§ 209. Liability protection

Statutory text

Federal agency and employees

In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title 28 shall apply with respect to such conservator’s liability for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship.

Other conservators

In any case where the conservator is not a conservator described in subsection (a), the conservator shall not be liable for damages in tort or otherwise for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship, unless such acts or omissions constitute gross negligence, including any similar conduct or any form of intentional tortious conduct, as determined by a court.

Indemnification

The Comptroller 1 shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.

Footnotes

1 So in original. Probably should be “Comptroller of the Currency”.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1933
Pub. L. 73–1 · 48 Stat. 1
Enacted · 12 U.S.C. § 209
Mar. 9, 1933, ch. 1, title II, § 209, 48 Stat. 5
Source evidence
Code source credit
Mar. 9, 1933, ch. 1, title II, § 209, 48 Stat. 5
1989
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Pub. L. 101–73 title VIII § 806 · 103 Stat. 183
Amended · 12 U.S.C. § 209
Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “Conservators appointed pursuant to the provisions of this subchapter shall be subject to the provisions of and to the penalties prescribed by sections 334, 656, and 1005 of title 18; and sections 202, 216, 281, 431, 432, and 433 of title 18, in so far as applicable, are extended to apply to contracts, agreements, proceedings, dealings, claims and controversies by or with any such conservator or the Comptroller of the Currency under the provisions of this subchapter.”
Source evidence
Code amendment note
Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “Conservators appointed pursuant to the provisions of this subchapter shall be subject to the provisions of and to the penalties prescribed by sections 334, 656, and 1005 of title 18; and sections 202, 216, 281, 431, 432, and 433 of title 18, in so far as applicable, are extended to apply to contracts, agreements, proceedings, dealings, claims and controversies by or with any such conservator or the Comptroller of the Currency under the provisions of this subchapter.”

0 of 2 references resolved to an enrolled provision · 2 partial

Editorial Notes

Amendments1954–1989 · 2 rounds

1989

Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “Conservators appointed pursuant to the provisions of this subchapter shall be subject to the provisions of and to the penalties prescribed by sections 334, 656, and 1005 of title 18; and sections 202, 216, 281, 431, 432, and 433 of title 18, in so far as applicable, are extended to apply to contracts, agreements, proceedings, dealings, claims and controversies by or with any such conservator or the Comptroller of the Currency under the provisions of this subchapter.”

1954

Act Sept. 3, 1954, corrected references to title 18.

Executive Documents

Exception as to Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.

Credits

1933–1989 · 3 acts

1933Mar. 9, 1933, ch. 1, title II, § 209, 48 Stat. 5
1954Sept. 3, 1954, ch. 1263, § 23, 68 Stat. 1234
1989Pub. L. 101–73, title VIII, § 806, Aug. 9, 1989, 103 Stat. 445.

Show as published

(Mar. 9, 1933, ch. 1, title II, § 209, 48 Stat. 5; Sept. 3, 1954, ch. 1263, § 23, 68 Stat. 1234; Pub. L. 101–73, title VIII, § 806, Aug. 9, 1989, 103 Stat. 445.)