Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-caed-2_09-cv-02227/USCOURTS-caed-2_09-cv-02227-1/pdf.json

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

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968197v1 

Stip. to Substitute FDIC as Receiver for First Nat’l 

Bank of Arizona and to Stay Proceedings; Order

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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 94111-3824 

Telephone: (415) 398-8080 

Facsimile: (415) 398-5584 

Attorneys for Defendant FEDERAL DEPOSIT INSURANCE 

CORPORATION, AS RECEIVER FOR FIRST NATIONAL 

BANK OF NEVADA, SUCCESSOR BY MERGER TO FIRST 

NATIONAL BANK OF ARIZONA 

UNITED STATES DISTRICT COURT 

EASTERN DISTRICT OF CALIFORNIA 

SACRAMENTO DIVISION 

MICHAEL GLEN GRAVES, 

 Plaintiff, 

v. 

AURORA LOAN SERVICES; FIRST 

NATIONAL BANK OF ARIZONA; et al., 

 Defendants. 

CASE NO. 2:09-CV-02227-JAM-DAD 

STIPULATION TO SUBSTITUTE 

FEDERAL DEPOSIT INSURANCE 

CORPORATION, AS RECEIVER FOR 

FIRST NATIONAL BANK OF NEVADA, 

SUCCESSOR BY MERGER TO FIRST 

NATIONAL BANK OF ARIZONA, AND TO 

STAY PROCEEDINGS FOR NINETY 

DAYS; ORDER 

Dept: Ctrm. 6, 14th Floor 

Judge: Hon. John A. Mendez 

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Case 2:09-cv-02227-JAM-DAD Document 27 Filed 02/11/10 Page 1 of 4
968197v1 - 2 - Stip. to Substitute FDIC as Receiver for First Nat’l 

Bank of Arizona and to Stay Proceedings; Order

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Pursuant to Fed.R.Civ.P. Rule 25(c), Plaintiff Michael Glen Graves and the Federal 

Deposit Insurance Corporation, as Receiver for First National Bank of Nevada, Successor by 

Merger to First National Bank of Arizona (“FDIC as Receiver”), stipulate as follows: 

1. On or about November 6, 2000, defendant First National Bank Of Arizona became a 

subsidiary of First National Bank of Nevada Holding Company, and was merged into First National 

Bank of Nevada. 

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

First National Bank of Nevada, and the Federal Deposit Insurance Corporation (FDIC) was named 

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

3. 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. 

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

plaintiff Michael Glen Graves must be asserted. 

4. 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 First 

National Bank of Arizona. 

5. 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). 

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

defendant, First National Bank of Arizona, this matter should be stayed for 90 days. 

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968197v1 - 3 - Stip. to Substitute FDIC as Receiver for First Nat’l 

Bank of Arizona and to Stay Proceedings; Order

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Accordingly, Plaintiff and the FDIC as Receiver hereby stipulate to entry of an Order 

by this Court: (1) substituting the FDIC as Receiver for the defendant First National Bank of 

Arizona, and (2) staying all proceedings in this matter for ninety (90) days, up to and including 

May 10, 2010. 

DATED: February 9, 2010 LAW OFFICE OF SHARON L. LAPIN 

By: /s/ Sharon L. Lapin 

SHARON L. LAPIN 

Attorneys for Plaintiff Michael Glen Graves 

DATED: February 9, 2010 JEFFER, MANGELS, BUTLER & MARMARO LLP 

MICHAEL J. HASSEN 

By: /s/ Michael J. Hassen 

MICHAEL J. HASSEN 

Attorneys for Defendant Federal Deposit Insurance 

Corporation, as Receiver for First National Bank Of 

Nevada, Successor by Merger to First National Bank 

Of Arizona 

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968197v1 - 4 - Stip. to Substitute FDIC as Receiver for First Nat’l 

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ORDER 

Based on the Stipulation of the parties and good cause appearing, it is hereby 

ORDERED: 

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

Bank of Nevada, Successor by Merger to First National Bank of Arizona (“FDIC as Receiver”), is 

substituted in for named defendant First National Bank of Arizona, and 

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

including May 10, 2010. 

IT IS SO ORDERED. 

Dated: February 10, 2010 /s/ John A. Mendez_______________________ 

 HON. JOHN A. MENDEZ 

 UNITED STATES DISTRICT COURT JUDGE 

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