Title Examination Standards
Chapter 1, App.
Chapter 16. Financial Institutions in Receivership or Liquidation
§16.2. Savings and Loan Associations and Savings Banks.

1. A. With regard to a savings and loan association or savings bank ("S & L") that is chartered by the State of Oklahoma for which the Federal Savings and Loan Insurance Corporation ("FSLIC") or one of its successors has been appointed Receiver, title to all assets and property of such S & L shall be deemed transferred to and vested in the FSLIC or one of its successors upon the execution of a certificate by the Oklahoma State Bank Commissioner evidencing its appointment as such Receiver. Such certificate is filed in the office of the County Clerk of the County where the principal office of the S & L is located.
2. B. With regard to an S & L chartered under federal law for which the FSLIC or one of its successors has been appointed Receiver, title to all assets and property of such S & L shall be deemed to have been transferred to and vested in the FSLIC or one of its successors upon its appointment as Receiver by resolution of the Federal Home Loan Bank Board ("FHLBB") or one of its successors, and the FSLIC or one of its successors 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 federal S & L.
3. C. Prior to August 9, 1989, deeds and other instruments from the FSLIC, as Receiver for an S & L, were executed by Special Representatives appointed by the FHLBB. FSLIC Special Representatives were appointed in the FHLBB Resolutions Appointing the Receivers.

4. D. If the FSLIC, FDIC or FHLBB, or any of their successors, transferred all interests in real property from an S & L to an existing or newly federally chartered S & L, such transfers may be evidenced by a Memorandum of Transfer and/or Assignment filed in each county in which the S & L owned interests in real property. A title examiner may rely upon a recitation in a deed or release of mortgage that the transferee association is the "successor in title" to the transferor S & L "as evidenced by the memorandum of transfer and/or assignment" and further reciting the book and page of recording and date and county of filing of such memorandum.

   Authority: 18 O.S. § 381.77(C) and (D); 12 U.S.C.A. §§ 1464(d)(6), and 1729(a)-(c); 12 C.F.R. §§ 547.1 et seq .; Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Pub. L. No. 101-73 (Aug. 9, 1989), 103 Stat. 183.

   Comment: On August 9, 1989, the FSLIC and FHLBB were abolished with the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA") which divided and transferred the duties, responsibilities, assets, liabilities, etc . of those former entities among the FDIC, the Office of Thrift Supervision ("OTS"), the FSLIC Resolution Fund, the Resolution Trust Corporation ("RTC"), the Federal Housing Finance Board ("FHFB") and other federal agencies.

   Basically, all assets and liabilities of the FSLIC were transferred to the FSLIC Resolution Fund, EXCEPT those assets and liabilities that were transferred to the RTC. All assets and liabilities held by receivers of S & Ls closed after January 1, 1989, were transferred to the RTC. The authority of the FHLBB was transferred to the Director of the OTS; EXCEPT all authority with regard to the Federal Home Loan Banks was transferred to the FHFB and EXCEPT certain FHLBB powers that were transferred to the FDIC or the Federal Home Loan Mortgage Corporation ("FHLMC").

   The RTC has no employees. Rather it (and its predecessor, the FSLIC) has employed the FDIC, under a Management Agreement, to perform many of the duties of the RTC. The FDIC can be removed from its managerial position only with Congressional approval.

   With respect to transfers, mergers, consolidations, etc., by receivers or conservators, Section 212(a) of FIRREA specifically authorizes the FDIC to merge any insured depository institution (a new term to describe a savings and loan association, savings bank or bank) with another or to "transfer any asset or liability of the institution in default withont any approval assignment, or consent with respect to such transfer" except, if the transferee is another depository institution, the approval, if necessary, "of the appropriate Federal banking agency for such institution". (Emphasis added.)

   Section 501 of FIRREA provides that the RTC, as successor to the FSLIC as receiver or conservator, shall have the same powers and rights to carry out its duties with respect to S & Ls as the FDIC has under the Federal Deposit Insurance Act (including the transfer provision above).

History: Standard proposed by the 1989 Report of the Title Examination Standards Committee, 60 O.B.J. 2502, 2519-20 (1989). The proposal was approved by the Real Property Section on November 16, 1989, and adopted by the House of Delegates on November 17, 1989, 60 O.B.J. 2941, 2952 (1989).

The 1990 Report of the Title Examination Standards Committee, 60 O.B.J. 2842, 2870-77 (1990), recommended revising standard 24.2 to reflect FSLIC's succession by the FSLIC Resolution Fund and the Resolution Trust Corporation. The Committee's recommendation also omitted the former last sentence of paragraph (B) regarding recording of the Federal Home Loan Bank Board resolution in the office of the County Clerk of the County where the principal office of the S & L is located. The Committee's recommendation was approved by the Real Property Section, November 15, 1990, and adopted by the House of Delegates, November 16, 1990, 61 O.B.J. 3058, 3064.