[Federal Register Volume 59, Number 211 (Wednesday, November 2, 1994)]
[Notices]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27141]


[[Page Unknown]]

[Federal Register: November 2, 1994]


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FEDERAL DEPOSIT INSURANCE CORPORATION

 

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

    Purusant 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 a 
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 Southwest 
Service Center Office. These employees include: Jeffrey C. Conwell, 
Lawrence O. Greer, John Sears, Tommy K. Sears and John Vernon.
    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 
therefor 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 delivery 
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 of 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 or attorney wherever necessary or required 
by law to any attorney employed by the FDIC; foreclosed any mortgage or 
other lien on either real or personal property, wherever located; do 
and perform every act necessary for the use, liquidation or 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 action(s) or claim(s) asserted against the FDIC, either in 
its Receivership or Corporate capacity, or as Manager of the FSLIC 
Resolution Fund.

    Dated: October 28, 1994.

    Federal Deposit Insurance Corporation.
Robert E. Feldman,
Acting Executive Secretary.
[FR Doc. 94-27141 Filed 11-1-94; 8:45 am]
BILLING CODE 6714-01-M