Directors not liable for acquiescing in appointment of receiver
About This Law
/us/usc/t12/s5387
Title
12 — Banks and Banking
Chapter
CH53
Release
119-84
Release Date
2026-04-17
Section Text
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The members of the board of directors (or body performing similar functions) of a covered financial company shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the Corporation as receiver for the covered financial company under section 5383 of this title.
(Pub. L. 111–203, title II, § 207, July 21, 2010, 124 Stat. 1459.)
Statutory Notes and Related Subsidiaries
Effective DateSection effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
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