12 U.S.C. § 5394

Prohibition on taxpayer funding

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(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

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.

Taxpayers shall bear no losses from the exercise of any authority under this subchapter.

(Pub. L. 111–203, title II, § 214, July 21, 2010, 124 Stat. 1518.)Editorial NotesReferences in Text

This subchapter, referred to in text, was in the original “this title”, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.

Statutory Notes and Related SubsidiariesEffective 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.

Notes of Decisions

Cited in 1 case, 2011–2011 · leading case: In re Checking Account Overdraft Litig., 830 F. Supp. 2d 1330 (S.D. Fla. 2011).

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In re Checking Account Overdraft Litig., 830 F. Supp. 2d 1330 (S.D. Fla. 2011). “214(a) (July 21, 2010) (codified at 12 U.S.C. § 5394 (a)) (”[n]o taxpayer funds shall be used to prevent the liquidation of any financial company under [Title II of the DFA].”

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