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Title 12 — Banks and BankingRelease 119-73not60

§209 Liability Protection

Title 12 › Chapter 2— NATIONAL BANKS › Subchapter XIV— BANK CONSERVATION ACT › § 209

Last updated Apr 3, 2026|Official source

Summary

If the conservator is a federal agency or a government employee, the rules in chapters 161 and 171 of title 28 govern their legal liability for acts done while acting as conservator. If the conservator is not a federal agency or employee, they are not responsible for damages for acts done as conservator unless a court finds gross negligence or intentional wrongful conduct. The Comptroller can agree to protect and pay for the conservator on whatever terms the Comptroller decides.

Full Legal Text

Title 12, §209

Banks and Banking — Source: USLM XML via OLRC

(a)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.
(b)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.
(c)The Comptroller 11 So in original. Probably should be “Comptroller of the Currency”. shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

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 section 334, 656, and 1005 of title 18; and section 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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 209

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60