Source: https://www.law.cornell.edu/uscode/text/12/1788?qt-us_code_tabs=2
Timestamp: 2015-07-29 14:58:54
Document Index: 629172122

Matched Legal Cases: ['§ 1788', '§ 208', '§ 1', '§ 3', '§ 729', '§ 502', '§ 714', '§ 5', '§ 6']

12 U.S. Code § 1788 - Special assistance to avoid liquidation | LII / Legal Information Institute
Loans; purchase of assets; accounts; agreements affecting interest of Board in any asset acquired by it (1)
No agreement which tends to diminish or defeat the right, title, or interest of the Board, in any asset acquired by it under this subsection, either as security for a loan or by purchase, shall be valid against the Board unless such agreement—
Protection of Fund For the protection of the Fund, the Board, without regard to chapters 1 to 11 of title 40 and division C (except sections 3302, 3307
(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41, may—
Money paid into Fund Money received by the Board in carrying out this section shall be paid into the Fund.
(June 26, 1934, ch. 750, title II, § 208, as added Pub. L. 91–468, § 1(3),Oct. 19, 1970, 84 Stat. 1013; amended Pub. L. 92–221, § 3,Dec. 23, 1971, 85 Stat. 797; Pub. L. 93–383, title VII, § 729,Aug. 22, 1974, 88 Stat. 721; Pub. L. 95–630, title V, § 502(b),Nov. 10, 1978, 92 Stat. 3681; Pub. L. 100–86, title VII, § 714(b), (c),Aug. 10, 1987, 101 Stat. 655.)
(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” substituted for “the Federal Property and Administrative Services Act of 1949” and “Section 6101 of title 41” substituted for “Section 3709 of the Revised Statutes of the United States” on authority of Pub. L. 107–217, § 5(c),Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c),Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
1987—Subsecs. (c), (d). Pub. L. 100–86redesignated subsec. (c) assection 1787
(j) of this title and subsec. (d) as (c).
1978—Pub. L. 95–630substituted “Board” for “Administrator” wherever appearing, “it” for “he” and “its” for “him”, and “its” for “his”, where appropriate.
1974—Subsec. (a)(1). Pub. L. 93–383inserted provisions relating to the voluntary liquidation of a solvent credit union and struck out provisions subordinating loans and accounts to the rights of members and creditors of the credit union.
1971—Subsec. (a)(2). Pub. L. 92–221substituted “assumption of its liability by another person” for “assumption of its liability by another insured credit union” and “may guarantee any person against loss by reason of his” for “may guarantee any other insured credit union against loss by reason of its” and inserted definition of “person” as that term is used in par. (2).