12 CFR 380.53
§ 380.53 Repudiation of secured contract.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 380.53, § 380.53 Repudiation of secured contract, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47212
- Permanent ID
ys:prov:47212@1- SHA-256
01c529dc36e1043d1431cc37d223edcba886faaf744fd1c4197164afc5c50059
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Full text
To the extent that a contract to which a covered financial company is a party is secured by property of the covered financial company, the repudiation of the contract by the Corporation as receiver shall not be construed as permitting the avoidance of any legally enforceable and perfected security interest in the property, and the security interest shall secure any claim for repudiation damages.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.