Federal Savings & Loan Insurance v. Superior Court

Federal Savings and Loan Insurance Corporation (FSLIC) as receiver for San Marino Savings and Loan Association (San Marino) seeks a peremptory writ of prohibition restraining respondent superior court from proceeding further on a complaint filed against San Marino and directing respondent to dismiss the action for lack of subject matter jurisdiction. We shall grant the request.

The FSLIC is an agency and instrumentality of the United States, operated and directed by the Federal Home Loan Bank Board (Bank Board). ( 12 U.S.C. §§ 1725 , 1730.) It has been charged by Congress with responsibility for insuring accounts of eligible state-chartered savings and loan associations, various savings banks, and all federal savings and loan associations. (§§ 1725(a), 1726(a).) In addition, the FSLIC may be appointed by the Bank Board to serve as conservator or receiver of any troubled insured institution. (§§ 1464(d)(6)(A), 1729(c).)

San Marino was a state-chartered savings and loan association whose accounts were insured by the FSLIC pursuant to 12 United States Code section 1726 . In February 1984, the Bank Board adopted a resolution placing San Marino in conservatorship and…