business day

(10) Notification of transfer (A) In general If— (i) the conservator or liquidating agent for an insured credit union in default makes any transfer of the assets and liabilities of such credit union; and (ii) the transfer includes any qualified financial contract, the conservator or liquidating agent shall notify any person who is a party to any such contract of such transfer by 5:00 p.m. (eastern time) on the business day following the date of the appointment of the liquidating agent in the case of a liquidation, or the business day following such transfer in the case of a conservatorship. (B) Certain rights not enforceable (i) Liquidation A person who is a party to a qualified financial contract with an insured credit union may not exercise any right that such person has to terminate, liquidate, or net such contract under paragraph (8)(A) of this subsection or section 4403 or 4404 of this title , solely by reason of or incidental to the appointment of a liquidating agent for the credit union institution (or the insolvency or financial condition of the credit union for which the liquidating agent has been appointed)— (I) until 5:00 p.m. (eastern time) on the business day following the date of the appointment of the liquidating agent; or (II) after the person has received notice that the contract has been transferred pursuant to paragraph (9)(A). (ii) Conservatorship A person who is a party to a qualified financial contract with an insured credit union may not exercise any right that such person has to terminate, liquidate, or net such contract under paragraph (8)(E) of this subsection or section 4403 or 4404 of this title , solely by reason of or incidental to the appointment of a conservator for the credit union or the insolvency or financial condition of the credit union for which the conservator has been appointed). (iii) Notice For purposes of this paragraph, the Board as conservator or liquidating agent of an insured credit union shall be deemed to have notified a person who is a party to a qualified financial contract with such credit union if the Board has taken steps reasonably calculated to provide notice to such person by the time specified in subparagraph (A). (C) Treatment of bridge banks The following institutions shall not be considered to be a financial institution for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding for purposes of paragraph (9): (i) A bridge depository institution. (ii) A credit union organized by the Board, for which a conservator is appointed either— (I) immediately upon the organization of the credit union; or (II) at the time of a purchase and assumption transaction between the credit union and the Board as receiver for a credit union in default. (D) “Business day” defined For purposes of this paragraph, the term “business day” means any day other than any Saturday, Sunday, or any day on which either the New York Stock Exchange or the Federal Reserve Bank of New York is closed.

Source

12 USC § 1787(c)(10)


Scoping language

For purposes of this paragraph
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