[WSBARP] Adverse Possession case against FDIC

Fri Apr 2 12:55:21 PDT 2021

Randy: I think in this unique circumstance adverse possession CAN be asserted because the ownership interest they would assert would not be in a governmental capacity.

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Gregory L. Ursich
Shareholder
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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Gregory L. Ursich
Sent: Friday, April 02, 2021 10:27 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Adverse Possession case against FDIC

Randy: if your client is the property owner and still pays on a first Deed of trust, he never “lost” the property to the FDIC. He is still in full possession and ownership. Whatever Interest the FDIC has is subject to your client’s senior interest, and that of the 1st position lender. -Greg
Sent from my iPhone

On Apr 2, 2021, at 10:19 AM, Randy Boyer <randyedlynlaw at gmail.com<mailto:randyedlynlaw at gmail.com>> wrote:
 Listmates

Thank you for you input.  In this case FDIC foreclosed on a second deed of trust over ten years ago.  They never took possession of the property and I believe they forgot they have title.  My client continue to use the property, paying the first deed of trust and taxes for the past 10 years.  A year after the foreclosure deed FDIC sold the note that secured the debt to a Limited Partnership (I do not have a copy of that Sale Agreement).  I cannot determine if FDIC intended the assign the  foreclosed property to them.  The LP reached settlement with my client on the outstanding note.

Sounds like most of you feel adverse possession cannot be asserted against FDIC.  But they are a receiver for the insolvent bank and do not hod on to real property as far as I know.

Randy
Randy M. Boyer                                                 ______
Attorney, WSBA# 8665
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