justia.com | July 1, 2016
|Court: U.S. Court of Appeals for the Second Circuit
|Opinion Date: June 29, 2016
|Areas of Law: Banking, Civil Procedure
OneWest commenced a foreclosure action against defendant. The district court denied defendant's cross-motion to dismiss and granted OneWest's motion for summary judgment. The district court held in part that a national bank such as OneWest is a citizen only of the state in which its main office is located - not also of the state of its principal place of business - and that OneWest’s main office is indisputably in California. The court agreed with the district court and joined its sister circuits in holding that, for purposes of subject matter jurisdiction, a national bank is a citizen only of the state in which its main office is located. The court also concluded that OneWest had standing to foreclose based on LSA's assignment of all of its rights that FDIC previously had to defendant's loan as the conservator and receiver of IndyMac Federal. Accordingly, the court affirmed the judgment.
Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager
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