Specifically, the Court should consider "the landlord's need for certainty as to when it may seek to lease the premises to another tenant, and the needs of the [RTC] to facilitate its management of the insolvent bank and to preserve the insolvent bank's assets." Postal: P.O. of St. Louis, Inc., 145 F.R.D. No. Plaintiff asserts that notwithstanding this controlling precedent, the Court should apply section 1823(e) to the present matter. Plaintiff claims that Defendants have failed to produce any evidence of a "[r]easonably explicit written agreement in [the Old Association's] records" that the Note, Mortgage, and Lease constituted a single transaction imposing bilateral obligations on the parties. at 1505. That means that even if you don't meet the stringent requirements and guidelines of banks and more traditional lenders, you can still quickly and confidently make offers on real estate deals. Partial Summ. Id. With respect to Trotter Kent, Plaintiff protests that Trotter Kent is not a party to this action and thus should not have to produce any document other than a Certificate of Good Standing. We provide more than just mortgage funding–RTC Mortgage provides financial peace of mind, Call us today at 949-494-4701 or email info@rtcmortgage.com. Evidence presently before the Court suggests that the RTC repudiated the Lease on December 5, 1990. In the alternative, Defendants assert that the Court should defer its determination of whether 12 U.S.C. Thus, "the factors which have been considered in bankruptcy law as relevant under the `reasonable period' standard, should be applied to review the timeliness of a [repudiation] by [the RTC]." Co., 52 F.3d 1522, 1527 (10th Cir.1995) (quoting Fed. Id. Id. The RTC became the receiver for the New Association on May 31, 1990. MERS as Original Mortgagee. C at 2. "Congress did not define what constitutes a `reasonable period' of time" within the meaning of section 1821(e). The RTC continued to make payments to Guadalupe under the Lease until the summer of 1990. Plaintiff's assertion that Trotter Kent is a nonparty to this action is, however, disingenuous. Find. Section 1823(e) became effective on August 9, 1989, well after the formation of the Note, Mortgage, and Lease, which occurred in 1984. Partial Summ. Plaintiff entirely fails to explain why the documents that form the basis of its existence are unavailable to it. RTC Funding works with with Private Money Lenders to provide asset-based hard money loans to investors looking for funding on Non-Owner occupied residential and commercial deals. 956 (1942). *1448 Federal Rule of Civil Procedure 56(f) states that. 481, 483-84 (D.Utah 1987) ("If the evidence sought is not relevant, and thus inadmissible, and it does not appear that the evidence sought will lead to evidence that is admissible, then the court can properly limit discovery."). The Resolution Trust Corporation ("RTC") became the receiver for the Old Association and the conservator for the New Association on August 9, 1989, pursuant to the newly-effective Financial Institutions Reform Recovery and Enforcement Act ("FIRREA"). MLS. 72(a). Geelong Home Loans, Car Loans, Consolidations and Commercial Finance, RTC Mortgage Services helps thousands of Australians in securing their new home. The Court disagrees. § 1821(e), and the Court will deny both Plaintiff's motion for summary judgment and Defendants' motion for partial summary judgment on this issue. Plaintiff is far more likely than Defendants to know precisely which public entities possess the information Defendants seek. The Court will therefore deny Defendants' motion for partial summary judgment regarding the effectiveness of the RTC's notice of repudiation of the Lease on behalf of the New Association. Wrh Mortgage, Incorporated, and Federal Deposit Insurance Corporation, as Statutory Successor in ... (2000). 1441, Docket Number: Defendants claim that because there is no evidence that the New Association ever assumed the Lease, the Old Association must have remained the Lessee. Menu Search. After you close your first deal with us, you join our "Circle of Friends" club. The party must also "state with specificity how the desired time would enable the nonmoving party to meet its burden in opposing summary judgment." See Collins & Aikman Corp. v. J.P. Stevens & Co., 51 F.R.D. Fed.R.Civ.P. The application of 12 U.S.C. Defendants also argue that as a matter of law, the RTC's repudiation of the Lease was untimely and ineffective under 12 U.S.C. Pl. "Summary judgment is proper only if the pleadings, depositions, answers to interrogatories, *1445 and admissions on file, together with the affidavits, if any, show that there is no genuine issue as to any material fact and that the moving party is entitled to a judgment as a matter of law." This Court finds that Landgraf does not require the Court to ignore the mandate of Oklahoma Radio. Samuel H. Sloan & Co., 369 F.Supp. 83) should be GRANTED IN PART and DENIED IN PART. [1] Defendants also raise the affirmative defenses of waiver, laches, estoppel, mitigation of damages, offset, and failure of consideration, although they make only fleeting references to each in their briefs. 92, 95 (S.D.Iowa 1992). at 443. v. Resolution Trust Corp., 22 F.3d 494, 498 (2d Cir.1994); CedarMinn Bldg. In their Rule 56(f) affidavits, Defendants adequately explain why they cannot present facts precluding summary judgment and how additional time would enable them to obtain such facts. On January 12, 1984, Guadalupe executed and delivered a promissory note ("the Note") payable to the order of the New Mexico Federal Savings and Loan Association ("Old Association") in the principal amount of $617,000. 26(c)(7)," Pl's Objections Decision U.S. Magistrate at 7, and the Court need not consider this claim. However, Defendants also argue that under Federal Rule of Civil Procedure 56(f), further discovery is necessary before the Court may properly determine whether the Old Association's records contained a reasonably explicit written agreement that the Note, Mortgage, and Lease consisted of a single transaction imposing bilateral obligations. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Working with RTC Mortgage Services, you’ll evaluate your options; understand the long-term effects of your choices; and make informed decisions. Corp., 987 F.2d 685, 695-96 (10th Cir.1993). The RTC was appointed receiver for the Old Association on August 9, 1989. 95-507BB, slip op. The Court has reviewed the submissions of the parties and the relevant law, and, for the reasons set forth below, finds that (1) Plaintiff's August 8, 1995 motion for summary judgment (Doc. Nevertheless, the Court finds that Defendants have not yet produced evidence of a reasonably explicit written agreement in the Old Association's records that the Note, Mortgage, and Lease constituted a single transaction imposing bilateral obligations which is sufficient to survive summary judgment. Plaintiff claims that Defendants' bilateral obligations defense must fail because it is barred by 12 U.S.C. at 995. The legislative history of section 1821(e) indicates "that the powers granted RTC [under this section] ... parallel the powers granted conservators or receivers under the former law [of bankruptcy]." Working with RTC Mortgage Services, you’ll evaluate your options; understand the long-term effects of your choices; and make informed decisions. Plaintiff chose to bring this action through Trotter Kent as its attorney-in-fact. Finally, Plaintiff objects to Judge Garcia's ruling regarding Defendants' request numbered 10. See 28 U.S.C. Defendants first assert that as a matter of law, the RTC failed to timely repudiate the Lease, and the repudiation was therefore ineffective. Judge Garcia found that these requests "seek[] relevant information that is necessary to evaluate settlement options. RTC Mortgage specializes in providing dedicated customer service and finding the lowest rates for both residential and commercial loans. 439, 442 (E.D.N.Y.1995) (citing CedarMinn Bldg. Precedential, Citations: at 696. Contact Us. A corporation that no longer exists,but had a major impact on U.S. real estate markets. Plaintiff moved for summary judgment on August 8, 1995, and Defendants moved for partial summary judgment on October 5, 1995. Oppenheimer Fund, Inc. v. Sanders, 437 U.S. 340, 351, 98 S. Ct. 2380, 2389, 57 L. Ed. If you’re looking to purchase a new home, an investment property, refinancing in order to make home improvements or if you need a new mortgage to consolidate existing loans, RTC Mortgage Services can help. The Old Association agreed to pay rent in the amount of approximately $6,000 per month, to be calculated "on the basis of a 14.3% per annum return against total Allocated Costs ... up to a maximum Allocated Cost of $500,000," and to be renegotiated at the beginning of each five-year term. 12 U.S.C. The Court must next consider whether the D'Oench doctrine estops Defendants from alleging an agreement with the Old Association that the Note, Mortgage, and Lease would constitute a single transaction imposing bilateral obligations.