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UNION RECOVERY LTD. PARTNERSHIP v. HORTON

Record No. 960329.

477 S.E.2d 521 (1996)

252 Va. 418

UNION RECOVERY LIMITED PARTNERSHIP v. Thomas E. HORTON, et al.

Supreme Court of Virginia.

November 1, 1996.

Attorney(s) appearing for the Case

Robert M. Cary, Washington, DC (Williams & Connolly, on briefs), for appellant.

(John D. Grad; Sean C.E. McDonough; Grad, Logan & Klewans, Alexandria, on brief), for appellee Robert J. Leipzig.

Jon M. Lippard, McLean, for appellee Thomas E. Horton.

Present: All the Justices.

KOONTZ, Justice.

In this appeal we consider whether an assignee of a promissory note from the Resolution Trust Corporation (RTC) is entitled to the benefit of the statute of limitations available under federal law to RTC as receiver of the insured depository institution which originally held the note. Adhering to the common law rule that an assignee acquires the rights of the assignor, we hold that the federal statute controls...

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