California Appellate Tracker

National Credit Union Admin. Bd. v. RBS Securities, Inc.

August 18, 2016

The Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) provides an extension on the statutes of limitations for contract and tort claims in actions brought by the National Credit Union Administration Board, which supersedes other limitations periods set by state or federal statute.

12 USC 1787(b)(14) (part of FIRREA) provides that the statute of limitations on an action by the NCUA as receiver shall be 6 years for a contract claim, or 3 years for a tort claim. This decision holds that this “Extender Statute” applies when the NCUA’s claim arises from a state or federal statute as well as when it arises at common law, and the Extender Statute supersedes any shorter limitations period otherwise applicable to the NCUA’s suit whether the shorter limitations period is set by state or federal statute.

Ninth Circuit Court of Appeals (Nelson, D.W., J.); August 15, 2016; 2016 WL 4269897

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National Credit Union Admin. Bd. v. RBS Securities, Inc.

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