Tran et al v. Indymac Federal Bank et al
Filing
25
SUBSTITUTION ORDER 23 signed by Senior Judge Lawrence K. Karlton on 3/29/2010. The Federal Deposit Insurance Corporation (FDIC) is SUBSTITUTED in as Receiver for Indymac Federal Bank. All proceedings in this matter are STAYED for 90 days from date of this Order. (Marciel, M)
<![CDATA[
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
PRINTED ON RECYCLED PAPER
JEFFER, MANGELS, BUTLER & MARMARO LLP MICHAEL J. HASSEN (Bar No. 124823), mjh@jmbm.com CHRISTOPHER H. DOYLE (Bar No. 190016), chd@jmbm.com Two Embarcadero Center, Fifth Floor San Francisco, California 94111-3813 Telephone: (415) 398-8080 Facsimile: (415) 398-5584 Attorneys for Defendant FEDERAL DEPOSIT INSURANCE CORPORATION, as RECEIVER for INDYMAC FEDERAL BANK, FSB
UNITED STATES DISTRICT COURT EASTERN DISTRICT OF CALIFORNIA SACRAMENTO DIVISION CONG M. TRAN AND PHUONG HUYNH, Plaintiffs, v. INDYMAC FEDERAL BANK; MORTGAGEIT, INC.; NDEX WEST, LLC; MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.; GLOBAL EQUITY LENDING; JANYCE PHAM; and DOES 1-20 inclusive, Defendants. CASE NO. 2:10-CV-00078-LKK-EFB SUBSTITUTION OF FEDERAL DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR INDYMAC FEDERAL BANK, FSB; ORDER Dept: Judge: Courtroom 4 Hon. Lawrence K. Karlton
The Federal Deposit Insurance Corporation, as Receiver for IndyMac Federal Bank ("FDIC as Receiver"), states as follows: 1. On or about July 25, 2008, the Office of the Comptroller of the Currency
closed IndyMac Federal Bank, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. The FDIC as Receiver accepted the appointment that same day. 2. As a result of this appointment, the FDIC has succeeded to "all rights, titles,
powers, and privileges" of the failed institution and may "take over the assets of and operate" the failed institution with all the powers thereof. 12 U.S.C. §§1821(d)(2)(A)(i) and 1821(d)(2)(B)(i). This includes the resolution of outstanding claims against the institution in receivership. 12 U.S.C.
984999v1
29
SUBSTITUTION PDF created with pdfFactory trial version OF FDIC AS RECEIVER FOR INDYMAC FEDERAL BANK, FSB www.pdffactory.com
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
PRINTED ON
§1821(d)(3). Accordingly, the FDIC as Receiver is the party against which the claims sought by the plaintiffs Cong M. Tran And Phuong Huynh must be asserted. 3. Because the FDIC as Receiver is the proper defendant with regard to the
plaintiffs' claims, the FDIC as Receiver should be substituted into this action in place of defendant IndyMac Federal Bank. 4. The Financial Institutions Reform, Recovery and Enforcement Act of 1989
("FIRREA") provides, in pertinent part: "After appointment of a . . . receiver for an insured depository institution, the . . . receiver may request a stay for a period not to exceed * * * (ii) 90 days, in the case of any receiver, * * * in any judicial action or proceeding to which such institution is or becomes a party." 12 U.S.C. §1821(d)(12)(A). This 90-day stay is mandatory: "Upon receipt of a request by any ...receiver pursuant to [12 U.S.C. §1821(d)(12)(A)] for a stay of any judicial action or proceeding in any court with jurisdiction of such action or proceeding, the Court shall grant such stay as to all parties." 12 U.S.C. §1821(d)(12)(B) (italics added). 5. Thus, upon entry of an order substituting in the FDIC as Receiver for the
current defendant, IndyMac Federal Bank, this matter should be stayed for 90 days.
DATED: March 24, 2010
JEFFER, MANGELS, BUTLER & MARMARO LLP MICHAEL J. HASSEN CHRISTOPHER H. DOYLE
By: /s/ Michael J. Hassen MICHAEL J. HASSEN Attorneys for Defendant FEDERAL DEPOSIT INSURANCE CORPORATION, AS RECEIVER FOR INDYMAC FEDERAL BANK, FSB
-2PDF created with pdfFactory trial version www.pdffactory.com
984999v1
RECYCLED PAPER
29
SUBSTITUTION OF FDIC AS RECEIVER FOR INDYMAC FEDERAL BANK, FSB
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
PRINTED ON
ORDER Based on the foregoing Substitution and good cause appearing, it is hereby ORDERED: (1) that the Federal Deposit Insurance Corporation, as Receiver for Indymac Federal Bank ("FDIC as Receiver"), is substituted in for named defendant Indymac Federal Bank, and (2) that all proceedings in this matter are stayed for ninety (90) days from the date of this order. IT IS SO ORDERED.
Dated: March 29, 2010
-3PDF created with pdfFactory trial version www.pdffactory.com
984999v1
RECYCLED PAPER
29
SUBSTITUTION OF FDIC AS RECEIVER FOR INDYMAC FEDERAL BANK, FSB
]]>
Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.
Why Is My Information Online?
