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MATAGORDA COUNTY v. RUSSELL LAW

No. 92-7756.

19 F.3d 215 (1994)

MATAGORDA COUNTY, Bay City Independent School District and City of Bay City, Plaintiffs-Appellants, v. RUSSELL LAW and Federal Deposit Insurance Corporation, as Receiver for Bay City Bank & Trust Co., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

April 21, 1994.

Attorney(s) appearing for the Case

Kent M. Rider, Owen M. Sonik, Calame, Linebarger, Graham & Pena, Austin, TX, for plaintiffs-appellants.

Michael F. Duhl, Chicago, IL, Lawrence H. Richmond, Washington, DC, for defendants-appellees.

Russell Law, pro se.

Before POLITZ, Chief Judge, HIGGINBOTHAM, Circuit Judge and PICKERING, District Judge.

PICKERING, District Judge:

This case presents the issue of whether a lien interest held by the FDIC can be extinguished without the FDIC's consent as a result of foreclosure of liens securing the payment of local property taxes. The FDIC contends, and the district court below held, that 12 U.S.C. § 1825(b)(2), recently enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), expressly requires protection of the FDIC...

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