIC Resolution Fund purposes.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s1821a/c/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Authorization of appropriations"},{"t":"content","children":[{"t":"p","text":"There are authorized to be appropriated to the Secretary of the Treasury, without fiscal year limitation, such sums as may be necessary to carry out this section.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s1821a/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"Legal proceedings"},{"t":"content","children":[{"t":"p","text":"Any judgment resulting from a proceeding to which the Federal Savings and Loan Insurance Corporation was a party prior to its dissolution or which is initiated against the Corporation with respect to the Federal Savings and Loan Insurance Corporation or with respect to the FSLIC Resolution Fund shall be limited to the assets of the FSLIC Resolution Fund.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s1821a/e","children":[{"t":"num","text":"(e)"},{"t":"heading","text":"Transfer of net proceeds from sale of RTC assets"},{"t":"content","children":[{"t":"p","text":"The FSLIC Resolution Fund shall transfer to the Resolution Funding Corporation any net proceeds from the sale of assets acquired from the Resolution Trust Corporation upon the termination of such Corporation pursuant to section 1441a\u202f","children":[{"t":"text","text":"1","tail":" of this title."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s1821a/f","children":[{"t":"num","text":"(f)"},{"t":"heading","text":"Dissolution"},{"t":"content","children":[{"t":"p","text":"The FSLIC Resolution Fund shall be dissolved upon satisfaction of all debts and liabilities and sale of all assets. Upon dissolution any remaining funds shall be paid into the Treasury. Any administrative facilities and supplies, including offices and office supplies, shall be transferred to the Corporation for use by and to be held as assets of the Deposit Insurance Fund.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}