[Download] "Holmes Financial Associates Inc. V. Resolution Trust Corp." by Sixth Circuit U.S. Court of Appeals # Book PDF Kindle ePub Free
eBook details
- Title: Holmes Financial Associates Inc. V. Resolution Trust Corp.
- Author : Sixth Circuit U.S. Court of Appeals
- Release Date : January 19, 1994
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 77 KB
Description
SUHRHEINRICH, Circuit Judge. The issue presented is whether, under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Pub.L. No. 101-73, 103 Stat. 183 (1989) (codified in scattered sections of Title 12 of the United States Code), federal courts have exclusive jurisdiction over suits against the Resolution Trust Corporation (RTC) as receiver for a failed savings and loan, which suits were filed in state court prior to the RTC's appointment as receiver. This issue is one of first impression in the federal courts. Because FIRREA does not contain a clear and unequivocal withdrawal of state court jurisdiction, we hold that state courts retain jurisdiction over cases against the RTC which were pending when the RTC was appointed receiver. Accordingly, inasmuch as Holmes' state court action is jurisdictionally proper, the district court's decision to stay this case pending the outcome of the state case was not an abuse of discretion. Therefore, we AFFIRM the district court's order.
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