Title Examination Standards
Chapter 1, App.
Chapter 16. Financial Institutions in Receivership or Liquidation
§16.1. Banks.

1. A. With regard to a state bank chartered by the Oklahoma State Banking Board for which the Federal Deposit Insurance Corporation ("FDIC") has been appointed liquidating agent, title to all assets and property of such bank shall be deemed transferred to and vested in the FDIC when a certificate issued by the Oklahoma State Bank Commissioner evidencing the appointment of the FDIC as such liquidating agent has been filed in the office of the county clerk of the county where such bank was located.
2. B. With regard to a national bank for which the FDIC has been appointed receiver, title to all assets and property of such bank shall be deemed to have been transferred to and vested in the FDIC upon the appointment of the FDIC as receiver of such national bank by the United States Comptroller of the Currency, and the FDIC shall thereupon be deemed to have all the rights, powers and privileges then possessed by or thereafter granted by law to a statutory receiver of a national bank.

3. C. Marketability, with respect only to the matter of the succession as set forth above of the FDIC to title to interests in real property formerly owned by a bank, is established if the record being examined contains a copy of the applicable certificate of appointment (with respect to a state bank) or a declaration of insolvency (with respect to a national bank) in favor of the FDIC.

   Authority: 6 O.S. § 1205(c); 12 U.S.C.A. §§ 191, 1821(c) & (d).

   Comment: 1) FDIC is a special statutory receiver and is distinguished from the more familiar equity receivers appointed by the Court, which do not hold title in their own names.

   2) The condition of such title in the FDIC is identical with the condition of title in the name of the failed bank. Any marketability defect in such title shall remain extant until cured by appropriate means.

History: This standard was proposed by the 1988 Report of the Title Examination Standards Committee, 59 O.B.J. 3098, 3109. The Executive Committee of the Real Property Section added the additional language between the word "appointment" and the word "in" near the end of "C." before the proposal was submitted to and approved by the Real Property Section, December 8, 1988. It was adopted as amended by the House of Delegates, December 9, 1988.