DocketNumber: No. 78,250
Citation Numbers: 25 Kan. App. 2d 361, 962 P.2d 1136
Judges: Brazil, Elliott, Marquardt
Filed Date: 8/7/1998
Status: Precedential
Modified Date: 7/24/2022
Federal Financial Company (Federal Financial), plaintifFappellant and assignee of the Resolution Trust Corporation (RTC), filed this action against Paul D. Hamilton and Deborah Hamilton, defendants/appellees, to collect amounts owing on a promissory note and to foreclose the mortgage securing the promissory note. The court held that Federal Financial’s action against the Hamiltons was barred by the 6-year statute of limitations for contract actions brought by the RTC or its assignees as provided in 12 U.S.C. § 1821(d)(14)(A) (1994). Federal Financial appeals the granting of summary judgment in favor of the Hamiltons.
We affirm.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) sets forth a 6-year statute of limitations for contract actions brought by the Federal Deposit Insurance Corporation (FDIC). 12 U.S.C. § 1821(d)(14)(A). That statute of limitations applies to actions brought by the RTC. See Resolution Trust Corp. v. International Ins. Co., 770 F. Supp. 300, 303 (E.D. La. 1991).
12 U.S.C. § 1821(d)(14)(A) provides:
“Notwithstanding any provision of any contract, the applicable statute of limitations with regard to any action brought by the Corporation as conservator or receiver shall be — (i) in the case of any contract claim, the longer of — (I) the 6-year period beginning on the date the claim accrues-, or (II) the period applicable under State law.” (Emphasis supplied.)
12 U.S.C. § 1821(d)(14)(B) provides:
“For the purposes of subparagraph (A), the date on which the statute of limitations begins to run on any claim described in such subparagraph shall be the later of — (i) the date of the appointment of the Corporation as conservator or receiver; or (ii) the date on which the cause of action accrues.”
Both parties agree that as an assignee of RTC, Federal Financial acquired its ownership interest in the note and that the 6-year FIRREA statute of limitations applies rather than the 5-year Kansas statute of limitations. See Cadle Company II, Inc. v. Lewis, 254 Kan. 158, 166, 864 P.2d 718 (1993), cert. denied 511 U.S. 1053 (1994). The note matured on March 25, 1990. Federal Financial’s cause of action accrued the following day, March 26, 1990. See Farmers & Merchants Bank v. Copple, 190 Kan. 170, 174, 373 P.2d 219 (1962); National Bank v. Paper Mfg. Co., 58 Kan. 207, 209, 48 Pac. 863 (1897).
Both Federal Rule of Civil Procedure 6(a) and K.S.A. 60-206(a) provide that in computing any period of time, “the day of the act, event, or default from which the designated period of time begins to run shall not be included [and] [t]he last day of the period so computed is to be included.” This is generally known as the anni
Federal Financial contends that the reasoning of the Enventure V. court is flawed and draws our attention to State v. Johnson, 19 Kan. App. 2d 315, in support of its argument that Rule 6(a) should apply. The Johnson court held that the provisions of K.S.A. 60-206(a) should apply to the statute of limitations contained in K.S.A. 60-513(a), which provided that certain noncontract actions “shall be brought within two years.” 19 Kan. App. 2d at 316. The Johnson court stated that the time provisions of K.S.A. 60-206(a) “should be used to compute any time requirement found elsewhere in the statutes, including the statute of limitations, unless a statute expressly provides otherwise.” 19 Kan. App. 2d 315, Syl. ¶ 1.
Federal Financial also relies upon Union National Bank v. Lamb, 337 U.S. 38, 93 L. Ed. 1190, 69 S. Ct. 911, reh. denied 337 U.S. 928 (1949), for the proposition that Rule 6(a) should apply to the present case.
Next, Federal Financial contends that the statute of limitations should begin to run upon the conversion of the RTC’s status from conservator to receiver. The FIRREA statute provides that the statute of limitations begins to run on “the later of — (i) the date of the appointment of the Corporation as conservator or receiver; or (ii) the date on which the cause of action accrues.” (Emphasis supplied.) 12 U.S.C. § 1821(d)(14)(B). The RTC was appointed the conservator on February 15, 1990. The OTS converted the RTC into the receiver on July 16, 1992. Federal Financial urges us to interpret the statute so that the date the RTC was converted to a receiver should count as the date the statute of limitations began to run.
Affirmed.