Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Summary Of Fdic V. Rhodes, 130 Nev. Adv. Op. 8, Aleem A. Dhalla
Summary Of Fdic V. Rhodes, 130 Nev. Adv. Op. 8, Aleem A. Dhalla
Nevada Supreme Court Summaries
The Court determined that (1) 12 U.S.C. § 1821(d)(14)(A) (the “FDIC extender statute”)[1] preempts any similarly applicable state law, in this case NRS 40.4055(1)[2]; and (2) the Court refused to adopt a rule that a state statute of repose cannot be preempted by federal law.
[1] “Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA),…the [FDIC] acts as a "conservator or receiver" for failed financial institutions. 12 U.S.C. § 1821(d)(2)(A) (2012). FIRREA extends
the time period for the FDIC, in its capacity as the failed institution's conservator or receiver, to bring a contract claim …