§ 209. — Liability protection.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC209]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XIV--BANK CONSERVATION ACT
Sec. 209. Liability protection
(a) Federal agency and employees
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) Other conservators
In any case where the conservator is not a conservator described in
subsection (a) of this section, 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) Indemnification
The Comptroller \1\ shall have authority to indemnify the
conservator on such terms as the Comptroller deems proper.
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\1\ So in original. Probably should be ``Comptroller of the
Currency''.
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(Mar. 9, 1933, ch. 1, title II, Sec. 209, 48 Stat. 5; Sept. 3, 1954, ch.
1263, Sec. 23, 68 Stat. 1234; Pub. L. 101-73, title VIII, Sec. 806, Aug.
9, 1989, 103 Stat. 445.)
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 sections 334, 656, and 1005 of title 18;
and sections 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.
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.
Section Referred to in Other Sections
This section is referred to in section 206 of this title.
