Opinion ID: 1525157
Heading Depth: 1
Heading Rank: 2

Heading: Federal Debt Management, Inc. v. Weatherly

Text: Lee Weatherly defaulted on three promissory notes payable to Heritage National Bank maturing between September and November, 1986. The FDIC acquired the Weatherly notes on September 25, 1986, when it was appointed receiver for the bank. On October 27, 1989, it sold the notes to Federal Debt Management, Inc. [1] Federal Debt Management sued Weatherly on the notes on April 15, 1991. As in Thweatt, the trial court granted summary judgment for the defendant based on the Texas four-year statute of limitations. The court of appeals affirmed, concluding that the six-year limitations period under 12 U.S.C. § 1821(d)(14) did not apply to actions filed by assignees of the FDIC. 842 S.W.2d at 779. The courts of appeals in Thweatt and Weatherly thus reached opposite conclusions on this important issue. We granted both applications for writ of error to resolve this conflict.