relying on O'Melveny and holding that where no federal limitations provision applied to mortgage foreclosures before enactment of FIRREA, deed of trust held by FDIC as receiver for failed bank was subject to state statute of limitations from time cause of action accrued until enactment of FIRREA
How later courts described this case
- relying on O'Melveny and holding that where no federal limitations provision applied to mortgage foreclosures before enactment of FIRREA, deed of trust held by FDIC as receiver for failed bank was subject to state statute of limitations from time cause of action accrued until enactment of FIRREA
- holding that the objective of “reducing] the monetary ex *1029 posure of the federal deposit insurance fund” is insufficient to preempt Texas foreclosure laws
- holding that even the objective of “reduc[ing] the monetary exposure of the federal deposit insurance fund” is insufficient to preempt Texas foreclosure laws
- finding that FDIC could not prevail on the ground that there was a federal interest in “simply not depleting the deposit insurance fund”
Written by the judges who cited it.
The opinion
HEAD, District Judge,
dissenting:
Even though I think our opinion is correct under the law, plaintiff should be given an opportunity for remand. At the time Davidson bought the property, there may have been no indication in the Deed Records of Travis County, Texas, that the bank had failed and that the FDIC had succeeded to its interests on the Bird note and deed of trust. Without that notice in the record title, Davidson bought property without notice of the claim of another. If the government wants to take advantage of extended limitations, I see no reason why it cannot record its interest to protect third parties.
This issue was not tried below nor argued before us. If there is something we have overlooked, I would like Davidson to have his day in court.