Supreme Court of the United States
Coit Independence Joint Venture v. Federal Savings and Loan Insurance Corporation, as Receiver of Firstsouth, F. A.
March 21, 1989489 U.S. 561
Summary
The Court held that Congress did not give the Federal Savings and Loan Insurance Corporation (FSLIC) exclusive authority to adjudicate state‑law claims against a failed savings and loan and that creditors are entitled to a de novo determination of those claims in court; it also held that creditors need not exhaust FSLIC’s administrative claims procedure because the procedure lacks a clear time limit, making it inadequate. Justice Scalia and Justice Blackmun each filed concurring opinions, dissenting from Part IV’s exhaustion analysis.
Holding
- Whether Congress granted FSLIC exclusive jurisdiction to adjudicate state‑law claims against a failed savings and loan association placed in FSLIC receivership.. Congress did not grant FSLIC such exclusive adjudicatory authority; creditors are entitled to de novo consideration of their state‑law claims in court.
- Whether creditors must exhaust FSLIC’s administrative claims procedure before filing suit in court.. Creditors are not required to exhaust the administrative procedure because it lacks a clear, reasonable time limit and is therefore inadequate.
Docket 87-996
Cited authorities
- 12 C.F.R. § 569a.8
- 12 U.S.C. § 1730
- 12 U.S.C. §§ 1729
- 12 U.S.C. § 1729(c)(3)
- 12 U.S.C. §§ 1464
- 12 U.S.C. § 1730
- 12 U.S.C. §§ 1464
- 12 U.S.C. § 1730(j)(2)