EXEMPTIONS FROM CONTEMPORANEOUS EXECUTION REQUIREMENT.

SEC. 909. EXEMPTIONS FROM CONTEMPORANEOUS EXECUTION REQUIREMENT. Section 13(e)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1823(e)(2)) is amended to read as follows:“(2) Exemptions from contemporaneous execution requirement.—An agreement to provide for the lawful collateralization of—“(A) deposits of, or other credit extension by, a Federal, State, or local governmental entity, or of any depositor referred to in section 11(a)(2), including an agreement to provide collateral in lieu of a surety bond;“(B) bankruptcy estate funds pursuant to section 345(b)(2) of title 11, United States Code;“(C) extensions of credit, including any overdraft, from a Federal reserve bank or Federal home loan bank; or“(D) one or more qualified financial contracts, as defined in section 11(e)(8)(D),119 STAT. 184shall not be deemed invalid pursuant to paragraph (1)(B) solely because such agreement was not executed contemporaneously with the acquisition of the collateral or because of pledges, delivery, or substitution of the collateral made in accordance with such agreement.”.