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Full-Text Articles in Securities Law
Summary Of Munoz V. Branch Banking & Trust Co., 131 Nev. Adv. Op. No. 23 (Apr. 30, 2015), Michael S. Valiente
Summary Of Munoz V. Branch Banking & Trust Co., 131 Nev. Adv. Op. No. 23 (Apr. 30, 2015), Michael S. Valiente
Nevada Supreme Court Summaries
NRS 40.459(1)(c)’s limitation on the amount of deficiency judgment that a successor can recover conflicts with the federal Financial Institutions Reform, Recovery and Enforcement Act’s (“FIRREA”) purpose of facilitating the transfer of assets of failed banks to other institutions. Because NRS 40.459(1)(c) limits the value a successor can recover on a deficiency judgment, its application to assets transferred by the Federal Deposit Insurance Corporation (“FDIC”) frustrates FIRREA’s purpose. Therefore, NRS 40.459(1)(c) is preempted by FIRREA to the extent that NRS 40.459(1)(c) limits deficiency judgment that may be obtained from loans transferred by the FDIC.