12-U.S.C.-2277A-6
§2277A-6 – §2277A-6. Overpayment and Underpayment of Premiums; Remedies
Pathway
Title 12 > Chapter 23 > Subchapter V > Part E > Section 2277a-6
Details
- Reference: Section 2277a-6
- Legend: §2277A-6 – §2277A-6. Overpayment and Underpayment of Premiums; Remedies
- USCode Year: 2013
Provision Content
(a) Overpayments
The Corporation may refund to any insured System bank any premium payment made by the bank exceeding the amount due the Corporation.
(b) Underpayments
(1) Recovery
The Corporation, in a suit brought at law or in equity in any court of competent jurisdiction, may recover from any insured System bank the amount of any unpaid premium lawfully payable by the bank to the Corporation, whether or not the bank has filed any certified statement under section 2277a–5 of this title, and whether or not suit has been brought to compel the bank to file any such statement.
(2) Limitation
Any action or proceeding for the recovery of any premium due the Corporation under paragraph (1), or for the recovery of any amount paid to the Corporation exceeding the amount due the Corporation, shall be brought within 5 years after the right accrued for which the claim is made. If an insured System bank has filed with the Corporation a false or fraudulent certified statement with the intent to evade, in whole or in part, the payment of a premium, the claim shall not be deemed to have accrued until the Corporation discovers that the certified statement is false or fraudulent.
(c) Failure to file statement or pay premium
(1) Forfeiture of rights
If any insured System bank fails to file any certified statement required to be filed by such bank under section 2277a–5 of this title or fails to pay any premium required to be paid by such bank under any provision of this part, and if the bank does not correct such failure within 30 days after the Corporation gives written notice to an officer of the bank, citing this subsection and stating that the bank has failed to so file or pay as required by law, all the rights, privileges, and franchises of the bank granted to it under this chapter shall be thereby forfeited.
(2) Enforcement
The Corporation may bring an action to enforce this subsection against any such bank in any court of competent jurisdiction for the judicial district in which the bank is located.
(3) Liability of directors
Every director who participated in or assented to a failure (described in paragraph (1)) shall be held personally liable for all consequential damages.
(d) Effect on other remedies
The remedies provided in subsections (b) and (c) of this section shall not be construed as limiting any other remedies against any insured System bank, but shall be in addition thereto.
(Pub. L. 92–181, title V, §5.57, as added Pub. L. 100–233, title III, §302, Jan. 6, 1988, 101 Stat. 1613; amended Pub. L. 100–399, title III, §302(g), (h), Aug. 17, 1988, 102 Stat. 994.)
Amendments
1988—Subsec. (b)(1). Pub. L. 100–399, §302(g), struck out made any report of condition required under section 2277a–4 of this title or after bank has and make any such report or after bank to.
Subsec. (b)(2). Pub. L. 100–399, §302(h), substituted bank has filed for bank has made or filed.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2273 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-2273, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-2277A in the Legal Encyclopedia: Farm Credit System
In this entry about 12-U.S.C.-2277A, find legal reference material, bibliographies and premiere content related to farm credit system in the American Encyclopedia of Law, presenting a comprehensive view of the United States farm credit system-specific issues, written by authorities in the field.
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