196 
trading practices in the financial contracts mar-
ket. 
‘‘(C) PAYMENT OF DIVIDENDS ON CLAIMS.— 
The receiver may, in the sole discretion of the re-
ceiver, pay from the assets of the regulated entity 
dividends on proved claims at any time, and no 
liability shall attach to the Agency, by reason of 
any such payment, for failure to pay dividends 
to a claimant whose claim is not proved at the 
time of any such payment. 
‘‘(D) RULEMAKING AUTHORITY OF THE DI-
RECTOR.—The Director may prescribe such 
rules, including definitions of terms, as the Di-
rector deems appropriate to establish a single 
uniform interest rate for, or to make payments 
of post-insolvency interest to creditors holding 
proven claims against the receivership estates of 
regulated entities following satisfaction by the re-
ceiver of the principal amount of all creditor 
claims. 
‘‘(10) SUSPENSION OF LEGAL ACTIONS.— 
‘‘(A) IN GENERAL.—After the appointment 
of a conservator or receiver for a regulated enti-
ty, the conservator or receiver may, in any judi-
cial action or proceeding to which such regulated 
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entity is or becomes a party, request a stay for 
a period not to exceed— 
‘‘(i) 45 days, in the case of any conser-
vator; and 
‘‘(ii) 90 days, in the case of any re-
ceiver. 
‘‘(B) GRANT OF STAY BY ALL COURTS RE-
QUIRED.—Upon receipt of a request by any con-
servator or receiver under subparagraph (A) for 
a stay of any judicial action or proceeding in 
any court with jurisdiction of such action or 
proceeding, the court shall grant such stay as to 
all parties. 
‘‘(11) ADDITIONAL RIGHTS AND DUTIES.— 
‘‘(A) PRIOR
FINAL
ADJUDICATION.—The 
Agency shall abide by any final unappealable 
judgment of any court of competent jurisdiction 
which was rendered before the appointment of 
the Agency as conservator or receiver. 
‘‘(B) RIGHTS AND REMEDIES OF CONSER-
VATOR OR RECEIVER.—In the event of any ap-
pealable judgment, the Agency as conservator or 
receiver shall— 
‘‘(i) have all the rights and remedies 
available to the regulated entity (before the 
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appointment of such conservator or receiver) 
and the Agency, including removal to Fed-
eral 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 
upon assets in the possession of the 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 
regulated entity for which the Agency has 
been appointed receiver; or 
‘‘(ii) any claim relating to any act or 
omission of such regulated entity or the 
Agency as receiver. 
‘‘(E) DISPOSITION
OF
ASSETS.—In exer-
cising any right, power, privilege, or authority 
as conservator or receiver in connection with any 
sale or disposition of assets of a regulated entity 
for which the Agency has been appointed conser-
vator or receiver, the Agency shall conduct its 
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199 
operations in a manner which maintains sta-
bility in the housing finance markets and, to the 
extent consistent with that goal— 
‘‘(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; and 
‘‘(iii) ensures adequate competition 
and fair and consistent treatment of 
offerors. 
‘‘(12) 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 regard to any action brought 
by the Agency as conservator 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 
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‘‘(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 sub-
paragraph (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 
Agency as conservator or receiver; or 
‘‘(ii) the date on which the cause of ac-
tion accrues. 
‘‘(13) REVIVAL OF EXPIRED STATE CAUSES OF 
ACTION.— 
‘‘(A) IN GENERAL.—In the case of any tort 
claim described under subparagraph (B) for 
which the statute of limitations applicable under 
State law with respect to such claim has expired 
not more than 5 years before the appointment of 
the Agency as conservator or receiver, the Agency 
may bring an action as conservator or receiver 
on such claim without regard to the expiration 
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of the statute of limitation applicable under 
State law. 
‘‘(B) CLAIMS DESCRIBED.—A tort claim re-
ferred to under subparagraph (A) is a claim 
arising from fraud, intentional misconduct re-
sulting in unjust enrichment, or intentional mis-
conduct resulting in substantial loss to the regu-
lated entity. 
‘‘(14) ACCOUNTING
AND
RECORDKEEPING
RE-
QUIREMENTS.— 
‘‘(A) IN GENERAL.—The Agency as conser-
vator or receiver shall, consistent with the ac-
counting and reporting practices and procedures 
established by the Agency, maintain a full ac-
counting of each conservatorship and receiver-
ship or other disposition of a regulated entity in 
default. 
‘‘(B) ANNUAL ACCOUNTING OR REPORT.— 
With respect to each conservatorship or receiver-
ship, the Agency shall make an annual account-
ing or report available to the Board, the Comp-
troller General of the United States, the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate, and the Committee on Financial 
Services of the House of Representatives. 
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‘‘(C) AVAILABILITY OF REPORTS.—Any re-
port prepared under subparagraph (B) shall be 
made available by the Agency upon request to 
any shareholder of a regulated entity or any 
member of the public. 
‘‘(D) 
RECORDKEEPING
REQUIREMENT.— 
After the end of the 6-year period beginning on 
the date that the conservatorship or receivership 
is terminated by the Director, the Agency may 
destroy any records of such regulated entity 
which the Agency, in the discretion of the Agen-
cy, determines to be unnecessary unless directed 
not to do so by a court of competent jurisdiction 
or governmental agency, or prohibited by law. 
‘‘(15) FRAUDULENT TRANSFERS.— 
‘‘(A) IN GENERAL.—The Agency, as conser-
vator or receiver, may avoid a transfer of any 
interest of a regulated entity-affiliated party, or 
any person who the conservator or receiver deter-
mines is a debtor of the regulated entity, in 
property, or any obligation incurred by such 
party or person, that was made within 5 years 
of the date on which the Agency was appointed 
conservator or receiver, if such party or person 
voluntarily or involuntarily made such transfer 
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or incurred such liability with the intent to 
hinder, delay, or defraud the regulated entity, 
the Agency, the conservator, or receiver. 
‘‘(B) RIGHT OF RECOVERY.—To the extent a 
transfer is avoided under subparagraph (A), the 
conservator or receiver may recover, for the ben-
efit of the regulated entity, the property trans-
ferred, or, if a court so orders, the value of such 
property (at the time of such transfer) from— 
‘‘(i) the initial transferee of such trans-
fer or the regulated entity-affiliated party 
or person for whose benefit such transfer 
was made; or 
‘‘(ii) any immediate or mediate trans-
feree of any such initial transferee. 
‘‘(C) RIGHTS
OF
TRANSFEREE
OR
OBLI-
GEE.—The conservator or receiver may not re-
cover 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 transferee of such transferee. 
‘‘(D) RIGHTS UNDER THIS PARAGRAPH.— 
The rights under this paragraph of the conser-
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204 
vator or receiver described under subparagraph 
(A) 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. 
‘‘(16) ATTACHMENT OF ASSETS AND OTHER IN-
JUNCTIVE RELIEF.—Subject to paragraph (17), any 
court of competent jurisdiction may, at the request of 
the conservator or receiver, issue an order in accord-
ance with Rule 65 of the Federal Rules of Civil Proce-
dure, including an order placing the assets of any 
person designated by the Agency or such conservator 
under the control of the court, and appointing a 
trustee to hold such assets. 
‘‘(17) STANDARDS OF PROOF.—Rule 65 of the 
Federal Rules of Civil Procedure shall apply with re-
spect to any proceeding under paragraph (16) with-
out regard to the requirement of such rule that the ap-
plicant show that the injury, loss, or damage is irrep-
arable and immediate. 
‘‘(18) TREATMENT
OF
CLAIMS
ARISING
FROM 
BREACH OF CONTRACTS EXECUTED BY THE RECEIVER 
OR CONSERVATOR.— 
‘‘(A) IN
GENERAL.—Notwithstanding any 
other provision of this subsection, any final and 
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unappealable judgment for monetary damages 
entered against a receiver or conservator for the 
breach of an agreement executed or approved in 
writing by such receiver or conservator after the 
date of its appointment, shall be paid as an ad-
ministrative expense of the receiver or conser-
vator. 
‘‘(B) NO LIMITATION OF POWER.—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 to termi-
nate, breach, cancel, or otherwise discontinue 
such agreement. 
‘‘(19) GENERAL EXCEPTIONS.— 
‘‘(A) LIMITATIONS.—The rights of a conser-
vator or receiver appointed under this section 
shall be subject to the limitations on the powers 
of a receiver under sections 402 through 407 of 
the Federal Deposit Insurance Corporation Im-
provement Act of 1991 (12 U.S.C. 4402 through 
4407). 
‘‘(B) MORTGAGES HELD IN TRUST.— 
‘‘(i) IN GENERAL.—Any mortgage, pool 
of mortgages, or interest in a pool of mort-
gages, held in trust, custodial, or agency ca-
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pacity by a regulated entity for the benefit 
of persons other than the regulated entity 
shall not be available to satisfy the claims 
of creditors generally. 
‘‘(ii) HOLDING OF MORTGAGES.—Any 
mortgage, pool of mortgages, or interest in 
a pool of mortgages, described under clause 
(i) shall be held by the conservator or re-
ceiver appointed under this section for the 
beneficial owners of such mortgage, pool of 
mortgages, or interest in a pool of mort-
gages in accordance with the terms of the 
agreement creating such trust, custodial, or 
other agency arrangement. 
‘‘(iii) LIABILITY
OF
RECEIVER.—The 
liability of a receiver appointed under this 
section for damages shall, in the case of any 
contingent or unliquidated claim relating to 
the mortgages held in trust, be estimated in 
accordance set forth in the regulations of the 
Director. 
‘‘(c) PRIORITY
OF
EXPENSES
AND
UNSECURED 
CLAIMS.— 
‘‘(1) IN GENERAL.—Unsecured claims against a 
regulated entity, or a receiver, that are proven to the 
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