H. R. 2—199 
‘‘(aa) the System institution in receiver-
ship or conservatorship; 
‘‘(bb) System institutions; 
‘‘(cc) System institution stockholders or 
investors; or 
‘‘(dd) the Corporation. 
‘‘(ii) TERMINATION OF RIGHTS AND CLAIMS.— 
‘‘(I) IN GENERAL.—Except as provided in sub-
clause (II), notwithstanding any other provision 
of law, the appointment of the Corporation as 
receiver for a System institution and the succes-
sion of the Corporation, by operation of law, to 
the rights, titles, powers, and privileges described 
in subparagraph (A) shall terminate all rights and 
claims that the stockholders and creditors of the 
System institution may have, arising as a result 
of their status as stockholders or creditors, against 
the assets or charter of the System institution 
or the Corporation. 
‘‘(II) EXCEPTIONS.—Subclause (I) shall not 
terminate the right to payment, resolution, or 
other satisfaction of the claims of stockholders and 
creditors described in that subclause, as permitted 
under paragraphs (10) and (11) and subsection 
(d). 
‘‘(iii) CHARTER.—Notwithstanding any other provi-
sion of law, for purposes of this section, the charter 
of a System institution shall not be considered to be 
an asset of the System institution. 
‘‘(J) UTILIZATION OF PRIVATE SECTOR.—In carrying out 
its responsibilities in the management and disposition of 
assets from System institutions, as conservator, receiver, 
or in its corporate capacity, the Corporation may utilize 
the services of private persons, including real estate and 
loan portfolio asset management, property management, 
auction marketing, legal, and brokerage services, if the 
Corporation determines utilization of such services is prac-
ticable, efficient, and cost effective. 
‘‘(3) AUTHORITY OF RECEIVER TO DETERMINE CLAIMS.— 
‘‘(A) IN GENERAL.—The Corporation may, as receiver, 
determine claims in accordance with the requirements of 
this subsection and regulations prescribed under paragraph 
(4). 
‘‘(B) NOTICE REQUIREMENTS.—The receiver, in any case 
involving the liquidation or winding up of the affairs of 
a closed System institution, shall— 
‘‘(i) promptly publish a notice to the System institu-
tion’s creditors to present their claims, together with 
proof, to the receiver by a date specified in the notice 
which shall be not less than 90 days after the publica-
tion of such notice; and 
‘‘(ii) republish such notice approximately 1 month 
and 2 months, respectively, after the publication under 
clause (i). 
‘‘(C) MAILING
REQUIRED.—The receiver shall mail a 
notice similar to the notice published under subparagraph
H. R. 2—200 
(B)(i) at the time of such publication to any creditor shown 
on the System institution’s books— 
‘‘(i) at the creditor’s last address appearing in such 
books; or 
‘‘(ii) upon discovery of the name and address of 
a claimant not appearing on the System institution’s 
books within 30 days after the discovery of such name 
and address. 
‘‘(4) RULEMAKING AUTHORITY RELATING TO DETERMINATION 
OF
CLAIMS.—The Corporation may prescribe regulations 
regarding the allowance or disallowance of claims by the 
receiver and providing for administrative determination of 
claims and review of such determination. 
‘‘(5) PROCEDURES FOR DETERMINATION OF CLAIMS.— 
‘‘(A) DETERMINATION PERIOD.— 
‘‘(i) IN GENERAL.—Before the end of the 180-day 
period beginning on the date any claim against a 
System institution is filed with the Corporation as 
receiver, the Corporation shall determine whether to 
allow or disallow the claim and shall notify the claim-
ant of any determination with respect to such claim. 
‘‘(ii) EXTENSION
OF
TIME.—The period described 
in clause (i) may be extended by a written agreement 
between the claimant and the Corporation. 
‘‘(iii) MAILING OF NOTICE SUFFICIENT.—The require-
ments of clause (i) shall be deemed to be satisfied 
if the notice of any determination with respect to any 
claim is mailed to the last address of the claimant 
which appears— 
‘‘(I) on the System institution’s books; 
‘‘(II) in the claim filed by the claimant; or 
‘‘(III) in documents submitted in proof of the 
claim. 
‘‘(iv) CONTENTS OF NOTICE OF DISALLOWANCE.—If 
any claim filed under clause (i) is disallowed, the notice 
to the claimant shall contain— 
‘‘(I) a statement of each reason for the dis-
allowance; and 
‘‘(II) the procedures available for obtaining 
agency review of the determination to disallow 
the claim or judicial determination of the claim. 
‘‘(B) ALLOWANCE
OF
PROVEN
CLAIMS.—The receiver 
shall allow any claim received on or before the date speci-
fied in the notice published under paragraph (3)(B)(i) by 
the receiver from any claimant which is proved to the 
satisfaction of the receiver. 
‘‘(C) DISALLOWANCE OF CLAIMS FILED AFTER END OF 
FILING PERIOD.— 
‘‘(i) IN
GENERAL.—Except as provided in clause 
(ii), claims filed after the date specified in the notice 
published under paragraph (3)(B)(i) shall be disallowed 
and such disallowance shall be final. 
‘‘(ii) CERTAIN
EXCEPTIONS.—Clause (i) shall not 
apply with respect to any claim filed by any claimant 
after the date specified in the notice published under 
paragraph (3)(B)(i) and such claim may be considered 
by the receiver if—
H. R. 2—201 
‘‘(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 receiver may disallow any 
portion of any claim by a creditor or claim of security, 
preference, or priority which is not proved to the satis-
faction of the receiver. 
‘‘(ii) PAYMENTS
TO
LESS
THAN
FULLY
SECURED 
CREDITORS.—In the case of a claim of a creditor against 
a System institution which is secured by any property 
or other asset of such System institution, any receiver 
appointed for any System institution— 
‘‘(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 against the System institution; 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 System institution. 
‘‘(iii) EXCEPTIONS.—No provision of this paragraph 
shall apply with respect to— 
‘‘(I) any extension of credit from any Federal 
Reserve bank or the United States Treasury to 
any System institution; or 
‘‘(II) any security interest in the assets of the 
System institution securing any such extension of 
credit. 
‘‘(E) NO JUDICIAL REVIEW OF DETERMINATION PURSUANT 
TO SUBPARAGRAPH (D).—No court may review the Corpora-
tion’s determination pursuant to subparagraph (D) to dis-
allow a claim. 
‘‘(F) LEGAL EFFECT OF FILING.— 
‘‘(i) STATUTE OF LIMITATION 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 (12) and the determination of claims by 
a receiver, 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 appointment 
of the receiver. 
‘‘(6) PROVISION FOR JUDICIAL DETERMINATION OF CLAIMS.— 
‘‘(A) IN GENERAL.—Before the end of the 60-day period 
beginning on the earlier of— 
‘‘(i) the end of the period described in paragraph 
(5)(A)(i) with respect to any claim against a System 
institution for which the Corporation is receiver; or 
‘‘(ii) the date of any notice of disallowance of such 
claim pursuant to paragraph (5)(A)(i), 
the claimant may request administrative review of the 
claim in accordance with paragraph (7) or file suit on 
such claim (or continue an action commenced before the
H. R. 2—202 
appointment of the receiver) in the district or territorial 
court of the United States for the district within which 
the System institution’s principal place of business is 
located or the United States District Court for the District 
of Columbia (and such court shall have jurisdiction to hear 
such claim). 
‘‘(B) STATUTE OF LIMITATIONS.—If any claimant fails 
to file suit on such claim (or continue an action commenced 
before the appointment of the receiver), before the end 
of the 60-day period described in subparagraph (A), the 
claim shall be deemed to be disallowed (other than any 
portion of such claim which was allowed by the receiver) 
as of the end of such period, such disallowance shall be 
final, and the claimant shall have no further rights or 
remedies with respect to such claim. 
‘‘(7) REVIEW OF CLAIMS; ADMINISTRATIVE HEARING.—If any 
claimant requests review under this paragraph in lieu of filing 
or continuing any action under paragraph (6) and the Corpora-
tion agrees to such request, the Corporation shall consider 
the claim after opportunity for a hearing on the record. The 
final determination of the Corporation with respect to such 
claim shall be subject to judicial review under chapter 7 of 
title 5, United States Code. 
‘‘(8) EXPEDITED DETERMINATION OF CLAIMS.— 
‘‘(A) ESTABLISHMENT REQUIRED.—The Corporation shall 
establish a procedure for expedited relief outside of the 
routine claims process established under paragraph (5) for 
claimants who— 
‘‘(i) allege the existence of legally valid and enforce-
able or perfected security interests in assets of any 
System institution for which the Corporation has been 
appointed receiver; and 
‘‘(ii) allege that irreparable injury will occur if 
the routine claims procedure is followed. 
‘‘(B) DETERMINATION PERIOD.—Before the end of the 
90-day period beginning on the date any claim is filed 
in accordance with the procedures established pursuant 
to subparagraph (A), the Corporation shall— 
‘‘(i) determine— 
‘‘(I) whether to allow or disallow such claim; 
or 
‘‘(II) whether such claim should be determined 
pursuant to the procedures established pursuant 
to paragraph (5); and 
‘‘(ii) notify the claimant of the determination, and 
if the claim is disallowed, provide a statement of each 
reason for the disallowance and the procedure for 
obtaining agency review or judicial determination. 
‘‘(C) PERIOD
FOR
FILING
OR
RENEWING
SUIT.—Any 
claimant who files a request for expedited relief shall be 
permitted to file a suit, or to continue a suit filed before 
the appointment of the receiver, seeking a determination 
of the claimant’s rights with respect to such security 
interest after the earlier of— 
‘‘(i) the end of the 90-day period beginning on 
the date of the filing of a request for expedited relief; 
or
H. R. 2—203 
‘‘(ii) the date the Corporation denies the claim. 
‘‘(D) STATUTE OF LIMITATIONS.—If an action described 
in subparagraph (C) is not filed, or the motion to renew 
a previously filed suit is not made, before the end of the 
30-day period beginning on the date on which such action 
or motion may be filed in accordance with subparagraph 
(B), the claim shall be deemed to be disallowed as of 
the end of such period (other than any portion of such 
claim which was allowed by the receiver), such disallowance 
shall be final, and the claimant shall have no further 
rights or remedies with respect to such claim. 
‘‘(E) LEGAL EFFECT OF FILING.— 
‘‘(i) STATUTE OF LIMITATION 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 (12), 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 appointment 
of the receiver. 
‘‘(9) AGREEMENT AS BASIS OF CLAIM.— 
‘‘(A) REQUIREMENTS.—Except as provided in subpara-
graph (B), any agreement which does not meet the require-
ments set forth in section 5.61(d) shall not form the basis 
of, or substantially comprise, a claim against the receiver 
or the Corporation. 
‘‘(B) EXCEPTION
TO
CONTEMPORANEOUS
EXECUTION 
REQUIREMENT.—Notwithstanding 
section 
5.61(d), 
any 
agreement relating to an extension of credit between a 
Federal Reserve bank or the United States Treasury and 
any System institution which was executed before such 
extension of credit to such System institution shall be 
treated as having been executed contemporaneously with 
such extension of credit for purposes of subparagraph (A). 
‘‘(10) PAYMENT OF CLAIMS.— 
‘‘(A) IN GENERAL.—The receiver may, in the receiver’s 
discretion and to the extent funds are available from the 
assets of the System institution, pay creditor claims which 
are allowed by the receiver, approved by the Corporation 
pursuant to a final determination pursuant to paragraph 
(7) or (8), or determined by the final judgment of any 
court of competent jurisdiction in such manner and 
amounts as are authorized under this Act. 
‘‘(B) LIQUIDATION PAYMENTS.—The receiver may, in the 
receiver’s sole discretion, pay from the assets of the System 
institution portions of proved claims at any time, and no 
liability shall attach to the Corporation (in such Corpora-
tion’s corporate capacity or as receiver), by reason of any 
such payment, for failure to make payments to a claimant 
whose claim is not proved at the time of any such payment. 
‘‘(C) RULEMAKING AUTHORITY OF CORPORATION.—The 
Corporation may prescribe such rules, including definitions 
of terms, as it deems appropriate to establish a single 
uniform interest rate for or to make payments of post 
insolvency interest to creditors holding proven claims
H. R. 2—204 
against the receivership estates of System institutions fol-
lowing satisfaction by the receiver of the principal amount 
of all creditor claims. 
‘‘(11) PRIORITY OF EXPENSES AND CLAIMS.— 
‘‘(A) IN GENERAL.—Amounts realized from the liquida-
tion or other resolution of any System institution by any 
receiver appointed for such System institution shall be 
distributed to pay claims (other than secured claims to 
the extent of any such security) in the following order 
of priority: 
‘‘(i) Administrative expenses of the receiver. 
‘‘(ii) If authorized by the Corporation, wages, sala-
ries, or commissions, including vacation, severance, 
and sick leave pay earned by an individual— 
‘‘(I) in an amount that is not more than 
$11,725 for each individual (as indexed for infla-
tion, by regulation of the Corporation); and 
‘‘(II) that is earned 180 days or fewer before 
the date of appointment of the Corporation as 
receiver. 
‘‘(iii) In the case of the resolution of a System 
bank, all claims of holders of consolidated and System- 
wide bonds and all claims of the other System banks 
arising from the payments of the System banks pursu-
ant to— 
‘‘(I) section 4.4 on consolidated and System- 
wide bonds issued under subsection (c) or (d) of 
section 4.2; or 
‘‘(II) an agreement, in writing and approved 
by the Farm Credit Administration, among the 
System banks to reallocate the payments. 
‘‘(iv) In the case of the resolution of a production 
credit association or other association making direct 
loans under section 7.6, all claims of a System bank 
based on the financing agreement between the associa-
tion and the System bank— 
‘‘(I) including interest accrued before and after 
the appointment of the receiver; and 
‘‘(II) not including any setoff for stock or other 
equity of that System bank owned by the associa-
tion, on that condition that, prior to making that 
setoff, that System bank shall obtain the approval 
of the Farm Credit Administration Board for the 
retirement of that stock or equity. 
‘‘(v) Any general or senior liability of the System 
institution (which is not a liability described in clause 
(vi) or (vii)). 
‘‘(vi) Any obligation subordinated to general credi-
tors (which is not an obligation described in clause 
(vii)). 
‘‘(vii) Any obligation to stockholders or members 
arising as a result of their status as stockholders or 
members. 
‘‘(B) PAYMENT OF CLAIMS.— 
‘‘(i) IN GENERAL.—
H. R. 2—205 
‘‘(I) PAYMENT.—All claims of each priority 
described in clauses (i) through (vii) of subpara-
graph (A) shall be paid in full, or provisions shall 
be made for that payment, prior to the payment 
of any claim of a lesser priority. 
‘‘(II) INSUFFICIENT FUNDS.—If there are insuffi-
cient funds to pay in full all claims in any priority 
described clauses (i) through (vii) of subparagraph 
(A), distribution on that priority of claims shall 
be made on a pro rata basis. 
‘‘(ii) DISTRIBUTION
OF
REMAINING
ASSETS.—Fol-
lowing the payment of all claims in accordance with 
subparagraph (A), the receiver shall distribute the 
remainder of the assets of the System institution to 
the owners of stock, participation certificates, and other 
equities in accordance with the priorities for impair-
ment under the bylaws of the System institution. 
‘‘(iii) 
ELIGIBLE
BORROWER
STOCK.—Notwith-
standing subparagraph (C) or any other provision of 
this section, eligible borrower stock shall be retired 
in accordance with section 4.9A. 
‘‘(C) EFFECT OF STATE LAW.— 
‘‘(i) IN GENERAL.—The provisions of subparagraph 
(A) shall not supersede the law of any State except 
to the extent such law is inconsistent with the provi-
sions of such subparagraph, and then only to the extent 
of the inconsistency. 
‘‘(ii) PROCEDURE FOR DETERMINATION OF INCONSIST-
ENCY.—Upon the Corporation’s own motion or upon 
the request of any person with a claim described in 
subparagraph (A) or any State which is submitted 
to the Corporation in accordance with procedures which 
the Corporation shall prescribe, the Corporation shall 
determine whether any provision of the law of any 
State is inconsistent with any provision of subpara-
graph (A) and the extent of any such inconsistency. 
‘‘(iii) JUDICIAL REVIEW.—The final determination 
of the Corporation under clause (ii) shall be subject 
to judicial review under chapter 7 of title 5, United 
States Code. 
‘‘(D) ACCOUNTING
REPORT.—Any distribution by the 
Corporation in connection with any claim described in 
subparagraph (A)(vii) shall be accompanied by the 
accounting report required under paragraph (15)(B). 
‘‘(12) SUSPENSION OF LEGAL ACTIONS.— 
‘‘(A) IN GENERAL.—After the appointment of a conser-
vator or receiver for a System institution, the conservator 
or receiver may request a stay for a period not to exceed— 
‘‘(i) 45 days, in the case of any conservator; and 
‘‘(ii) 90 days, in the case of any receiver, 
in any judicial action or proceeding to which such System 
institution is or becomes a party. 
‘‘(B) GRANT OF STAY BY ALL COURTS REQUIRED.—Upon 
receipt of a request by any conservator or receiver pursuant 
to subparagraph (A) for a stay of any judicial action or 
proceeding in any court with jurisdiction of such action
H. R. 2—206 
or proceeding, the court shall grant such stay as to all 
parties. 
‘‘(13) ADDITIONAL RIGHTS AND DUTIES.— 
‘‘(A) PRIOR
FINAL
ADJUDICATION.—The Corporation 
shall abide by any final unappealable judgment of any 
court of competent jurisdiction which was rendered before 
the appointment of the Corporation as conservator or 
receiver. 
‘‘(B) RIGHTS
AND
REMEDIES
OF
CONSERVATOR
OR 
RECEIVER.—In the event of any appealable judgment, the 
Corporation as conservator or receiver shall— 
‘‘(i) have all the rights and remedies available to 
the System institution (before the appointment of such 
conservator or receiver) and the Corporation in its 
corporate capacity, including removal to Federal court 
and all appellate rights; and 
‘‘(ii) not be required to post any bond in order 
to pursue such remedies. 
‘‘(C) NO ATTACHMENT OR EXECUTION.—No attachment 
or execution may issue by any court on— 
‘‘(i) assets in the possession of the receiver; or 
‘‘(ii) the charter of a System institution for which 
the Corporation has been appointed receiver. 
‘‘(D) LIMITATION
ON
JUDICIAL
REVIEW.—Except as 
otherwise provided in this subsection, no court shall have 
jurisdiction over— 
‘‘(i) any claim or action for payment from, or any 
action seeking a determination of rights with respect 
to, the assets of any System institution for which the 
Corporation has been appointed receiver, including 
assets which the Corporation may acquire from itself 
as such receiver; or 
‘‘(ii) any claim relating to any act or omission 
of such System institution or the Corporation as 
receiver. 
‘‘(E) DISPOSITION OF ASSETS.—In exercising any right, 
power, privilege, or authority as receiver in connection 
with any sale or disposition of assets of any System institu-
tion for which the Corporation is acting as receiver, the 
Corporation shall, to the maximum extent practicable, con-
duct its operations in a manner which— 
‘‘(i) maximizes the net present value return from 
the sale or disposition of such assets; 
‘‘(ii) minimizes the amount of any loss realized 
in the resolution of cases; 
‘‘(iii) ensures adequate competition and fair and 
consistent treatment of offerors; 
‘‘(iv) prohibits discrimination on the basis of race, 
sex, or ethnic groups in the solicitation and consider-
ation of offers; and 
‘‘(v) mitigates the potential for serious adverse 
effects to the rest of the System. 
‘‘(14) STATUTE OF LIMITATIONS FOR ACTIONS BROUGHT BY 
CONSERVATOR OR RECEIVER.— 
‘‘(A) IN GENERAL.—Notwithstanding any provision of 
any contract, the applicable statute of limitations with
H. R. 2—207 
regard to any action brought by the Corporation as conser-
vator or receiver shall be— 
‘‘(i) in the case of any contract claim, the longer 
of— 
‘‘(I) the 6-year period beginning on the date 
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 
the claim accrues; or 
‘‘(II) the period applicable under State law. 
‘‘(B) DETERMINATION OF THE 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 such subparagraph shall be the later of— 
‘‘(i) the date of the appointment of the Corporation 
as conservator or receiver; 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 statute of limita-
tion applicable under State law with respect to such 
claim has expired not more than 5 years before the 
appointment of the Corporation as conservator or 
receiver, the Corporation may bring an action as con-
servator or receiver on such claim without regard to 
the expiration of the statute of limitation applicable 
under State law. 
‘‘(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 
System institution. 
‘‘(15) ACCOUNTING AND RECORDKEEPING REQUIREMENTS.— 
‘‘(A) IN GENERAL.—The Corporation as conservator or 
receiver shall, consistent with the accounting and reporting 
practices and procedures established by the Corporation, 
maintain a full accounting of each conservatorship and 
receivership or other disposition of System institutions in 
default. 
‘‘(B) ANNUAL ACCOUNTING OR REPORT.—With respect 
to each conservatorship or receivership to which the Cor-
poration was appointed, the Corporation shall make an 
annual accounting or report, as appropriate, available to 
the Farm Credit Administration Board. 
‘‘(C) AVAILABILITY OF REPORTS.—Any report prepared 
pursuant to subparagraph (B) shall be made available by 
the Corporation upon request to any stockholder of the 
System institution for which the Corporation was appointed 
conservator or receiver or any other member of the public. 
‘‘(D) RECORDKEEPING REQUIREMENT.— 
‘‘(i) IN
GENERAL.—Except as provided in clause 
(ii), after the end of the 6-year period beginning on 
the date the Corporation is appointed as receiver of 
a System institution, the Corporation may destroy any
H. R. 2—208 
records of such System institution which the Corpora-
tion, in the Corporation’s discretion, determines to be 
unnecessary unless directed not to do so by a court 
of competent jurisdiction or governmental agency, or 
prohibited by law. 
‘‘(ii) OLD
RECORDS.—Notwithstanding clause (i), 
the Corporation may destroy records of a System 
institution which are at least 10 years old as of the 
date on which the Corporation is appointed as the 
receiver of such System institution in accordance with 
clause (i) at any time after such appointment is final, 
without regard to the 6-year period of limitation con-
tained in clause (i). 
‘‘(16) FRAUDULENT TRANSFERS.— 
‘‘(A) IN GENERAL.—The Corporation, as conservator or 
receiver for any System institution, may avoid a transfer 
of any interest of a System institution-affiliated party, or 
any person who the Corporation determines is a debtor 
of the System institution, in property, or any obligation 
incurred by such party or person, that was made within 
5 years of the date on which the Corporation was appointed 
conservator or receiver if such party or person voluntarily 
or involuntarily made such transfer or incurred such 
liability with the intent to hinder, delay, or defraud the 
System institution, the Farm Credit Administration, or 
the Corporation. 
‘‘(B) RIGHT OF RECOVERY.—To the extent a transfer 
is avoided under subparagraph (A), the Corporation may 
recover, for the benefit of the System institution, the prop-
erty transferred, or, if a court so orders, the value of 
such property (at the time of such transfer) from— 
‘‘(i) the initial transferee of such transfer or the 
System institution-affiliated party or person for whose 
benefit such transfer was made; or 
‘‘(ii) any immediate or mediate transferee of any 
such initial transferee. 
‘‘(C) RIGHTS OF TRANSFEREE OR OBLIGEE.—The Cor-
poration may not recover under subparagraph (B) from— 
‘‘(i) any transferee that takes for value, including 
satisfaction or securing of a present or antecedent debt, 
in good faith; or 
‘‘(ii) any immediate or mediate good faith trans-
feree of such transferee. 
‘‘(D) RIGHTS UNDER THIS PARAGRAPH.—The rights under 
this paragraph of the Corporation shall be superior to 
any rights of a trustee or any other party (other than 
any party which is a Federal agency) under title 11, United 
States Code. 
‘‘(17) ATTACHMENT
OF
ASSETS
AND
OTHER
INJUNCTIVE 
RELIEF.—Subject to paragraph (18), any court of competent 
jurisdiction may, at the request of the Corporation (in the 
Corporation’s capacity as conservator or receiver for any System 
institution or in the Corporation’s corporate capacity with 
respect to any asset acquired or liability assumed by the Cor-
poration under section 5.61), issue an order in accordance with 
Rule 65 of the Federal Rules of Civil Procedure, including 
an order placing the assets of any person designated by the
H. R. 2—209 
Corporation under the control of the court and appointing a 
trustee to hold such assets. 
‘‘(18) STANDARDS.— 
‘‘(A) SHOWING.—Rule 65 of the Federal Rules of Civil 
Procedure shall apply with respect to any proceeding under 
paragraph (17) without regard to the requirement of such 
rule that the applicant show that the injury, loss, or dam-
age is irreparable and immediate. 
‘‘(B) STATE PROCEEDING.—If, in the case of any pro-
ceeding in a State court, the court determines that rules 
of civil procedure available under the laws of such State 
provide substantially similar protections to such party’s 
right to due process as Rule 65 (as modified with respect 
to such proceeding by subparagraph (A)), the relief sought 
by the Corporation pursuant to paragraph (17) may be 
requested under the laws of such State. 
‘‘(19) TREATMENT OF CLAIMS ARISING FROM BREACH OF CON-
TRACTS EXECUTED BY THE RECEIVER OR CONSERVATOR.—Not-
withstanding any other provision of this subsection, any final 
and unappealable judgment for monetary damages entered 
against a receiver or conservator for a System institution for 
the breach of an agreement executed or approved by such 
receiver or conservator after the date of its appointment shall 
be paid as an administrative expense of the receiver or conser-
vator. Nothing in this paragraph shall be construed to limit 
the power of a receiver or conservator to exercise any rights 
under contract or law, including terminating, breaching, can-
celing, or otherwise discontinuing such agreement. 
‘‘(c) PROVISIONS
RELATING
TO
CONTRACTS
ENTERED
INTO 
BEFORE APPOINTMENT OF CONSERVATOR OR RECEIVER.— 
‘‘(1) AUTHORITY TO REPUDIATE CONTRACTS.—In addition to 
any other rights a conservator or receiver may have, the conser-
vator or receiver for a System institution may disaffirm or 
repudiate any contract or lease— 
‘‘(A) to which such System institution is a party; 
‘‘(B) the performance of which the conservator or 
receiver, in the conservator’s or receiver’s discretion, deter-
mines to be burdensome; and 
‘‘(C) the disaffirmance or repudiation of which the con-
servator or receiver determines, in the conservator’s or 
receiver’s discretion, will promote the orderly administra-
tion of the System institution’s affairs. 
‘‘(2) TIMING OF REPUDIATION.—The Corporation as conser-
vator or receiver for any System institution shall determine 
whether or not to exercise the rights of repudiation under 
this subsection within a reasonable period following such 
appointment. 
‘‘(3) CLAIMS FOR DAMAGES FOR REPUDIATION.— 
‘‘(A) IN
GENERAL.—Except as otherwise provided in 
subparagraph (C) and paragraphs (4), (5), and (6), the 
liability of the conservator or receiver for the disaffirmance 
or repudiation of any contract pursuant to paragraph (1) 
shall be— 
‘‘(i) limited to actual direct compensatory damages; 
and 
‘‘(ii) determined as of—
H. R. 2—210 
‘‘(I) the date of the appointment of the conser-
vator or receiver; or 
‘‘(II) in the case of any contract or agreement 
referred to in paragraph (8), the date of the 
disaffirmance or repudiation of such contract or 
agreement. 
‘‘(B) NO LIABILITY FOR OTHER DAMAGES.—For purposes 
of subparagraph (A), the term ‘actual direct compensatory 
damages’ does not include— 
‘‘(i) punitive or exemplary damages; 
‘‘(ii) damages for lost profits or opportunity; or 
‘‘(iii) damages for pain and suffering. 
‘‘(C) MEASURE OF DAMAGES FOR REPUDIATION OF FINAN-
CIAL CONTRACTS.—In the case of any qualified financial 
contract or agreement to which paragraph (8) applies, 
compensatory damages shall be— 
‘‘(i) deemed to include normal and reasonable costs 
of cover or other reasonable measures of damages uti-
lized in the industries for such contract and agreement 
claims; and 
‘‘(ii) paid in accordance with this subsection and 
subsection (j), except as otherwise specifically provided 
in this section. 
‘‘(4) LEASES UNDER WHICH THE SYSTEM INSTITUTION IS THE 
LESSEE.— 
‘‘(A) IN GENERAL.—If the conservator or receiver dis-
affirms or repudiates a lease under which the System 
institution was the lessee, the conservator or receiver shall 
not be liable for any damages (other than damages deter-
mined pursuant to subparagraph (B)) for the disaffirmance 
or repudiation of such lease. 
‘‘(B) PAYMENTS OF RENT.—Notwithstanding subpara-
graph (A), the lessor under a lease to which such subpara-
graph applies shall— 
‘‘(i) be entitled to the contractual rent accruing 
before the later of the date— 
‘‘(I) the notice of disaffirmance or repudiation 
is mailed; or 
‘‘(II) the disaffirmance or repudiation becomes 
effective, unless the lessor is in default or breach 
of the terms of the lease; and 
‘‘(ii) have no claim for damages under any accelera-
tion clause or other penalty provision in the lease; 
and 
‘‘(iii) have a claim for any unpaid rent, subject 
to all appropriate offsets and defenses, due as of the 
date of the appointment, which shall be paid in accord-
ance with this subsection and subsection (j). 
‘‘(5) LEASES UNDER WHICH THE SYSTEM INSTITUTION IS THE 
LESSOR.— 
‘‘(A) IN GENERAL.—If the conservator or receiver repudi-
ates an unexpired written lease of real property of the 
System institution under which the System institution is 
the lessor and the lessee is not, as of the date of such 
repudiation, in default, the lessee under such lease may 
either—
H. R. 2—211 
‘‘(i) treat the lease as terminated by such repudi-
ation; or 
‘‘(ii) remain in possession of the leasehold interest 
for the balance of the term of the lease, unless the 
lessee defaults under the terms of the lease after the 
date of such repudiation. 
‘‘(B) PROVISIONS APPLICABLE TO LESSEE REMAINING IN 
POSSESSION.—If any lessee under a lease described in 
subparagraph (A) remains in possession of a leasehold 
interest pursuant to clause (ii) of such subparagraph— 
‘‘(i) the lessee— 
‘‘(I) shall continue to pay the contractual rent 
pursuant to the terms of the lease after the date 
of the repudiation of such lease; and 
‘‘(II) may offset against any rent payment 
which accrues after the date of the repudiation 
of the lease, any damages which accrue after such 
date due to the nonperformance of any obligation 
of the System institution under the lease after 
such date; and 
‘‘(ii) the conservator or receiver shall not be liable 
to the lessee for any damages arising after such date 
as a result of the repudiation, other than the amount 
of any offset allowed under clause (i)(II). 
‘‘(6) CONTRACTS FOR THE SALE OF REAL PROPERTY.— 
‘‘(A) IN GENERAL.—If the conservator or receiver repudi-
ates any contract that meets the requirements of para-
graphs (1) through (4) of section 5.61(d) for the sale of 
real property, and the purchaser of such real property 
under such contract is in possession and is not, as of 
the date of such repudiation, in default, such purchaser 
may either— 
‘‘(i) treat the contract as terminated by such 
repudiation; or 
‘‘(ii) remain in possession of such real property. 
‘‘(B) PROVISIONS APPLICABLE TO PURCHASER REMAINING 
IN POSSESSION.—If any purchaser of real property under 
any contract described in subparagraph (A) remains in 
possession of such property pursuant to clause (ii) of such 
subparagraph— 
‘‘(i) the purchaser— 
‘‘(I) shall continue to make all payments due 
under the contract after the date of the repudiation 
of the contract; and 
‘‘(II) may offset against any such payments 
any damages which accrue after such date due 
to the nonperformance (after such date) of any 
obligation of the System institution under the con-
tract; and 
‘‘(ii) the conservator or receiver shall— 
‘‘(I) not be liable to the purchaser for any 
damages arising after that date as a result of 
the repudiation, other than the amount of any 
offset allowed under clause (i)(II); 
‘‘(II) deliver title to the purchaser in accord-
ance with the contract; and
H. R. 2—212 
‘‘(III) have no obligation under the contract, 
other than the performance required under sub-
clause (II). 
‘‘(C) ASSIGNMENT AND SALE ALLOWED.— 
‘‘(i) IN GENERAL.—No provision of this paragraph 
shall be construed as limiting the right of the conser-
vator or receiver to assign the contract described in 
subparagraph (A) and sell the property subject to the 
contract and this paragraph. 
‘‘(ii) NO LIABILITY AFTER ASSIGNMENT AND SALE.— 
If an assignment and sale described in clause (i) is 
consummated, the Corporation, acting as conservator 
or receiver, shall have no further liability under the 
applicable contract described in subparagraph (A) or 
with respect to the real property which was the subject 
of such contract. 
‘‘(7) PROVISIONS APPLICABLE TO SERVICE CONTRACTS.— 
‘‘(A) SERVICES PERFORMED BEFORE APPOINTMENT.—In 
the case of any contract for services between any person 
and any System institution for which the Corporation has 
been appointed conservator or receiver, any claim of such 
person for services performed before the appointment of 
the conservator or the receiver shall be— 
‘‘(i) a claim to be paid in accordance with sub-
sections (b) and (d); and 
‘‘(ii) deemed to have arisen as of the date the 
conservator or receiver was appointed. 
‘‘(B) SERVICES
PERFORMED
AFTER
APPOINTMENT
AND 
PRIOR
TO
REPUDIATION.—If, in the case of any contract 
for services described in subparagraph (A), the conservator 
or receiver accepts performance by the other person before 
the conservator or receiver makes any determination to 
exercise the right of repudiation of such contract under 
this section— 
‘‘(i) the other party shall be paid under the terms 
of the contract for the services performed; and 
‘‘(ii) the amount of such payment shall be treated 
as an administrative expense of the conservatorship 
or receivership. 
‘‘(C) ACCEPTANCE OF PERFORMANCE NO BAR TO SUBSE-
QUENT REPUDIATION.—The acceptance by any conservator 
or receiver of services referred to in subparagraph (B) 
in connection with a contract described in such subpara-
graph shall not affect the right of the conservator or 
receiver, to repudiate such contract under this section at 
any time after such performance. 
‘‘(8) CERTAIN QUALIFIED FINANCIAL CONTRACTS.— 
‘‘(A) DEFINITIONS.—In this paragraph: 
‘‘(i) COMMODITY CONTRACT.—The term ‘commodity 
contract’ means— 
‘‘(I) with respect to a futures commission mer-
chant, a contract for the purchase or sale of a 
commodity for future delivery on, or subject to 
the rules of, a contract market or board of trade; 
‘‘(II) with respect to a foreign futures commis-
sion merchant, a foreign future;
H. R. 2—213 
‘‘(III) with respect to a leverage transaction 
merchant, a leverage transaction; 
‘‘(IV) with respect to a clearing organization, 
a contract for the purchase or sale of a commodity 
for future delivery on, or subject to the rules of, 
a contract market or board of trade that is cleared 
by such clearing organization, or commodity option 
traded on, or subject to the rules of, a contract 
market or board of trade that is cleared by such 
clearing organization; 
‘‘(V) with respect to a commodity options 
dealer, a commodity option; 
‘‘(VI) any other agreement or transaction that 
is similar to any agreement or transaction referred 
to in this clause; 
‘‘(VII) any combination of the agreements or 
transactions referred to in this clause; 
‘‘(VIII) any option to enter into any agreement 
or transaction referred to in this clause; 
‘‘(IX) a master agreement that provides for 
an agreement or transaction referred to in any 
of subclauses (I) through (VIII), together with all 
supplements to any such master agreement, with-
out regard to whether the master agreement pro-
vides for an agreement or transaction that is not 
a commodity contract under this clause, except 
that the master agreement shall be considered 
to be a commodity contract under this clause only 
with respect to each agreement or transaction 
under the master agreement that is referred to 
in subclause (I), (II), (III), (IV), (V), (VI), (VII), 
or (VIII); or 
‘‘(X) any security agreement or arrangement 
or other credit enhancement related to any agree-
ment or transaction referred to in this clause, 
including any guarantee or reimbursement obliga-
tion in connection with any agreement or trans-
action referred to in this clause. 
‘‘(ii) FORWARD CONTRACT.—The term ‘forward con-
tract’ means— 
‘‘(I) a contract (other than a commodity con-
tract) for the purchase, sale, or transfer of a com-
modity or any similar good, article, service, right, 
or interest which is presently or in the future 
becomes the subject of dealing in the forward con-
tract trade, or product or byproduct thereof, with 
a maturity date more than 2 days after the date 
the contract is entered into, including a repurchase 
or reverse repurchase transaction (whether or not 
such repurchase or reverse repurchase transaction 
is a repurchase agreement), consignment, lease, 
swap, hedge transaction, deposit, loan, option, allo-
cated transaction, unallocated transaction, or any 
other similar agreement; 
‘‘(II) any combination of agreements or trans-
actions referred to in subclauses (I) and (III);
H. R. 2—214 
‘‘(III) any option to enter into any agreement 
or transaction referred to in subclause (I) or (II); 
‘‘(IV) a master agreement that provides for 
an agreement or transaction referred to in sub-
clauses (I) through (III), together with all supple-
ments to any such master agreement, without 
regard to whether the master agreement provides 
for an agreement or transaction that is not a for-
ward contract under this clause, except that the 
master agreement shall be considered to be a for-
ward contract under this clause only with respect 
to each agreement or transaction under the master 
agreement that is referred to in subclause (I), (II), 
or (III); or 
‘‘(V) any security agreement or arrangement 
or other credit enhancement related to any agree-
ment or transaction referred to in subclause (I), 
(II), (III), or (IV), including any guarantee or 
reimbursement obligation in connection with any 
agreement or transaction referred to in any such 
subclause. 
‘‘(iii) PERSON.—The term ‘person’— 
‘‘(I) has the meaning given the term in section 
1 of title 1, United States Code; and 
‘‘(II) includes any governmental entity. 
‘‘(iv) QUALIFIED FINANCIAL CONTRACT.—The term 
‘qualified financial contract’ means any securities con-
tract, commodity contract, forward contract, repurchase 
agreement, swap agreement, and any similar agree-
ment that the Corporation determines by regulation, 
resolution, or order to be a qualified financial contract 
for purposes of this paragraph. 
‘‘(v) REPURCHASE AGREEMENT.— 
‘‘(I) IN GENERAL.—The term ‘repurchase agree-
ment’ (including with respect to a reverse 
repurchase agreement)— 
‘‘(aa) means— 
‘‘(AA) an agreement, including related 
terms, which provides for the transfer of 
one or more certificates of deposit, mort-
gage-related securities (as such term is 
defined in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a))), 
mortgage loans, interests in mortgage- 
related securities or mortgage loans, 
eligible bankers’ acceptances, qualified 
foreign government securities or securities 
that are direct obligations of, or that are 
fully guaranteed by, the United States or 
any agency of the United States against 
the transfer of funds by the transferee 
of such certificates of deposit, eligible 
bankers’ acceptances, securities, mortgage 
loans, or interests with a simultaneous 
agreement by such transferee to transfer 
to the transferor thereof certificates of 
deposit, eligible bankers’ acceptances,
H. R. 2—215 
securities, mortgage loans, or interests as 
described above, at a date certain not later 
than 1 year after such transfers or on 
demand, against the transfer of funds, or 
any other similar agreement; 
‘‘(BB) any combination of agreements 
or transactions referred to in subitems 
(AA) and (CC); 
‘‘(CC) any option to enter into any 
agreement or transaction referred to in 
subitem (AA) or (BB); 
‘‘(DD) a master agreement that pro-
vides for an agreement or transaction 
referred to in subitem (AA), (BB), or (CC), 
together with all supplements to any such 
master agreement, without regard to 
whether the master agreement provides 
for an agreement or transaction that is 
not a repurchase agreement under this 
item, except that the master agreement 
shall be considered to be a repurchase 
agreement under this item only with 
respect to each agreement or transaction 
under the master agreement that is 
referred to in subitem (AA), (BB), or (CC); 
and 
‘‘(EE) any security agreement or 
arrangement or other credit enhancement 
related to any agreement or transaction 
referred to in any of subitems (AA) 
through (DD), including any guarantee or 
reimbursement obligation in connection 
with 
any 
agreement 
or 
transaction 
referred to in any such subitem; and 
‘‘(bb) does not include any repurchase 
obligation under a participation in a commer-
cial mortgage, loan unless the Corporation 
determines by regulation, resolution, or order 
to include any such participation within the 
meaning of such term. 
‘‘(II) RELATED
DEFINITION.—For purposes of 
subclause (I)(aa), the term ‘qualified foreign 
government security’ means a security that is a 
direct obligation of, or that is fully guaranteed 
by, the central government of a member of the 
Organization 
for 
Economic 
Cooperation 
and 
Development (as determined by regulation or order 
adopted by the appropriate Federal banking 
authority). 
‘‘(vi) SECURITIES CONTRACT.—The term ‘securities 
contract’— 
‘‘(I) means— 
‘‘(aa) a contract for the purchase, sale, 
or loan of a security, a certificate of deposit, 
a mortgage loan, any interest in a mortgage 
loan, a group or index of securities, certificates 
of deposit, or mortgage loans or interests
H. R. 2—216 
therein (including any interest therein or 
based on the value thereof) or any option on 
any of the foregoing, including any option to 
purchase or sell any such security, certificate 
of deposit, mortgage loan, interest, group or 
index, or option, and including any repurchase 
or reverse repurchase transaction on any such 
security, certificate of deposit, mortgage loan, 
interest, group or index, or option (whether 
or not the repurchase or reverse repurchase 
transaction is a repurchase agreement); 
‘‘(bb) any option entered into on a national 
securities exchange relating to foreign cur-
rencies; 
‘‘(cc) the guarantee (including by novation) 
by or to any securities clearing agency of any 
settlement of cash, securities, certificates of 
deposit, mortgage loans or interests therein, 
group or index of securities, certificates of 
deposit, or mortgage loans or interests therein 
(including any interest therein or based on 
the value thereof) or option on any of the 
foregoing, including any option to purchase 
or sell any such security, certificate of deposit, 
mortgage loan, interest, group or index, or 
option (whether or not the settlement is in 
connection with any agreement or transaction 
referred to in any of items (aa), (bb), and (dd) 
through (kk)); 
‘‘(dd) any margin loan; 
‘‘(ee) any extension of credit for the clear-
ance or settlement of securities transactions; 
‘‘(ff) any loan transaction coupled with a 
securities collar transaction, any prepaid secu-
rities forward transaction, or any total return 
swap transaction coupled with a securities sale 
transaction; 
‘‘(gg) any other agreement or transaction 
that is similar to any agreement or transaction 
referred to in this subclause; 
‘‘(hh) any combination of the agreements 
or transactions referred to in this subclause; 
‘‘(ii) any option to enter into any agree-
ment or transaction referred to in this sub-
clause; 
‘‘(jj) a master agreement that provides for 
an agreement or transaction referred to in 
any of items (aa) through (ii), together with 
all supplements to any such master agree-
ment, without regard to whether the master 
agreement provides for an agreement or trans-
action that is not a securities contract under 
this subclause, except that the master agree-
ment shall be considered to be a securities 
contract under this subclause only with 
respect to each agreement or transaction 
under the master agreement that is referred
H. R. 2—217 
to in item (aa), (bb), (cc), (dd), (ee), (ff), (gg), 
(hh), or (ii); and 
‘‘(kk) any security agreement or arrange-
ment or other credit enhancement related to 
any agreement or transaction referred to in 
this subclause, including any guarantee or 
reimbursement obligation in connection with 
any agreement or transaction referred to in 
this subclause; and 
‘‘(II) does not include any purchase, sale, or 
repurchase obligation under a participation in a 
commercial mortgage loan unless the Corporation 
determines by regulation, resolution, or order to 
include any such agreement within the meaning 
of such term. 
‘‘(vii) SWAP AGREEMENT.—The term ‘swap agree-
ment’ means— 
‘‘(I) any agreement, including the terms and 
conditions incorporated by reference in any such 
agreement, that is— 
‘‘(aa) an interest rate swap, option, future, 
or forward agreement, including a rate floor, 
rate cap, rate collar, cross-currency rate swap, 
and basis swap; 
‘‘(bb) a spot, same day-tomorrow, tomor-
row-next, forward, or other foreign exchange 
precious metals or other commodity agree-
ment; 
‘‘(cc) a currency swap, option, future, or 
forward agreement; 
‘‘(dd) an equity index or equity swap, 
option, future, or forward agreement; 
‘‘(ee) a debt index or debt swap, option, 
future, or forward agreement; 
‘‘(ff) a total return, credit spread or credit 
swap, option, future, or forward agreement; 
‘‘(gg) a commodity index or commodity 
swap, option, future, or forward agreement; 
‘‘(hh) a weather swap, option, future, or 
forward agreement; 
‘‘(ii) an emissions swap, option, future, or 
forward agreement; or 
‘‘(jj) an inflation swap, option, future, or 
forward agreement; 
‘‘(II) any agreement or transaction that is 
similar to any other agreement or transaction 
referred to in this clause and that is of a type 
that has been, is presently, or in the future 
becomes, the subject of recurrent dealings in the 
swap or other derivatives markets (including terms 
and conditions incorporated by reference in such 
agreement) and that is a forward, swap, future, 
option or spot transaction on one or more rates, 
currencies, commodities, equity securities or other 
equity instruments, debt securities or other debt 
instruments, quantitative measures associated 
with an occurrence, extent of an occurrence, or
H. R. 2—218 
contingency associated with a financial, commer-
cial, or economic consequence, or economic or 
financial indices or measures of economic or finan-
cial risk or value; 
‘‘(III) any combination of agreements or trans-
actions referred to in this clause; 
‘‘(IV) any option to enter into any agreement 
or transaction referred to in this clause; 
‘‘(V) a master agreement that provides for an 
agreement or transaction referred to in any of 
subclauses (I) through (IV), together with all 
supplements to any such master agreement, with-
out regard to whether the master agreement con-
tains an agreement or transaction that is not a 
swap agreement under this clause, except that 
the master agreement shall be considered to be 
a swap agreement under this clause only with 
respect to each agreement or transaction under 
the master agreement that is referred to in sub-
clause (I), (II), (III), or (IV); and 
‘‘(VI) any security agreement or arrangement 
or other credit enhancement related to any agree-
ments or transactions referred to in any of sub-
clauses (I) through (V), including any guarantee 
or reimbursement obligation in connection with 
any agreement or transaction referred to in any 
such subclause. 
‘‘(viii) TRANSFER.—The term ‘transfer’ means every 
mode, direct or indirect, absolute or conditional, vol-
untary or involuntary, of disposing of or parting with 
property or with an interest in property, including 
retention of title as a security interest and foreclosure 
of the equity of redemption of a System institution. 
‘‘(ix) TREATMENT
OF
MASTER
AGREEMENT
AS
AGREEMENT.—For purposes of this subparagraph— 
‘‘(I) any master agreement for any contract 
or agreement described in this subparagraph (or 
any master agreement for such a master agree-
ment or agreements), together with all supple-
ments to the master agreement, shall be treated 
as a single agreement and a single qualified finan-
cial contact; and 
‘‘(II) if a master agreement contains provisions 
relating to agreements or transactions that are 
not qualified financial contracts, the master agree-
ment shall be deemed to be a qualified financial 
contract only with respect to those transactions 
that are themselves qualified financial contracts. 
‘‘(B) RIGHTS
OF
PARTIES
TO
CONTRACTS.—Subject to 
paragraphs (9) and (10), and notwithstanding any other 
provision of this Act (other than subsection (b)(9) and sec-
tion 5.61(d)) or any other Federal or State law, no person 
shall be stayed or prohibited from exercising— 
‘‘(i) any right such person has to cause the termi-
nation, liquidation, or acceleration of any qualified 
financial contract with a System institution which 
arises upon the appointment of the Corporation as