12 USC 5394 – Prohibition on taxpayer funding
Current as of: 2024 | Check for updates
|
Other versions
(a) Liquidation required
All financial companies put into receivership under this subchapter shall be liquidated. No taxpayer funds shall be used to prevent the liquidation of any financial company under this subchapter.
(b) Recovery of funds
Terms Used In 12 USC 5394
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
All funds expended in the liquidation of a financial company under this subchapter shall be recovered from the disposition of assets of such financial company, or shall be the responsibility of the financial sector, through assessments.
(c) No losses to taxpayers
Taxpayers shall bear no losses from the exercise of any authority under this subchapter.