FDIC – FAILED BANKS
Real Property affected by 12 U.S.C.
1825:
Property owned by a bank under
FDIC receivership
Property which a bank holds a
mortgage, security deed or deed of
trust and the bank is under FDIC
receivership
FDIC – FAILED BANKS
Property owned by the FDIC as fee
title holder
Property which the FDIC hold a
mortgage, security deed or deed of
trust
FDIC – FAILED BANKS
Current Taxes:
Affected property is taxable each year
and the lien for taxes attaches to the
property
Annual tax bill should be issued in the
name of the owner whether owned by
an individual, a failed bank or the FDIC
FDIC – FAILED BANKS
Delinquent Taxes:
Tax penalties cannot be collected on
property that the FDIC either owns, holds
a security interest or holds as an asset
under its receivership, nor can penalties
be collected that accrued prior to FDIC
receivership
Penalties may accrue --- but when
payment is remitted by or in behalf of the
FDIC, the penalties are abated and cannot
be collected
FDIC – FAILED BANKS
Penalty can be collected from a
successor owner or security deed
holder after the property has been
removed from FDIC receivership
A fi.fa. cannot be issued on
property owned by the FDIC as fee
title holder
FDIC – FAILED BANKS
A fi.fa. may be issued on property that the
FDIC holds a security deed
A fi.fa. may be issued on property which a
failed bank holds a security deed or owns
by fee title
A levy and tax sale cannot be made on
property that is under FDIC receivership
irrespective of the FDIC’s property interest
(whether by fee title, security deed or
receivership) unless the FDIC gives
consent
QUESTIONS?
Dan Davis
770-846-6730
dannyld@bellsouth.net