Collins Development, Inc. v. FDIC
- Citation:
- Docket No. 2:09-cv-00427-RCJ-RJJ (9th Cir. June 30, 2011)
- Tag(s):
-
- Ruling:
- Reversed and remanded; the district court did not have the authority to lift the Financial Institutions Reform and Recovery Enforcement Act's ("FIRREA") prohibition against a creditor improving its position post-receivership. 12 U.S.C. 1825(b)(2).
Even if Collins Development had a lien which attached prior to the date of receivership, its failure to comply with the perfection requirements of section 108.226 of Nevada Revised Statutes would render the lien invalid. Collins was not entitled to any benefits from the lien, as of the date of receivership. Therefore, Collins was not permitted to perfect the lien, because the FIRREA prohibits a creditor from improving its position post-receivership.
- Procedural context:
- Appeal by the FDIC (as receiver for Silver State Bank) from U.S. District Court for the District of Nevada (Jones, R.) granting summary judgment lifting FIRREA's bar on recordation nunc pro tunc and declaring Collins's lien to be perfected, valid, and enforceable.
- Facts:
- Collins Development sought to perfect a lien post-receivership.
- Judge(s):
- O'Scannlain, Bybee, and Hayes (District Judge for S. Dist. Cal.).
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