Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-cand-4_10-cv-00051/USCOURTS-cand-4_10-cv-00051-1/pdf.json

Nature of Suit Code: 140
Nature of Suit: Negotiable Instruments
Cause of Action: 15:1601 Truth in Lending

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985924v1 SUBSTITUTION OF FDIC AS RECEIVER FOR

INDYMAC FEDERAL BANK, FSB CV-10-0051 PJH

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JEFFER, MANGELS, BUTLER & MARMARO LLP

MICHAEL J. HASSEN (Bar No. 124823), mjh@jmbm.com

CHRISTOPHER H. DOYLE (Bar No. 190016), chd@jmbm.com

Two Embarcadero Center, Fifth Floor

San Francisco, California 94111-3813

Telephone: (415) 398-8080

Facsimile: (415) 398-5584

Attorneys for Defendant FEDERAL DEPOSIT INSURANCE

CORPORATION, as RECEIVER for INDYMAC FEDERAL

BANK, FSB

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

OAKLAND DIVISION

JOAN CHRISTINE M. CHUAKAY,

Plaintiff,

v.

INDYMAC MORTGAGE SERVICING, A

DIVISION OF ONEWEST, FSB; INDYMAC

BANK, F.S.B.; MTDS, INC.; ALLSTATE

BANCORP, INC.; MORTGAGE

ELECTRONIC SYSTEM, INC.; ROBIN

MORADZADEH; BENJAMIN P. COFFMAN;

and DOES 1-20 inclusive,

Defendants.

CASE NO. CV-10-0051 PJH

SUBSTITUTION OF FEDERAL DEPOSIT

INSURANCE CORPORATION AS RECEIVER FOR

INDYMAC FEDERAL BANK, FSB; ORDER

Dept: Courtroom 3

Judge: Hon. Phyllis J. Hamilton

The Federal Deposit Insurance Corporation, as Receiver for IndyMac Federal Bank

(“FDIC as Receiver”), states as follows:

1. On or about July 25, 2008, the Office of the Comptroller of the Currency

closed IndyMac Federal Bank, and the Federal Deposit Insurance Corporation (FDIC) was named

receiver. The FDIC as Receiver accepted the appointment that same day.

2. As a result of this appointment, the FDIC has succeeded to “all rights, titles,

powers, and privileges” of the failed institution and may “take over the assets of and operate” the

failed institution with all the powers thereof. 12 U.S.C. §§1821(d)(2)(A)(i) and 1821(d)(2)(B)(i).

This includes the resolution of outstanding claims against the institution in receivership. 12 U.S.C.

Case 4:10-cv-00051-PJH Document 18 Filed 03/26/10 Page 1 of 3
985924v1 -2- SUBSTITUTION OF FDIC AS RECEIVER FOR

INDYMAC FEDERAL BANK, FSB CV-10-0051 PJH

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§1821(d)(3). Accordingly, the FDIC as Receiver is the party against which the claims sought by the

plaintiff Joan Christine M. Chuakay must be asserted.

3. Because the FDIC as Receiver is the proper defendant with regard to the

plaintiff’s claims, the FDIC as Receiver should be substituted into this action in place of defendant

IndyMac Bank, F.S.B.

4. The Financial Institutions Reform, Recovery and Enforcement Act of 1989

(“FIRREA”) provides, in pertinent part: “After appointment of a . . . receiver for an insured

depository institution, the . . . receiver may request a stay for a period not to exceed – * * * (ii) 90

days, in the case of any receiver, * * * in any judicial action or proceeding to which such institution

is or becomes a party.” 12 U.S.C. §1821(d)(12)(A). This 90-day stay is mandatory: “Upon receipt

of a request by any ...receiver pursuant to [12 U.S.C. §1821(d)(12)(A)] for a stay of any judicial

action or proceeding in any court with jurisdiction of such action or proceeding, the Court shall

grant such stay as to all parties.” 12 U.S.C. §1821(d)(12)(B) (italics added).

5. Thus, upon entry of an order substituting in the FDIC as Receiver for the

current defendant, IndyMac Bank, F.S.B., this matter should be stayed for 90 days.

DATED: March 25, 2010 JEFFER, MANGELS, BUTLER & MARMARO LLP

MICHAEL J. HASSEN

CHRISTOPHER H. DOYLE

By: /s/ Michael J. Hassen

MICHAEL J. HASSEN

Attorneys for Defendant FEDERAL DEPOSIT

INSURANCE CORPORATION, AS RECEIVER FOR

INDYMAC FEDERAL BANK, FSB

Case 4:10-cv-00051-PJH Document 18 Filed 03/26/10 Page 2 of 3
985924v1 -3- SUBSTITUTION OF FDIC AS RECEIVER FOR

INDYMAC FEDERAL BANK, FSB CV-10-0051 PJH

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ORDER

Based on the foregoing Substitution and good cause appearing, it is hereby

ORDERED:

(1) that the Federal Deposit Insurance Corporation, as Receiver for Indymac Federal

Bank (“FDIC as Receiver”), is substituted in for named defendant IndyMac Bank, F.S.B., and

(2) that all proceedings in this matter are stayed for ninety (90) days, up to and

including June 23, 2010.

IT IS SO ORDERED.

Dated:

HON. PHYLLIS J. HAMILTON

UNITED STATES DISTRICT COURT JUDGE

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

IT IS SO ORDERED

Judge Phyllis J. Hamilton

March 26, 2010

Case 4:10-cv-00051-PJH Document 18 Filed 03/26/10 Page 3 of 3