HOUSE DOCKET, NO. 1163        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 888

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Michael A. Costello

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to secured lending by the Federal Home Loan Bank.

_______________

PETITION OF:

HOUSE DOCKET, NO. 1163        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 888

The Commonwealth of Massachusetts

_______________

In the Year Two Thousand Thirteen

_______________

An Act relative to secured lending by the Federal Home Loan Bank.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 180A of Chapter 175 General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking the first sentence and inserting in place thereof the following:-

"The following words as used in sections 180A to 180L3/4, inclusive, unless the context otherwise requires or a different meaning is specifically prescribed, shall have the following meanings:"

SECTION 2. Chapter 175 of the General Laws, as appearing in the 2010 Official Edition, is hereby amendend by inserting after section 180 L1/2, the following new section:-

          Section 180L3/4. (a) Notwithstanding any other provision of sections 180A to 180L1/2, inclusive, no person shall be stayed, enjoined or prohibited from exercising or enforcing any right or cause of action under any pledge, security, credit, collateral, loan, advances, reimbursement or guarantee agreement or arrangement or any similar agreement, arrangement or other credit enhancement to which a Federal Home Loan Bank, as defined under 12 U.S.C. 1422, is a party.

                                    (b) Notwithstanding any other provision of sections 180A to 180L1/2, inclusive, no receiver, rehabilitator, liquidator, or any other person shall avoid any transfer of, or any obligation to transfer, money or any other property arising under or in connection with any pledge, security, credit, collateral, loan, advances, reimbursement or guarantee agreement or arrangement or any similar agreement, arrangement or other credit enhancement to which a Federal Home Loan Bank, as defined under 12 U.S.C. 1422, is a party, that is made, incurred or assumed before or after the commencement of a delinquency proceeding under this chapter; provided, however, that a transfer may be avoided under chapter 109A if the transfer was made with actual intent to hinder, delay or defraud the insurer, a receiver appointed for the insurer, or existing or future creditors.