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