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FDIC Federal Register Citations

[Federal Register: August 4, 1999 (Volume 64, Number 149)]
[Notices]               
[Page 42378-42379]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04au99-78]                        

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FEDERAL DEPOSIT INSURANCE CORPORATION

  
Notice Concerning Issuance of Powers of Attorney
AGENCY: Federal Deposit Insurance Corporation.
ACTION: Public notice.
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SUMMARY: In order to facilitate the discharge of its responsibilities 
as a conservator and liquidator of insured depository institutions, the 
Federal Deposit Insurance Corporation (FDIC) publishes the following 
notice. The publication of this notice is intended to comply with Title 
16, section 20 of the Oklahoma Statutes (16 O.S. 20) which, in part, 
declares Federal agencies that publish notices in the Federal Register 
concerning their promulgation of powers of attorney, to be exempt from 
the statutory requirement of having to record such powers of attorney 
in every county in which the agencies wish to effect the conveyance or 
release of interests in land.

Notice

    Pursuant to section 11 of the Federal Deposit Insurance (FDI) Act 
(12 U.S.C. 1821), as amended by section 212 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 
the FDIC is empowered to act as conservator or receiver of any state or 
federally chartered depository institution which it insures. 
Furthermore, under section 11A of the FDI Act (12 U.S.C. 1821a), as 
enacted under section 215 of FIRREA, the FDIC is also appointed to 
manage the FSLIC Resolution Fund.
    Upon appointment as a conservator or receiver, the FDIC by 
operation of law becomes successor in title to the assets of the 
depository institutions on behalf of which it is appointed. As Manager 
of the FSLIC Resolution Fund, the FDIC became successor in title to 
both the corporate assets formerly owned by the now defunct Federal 
Savings and Loan Insurance Corporation (FSLIC), as well as to the 
assets of the depository institutions for which the FSLIC was appointed 
receiver prior to January 1, 1989. In addition, pursuant to section 
13(c) of the FDI Act (12 U.S.C. 1823(c)), the FDIC also acquires legal 
title in its corporate capacity to assets acquired in furtherance of 
providing monetary assistance to prevent the closing of insured 
depository institutions or to expedite the acquisition by assuming 
depository institutions of assets and liabilities from closed 
depository institutions of which the FDIC is receiver.
    In order to facilitate the conservation and liquidation of assets 
held by the FDIC in its aforementioned capacities, the FDIC has 
provided powers of attorney to selected employees of its Dallas Field 
Operations Branch. These employees include: Priscilla Catapat, Charles 
W. Joyce and Karen Powell.
    Each employee to whom a power of attorney has been issued is 
authorized and empowered to: sign, seal and deliver as the act and deed 
of the FDIC any instrument in writing, and to do every other thing 
necessary and proper for the collection and recovery of any and all 
monies and properties of every kind and nature whatsoever for and on 
behalf of the FDIC and to give proper receipts and acquittances 
therefore in the name and on behalf of the FDIC; release, discharge or 
assign any and all judgments, mortgages on real estate or personal 
property (including the release and discharge of the same of record in 
the office of any Prothonotary or Register of Deeds wherever located 
where payments on account of the same in redemption or otherwise may 
have been made by the debtor(s)), and to endorse receipt of such 
payment upon the records in any appropriate public office; receipt, 
collect and give all proper acquittances for any other sums of money 
owing to the FDIC for any acquired asset which the attorney-in-fact may 
sell or dispose of; execute any and all transfers and assignments as 
may be necessary to assign any securities or other choses in action; 
sign, seal, acknowledge and deliver any and all agreements as shall be 
deemed necessary or proper by the attorney-in-fact in the care and 
management of acquired assets; sign, seal, acknowledge and deliver 
indemnity agreements and surety bonds in the name of and on behalf of 
the FDIC; sign receipts for the payment of all rents and profits due or 
to become due on acquired assets; execute, acknowledge and deliver 
deeds or real property in the name of the FDIC; extend, postpone, 
release and satisfy or take such other action regarding any mortgage 
lien held in the name of the FDIC; execute, acknowledge and deliver in 
the name of the FDIC a power of attorney wherever necessary or required 
by law to any attorney employed by the FDIC; foreclose any mortgage or 
other lien on either real or personal property, wherever located; do 
and perform every act necessary for the use, liquidation or

[[Page 42379]]

collection of acquired assets held in the name of the FDIC; and sign, 
seal, acknowledge and deliver any and all documents as may be necessary 
to settle any actions(s) or claim(s) asserted against the FDIC, either 
in its Receivership or Corporate capacity, or as Manager of the FSLIC 
Resolution Fund.

    Dated: July 29, 1999.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 99-20049 Filed 8-3-99; 8:45 am]
BILLING CODE 6714-01-P

Last Updated 08/04/1999 regs@fdic.gov