SB 697 Summary

• Amends 36 O.S. 2011, Section 1904 to prohibit courts from enjoining or restraining Federal Home Loan Banks from exercising rights or enforcing collateral pledged under security agreements, pledges, or guarantees related to Federal Home Loan Bank transactions.

• Modifies 36 O.S. 2011, Section 1922 to prevent receivers from rejecting, disavowing, or repudiating any Federal Home Loan Bank security agreement or related credit enhancement arrangements.

• Amends 36 O.S. 2011, Section 1926 to prohibit receivers from avoiding transfers or obligations arising under Federal Home Loan Bank security agreements, except where actual intent to defraud creditors can be demonstrated.

• Declares an emergency effective date, allowing the act to take effect immediately upon passage and approval.