1. (a) Within one hundred eighty (180) days of the date that the department has taken possession, the receiver may, at his election, reject:

   1. (1) any executory contract to which the closed financial institution is a party without any further liability to the closed financial institution or the receiver; or

   2. (2) any obligation of the financial institution as a lessee of real or personal property.

      The receiver's election to reject a lease shall create no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for the termination not to exceed the equivalent of payment of rent for six (6) months.

2. (b) If the Federal Deposit Insurance Corporation is the receiver, compliance with this section is not required.

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.106.