12 USC 2279aa-14 – Federal jurisdiction
Notwithstanding section 1349 of title 28 or any other provision of law:
(1) The Corporation shall be considered an agency under sections 1345 and 1442 of such title.
(2) All civil actions to which the Corporation is a party shall be deemed to arise under the laws of the United States and, to the extent applicable, shall be deemed to be governed by Federal common law. The district courts of the United States shall have original jurisdiction of all such actions, without regard to amount of value.
(3) Any civil or other action, case, or controversy in a court of a State or any court, other than a district court of the United States, to which the Corporation is a party may at any time before trial be removed by the Corporation, without the giving of any bond or security—
(A) to the District Court of the United States for the district and division embracing the place where the same is pending; or
(B) if there is no such district court, to the District Court of the United States for the district in which the principal office of the Corporation is located;
by following any procedure for removal for causes in effect at the time of such removal.
(4) No attachment or execution shall be issued against the Corporation or any of the property of the Corporation before final judgment in any Federal, State, or other court.
Terms Used In 12 USC 2279aa-14
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.