Title 12 — Banks and BankingRelease 119-73not60
§5387 Directors Not Liable for Acquiescing in Appointment of Receiver
Title 12 › Chapter 53— WALL STREET REFORM AND CONSUMER PROTECTION › Subchapter II— ORDERLY LIQUIDATION AUTHORITY › § 5387
Summary
Directors of a covered financial company aren’t liable to shareholders or creditors for honestly agreeing to let the Corporation serve as receiver.
Full Legal Text
Title 12, §5387
Banks and Banking — Source: USLM XML via OLRC
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.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
Effective Date
Section 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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 5387
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60