Fed. Deposit. Ins. Corp. v. Rhodes
Annotate this CaseAt issue in this case was whether the Federal Deposit Insurance Corporation’s (FDIC) extender statute, 12 U.S.C. 1821(d)(14)(A), which governs the timeliness of the deficiency judgment suits that are brought by the FDIC, preempts Nev. Rev. Stat. 40.455(1)’s six-month time limitation for deficiency judgment actions. In this case, FDIC filed a claim for a deficiency judgment after section 40.455(1)’s six-month deadline but within the FDIC extender statute’s six-year time limitation. The district court dismissed the deficiency judgment claim as untimely. The Supreme Court reversed, holding (1) the FDIC extender statute expressly preempts section 40.455(1) regardless of whether the state statute is a statute of limitations or repose; and (2) because the FDIC filed its deficiency judgment action within the FDIC extender statute’s time limitation, the district court erred in dismissing the FDIC’s deficiency judgment action as time-barred.
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