§ 340.3. What are the restrictions on the sale of assets by the FDIC if the buyer wants to finance the purchase with a loan from the FDIC?
72 words·~1 min read·
/us/cfr/t12/s§ 340.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A person may not borrow money or accept credit from the FDIC in connection with the purchase of any assets of a failed institution from the FDIC if:
(a)There has been a default with respect to one or more obligations totaling in excess of $1,000,000 owed by that person or its associated person; and
(b)The person or its associated person made any fraudulent misrepresentations in connection with any such obligation(s).