Opinion ID: 2718900
Heading Depth: 4
Heading Rank: 2

Heading: the date on which the cause of action accrues.

Text: 14 Courts have noted the historically ambiguous and overlapping use of these terms. E.g., FHFA v. UBS Am. Inc., 712 F.3d 136, 140, 142-43 & n.3 (2d Cir. 2013) (“[C]ourts . . . have long used the term ‘statute of limitations’ to refer also to statutes of repose.” (referring, inter alia, to Ernst & Ernst v. Hochfelder, 425 U.S. 185, 210 (1976))); Fields v. Legacy Health Sys., 413 F.3d 943, 952 n.7 (9th Cir. 2005) (“[T]he distinction between statutes of limitations and statutes of repose is often blurred.”); Alexander v. Beech Aircraft Corp., 952 F.2d 1215, 1218, n.2 (“Although the statute is titled as a ‘Statute of limitations,’ we refer to it as a statute of repose. . . . Both types of statutes are often referred to as statutes of limitations.”); Anixter v. Home-Stake Prod. Co., 939 F.2d 1420, 1434 n.17 (10th Cir. 1991), vacated on other grounds by Dennier v. Trippet, 503 U.S. 978 (1992) (“Although the two concepts differ,” the terms statute of limitations and statute of repose “have become interchangeable.”). - 26 - Id. § 1787(b)(14)(B) (emphasis added). The statute uses the word “accrues” two additional times in defining the length of the new limitations period. See id. § 1787(b)(14)(A)(i)(I) & (ii)( I). As the language quoted above shows, the Extender Statute’s new limitations framework includes the concept of accrual. As Defendants argue, accrual is generally associated with the narrow meaning of “statute of limitations.” But the Extender Statute also includes the concept of repose. Subsection (B) provides that the limitations period begins to run either (i) on “the date of the appointment of [NCUA] as conservator or liquidating agent” or (ii) when “the cause of action accrues.” Option (i) invokes repose language. Defendants argue that the Extender Statute’s reference to accrual means that it may only apply if the time limit being displaced is also subject to accrual—that is, when the displaced time limit falls within the narrow meaning of “statute of limitations.” But this argument confuses what the Extender Statute does—sets an all-purpose time frame for NCUA to bring enforcement actions on behalf of failed credit unions—with what it replaces—the preexisting time frames to bring “any action.” The references to accrual appear in the portion of Extender Statute that defines its own new limitations framework—what it does. The references do not expressly limit what time limits the statute replaces. The mere fact that the new time period in the Extender Statute could be subject to accrual does not prevent it from displacing a time limit that is not, i.e., a repose period. - 27 - Thus, the statute is most reasonably interpreted to govern “any action” NCUA may bring—and to displace all “statutes of limitations” in the broad sense of the term, which encompasses both ordinary statutes of limitations and statutes of repose. (iv) Broader context: Surrounding provisions of FIRREA By itself, the ordinary meaning of the term “statute of limitations” is ambiguous. “Statutory construction, however, is a holistic endeavor. A provision that may seem ambiguous in isolation is often clarified by the remainder of the statutory scheme.” United Sav. Ass’n of Tex. v. Timbers of Inwood Forest Assocs., Ltd., 484 U.S. 365, 371 (1988); see also UBS Am., 712 F.3d at 141 (“[C]ourts are not to construe each phrase . . . in isolation.” (quotations omitted)). We therefore look to the surrounding provisions of FIRREA to see if this context makes the meaning clear. FIRREA is codified in Title 12, Chapter 14 of the U.S. Code. Section 1752 provides general definitions for the chapter, but “statute of limitations” is not among the terms defined. Even when a statute does not explicitly define a particular term, we might gain understanding of the term from how it is used elsewhere in the statute. Defendants define “statute of limitations” as a period that commences on the date a cause of action accrues. And they argue that any time limit that is “triggered by an arbitrary event unrelated to the accrual of the cause of action” is plainly inconsistent with this narrow definition. Aplt. Br. at 29-31 (quotations omitted). If they are correct that the term has an unambiguous, narrow meaning in the Extender Statute, then we would expect to find the term used narrowly in other parts of the statute. But this is not the case. - 28 - Section 1787 of FIRREA includes the Extender Statute. This section, inter alia, defines NCUA’s powers and duties as conservator or liquidating agent, governs the process of winding up a failed credit union (including claims against the credit union), and provides for payment of claims on insured deposits. See generally 12 U.S.C. § 1787. Section 1787 refers to “statute of limitations” or “statute of limitation” in six provisions, including the Extender Statute.15 The word “repose” does not appear. Two references to statutes of limitations in § 1787 could arguably meet Defendants’ narrow definition. These two provisions provide for tolling of “any applicable statute of limitation” when an external claimant files a claim with NCUA against a failed credit union, see 12 U.S.C. §§ 1787(b)(5)(F)(i), (b)(8)(E). As noted previously, the availability of tolling distinguishes ordinary statutes of limitations from statutes of repose. These provisions are consistent with the broad definition of “statute of limitations” because the broad encompasses the narrow, but they do not foreclose the narrow definition. 15 Besides the Extender Statute, the term “statute of limitation(s)” appears in the following provisions: 12 U.S.C. § 1787(b)(5)(F)(i) (tolls “any applicable statute of limitations” on external claims against a credit union when the claimant files a claim with NCUA); id. at § 1787(b)(6)(B) (sets a 60-day “[s]tatute of limitations” for federal court review or administrative appeal of external claims denied by NCUA); id. at § 1787(b)(8)(D) (sets 30-day “[s]tatute of limitations” for federal court review or administrative appeal of external claims denied by NCUA under expedited claims process); id. at § 1787(b)(8)(E) (allows tolling of “any applicable statute of limitations” on external claims against a credit union when claimant files a claim with NCUA under expedited claims process); id. at § 1787(d)(4) (sets a “[s]tatute of limitations” of “not later than 60 days” for filing a federal court challenge to NCUA’s denial of claim for payment of an insured deposit). - 29 - Other § 1787 provisions, however, use the term in a way that is inconsistent with the Defendants’ narrow definition. Three subsections set deadlines for appealing NCUA’s denial of a claim, without allowing for accrual or tolling—yet all are clearly labeled “statutes of limitations.” See id. §§ 1787(b)(6)(B), (b)(8)(D), (d)(4). One of these deadlines, § 1787(d)(4), is “not later than 60 days after the date on which” NCUA’s decision is issued. Id. Like the three-year repose period in Section 13, this 60-day period sets a fixed time limit and commences from the date of the challenged event—not the date of discovery or accrual, as is the case with ordinary statutes of limitations, such as Section 13’s one-year period. In short, Congress’s use of “statute of limitations” throughout § 1787 does not support Defendants’ argument that the term’s meaning is unambiguously narrow. To the contrary, some of the § 1787 references suggest a broader meaning that would encompass statutes of repose.