Resolution Trust Corp. v. Titan Financial Corp.

Appellee Gilbert Sellan was a personal guarantor of a promissory note secured by a deed of trust. When the principal debtor defaulted on the note, the property was foreclosed in a nonjudicial sale. The Resolution Trust Corporation (“RTC”) sued Sellan, seeking a deficiency judgment for the difference between the amount realized at the sale and the amount due on the promissory note. The district court granted summary judgment for Sellan, and, on appeal, we affirmed. Sellan now moves for attorney’s fees in the amount of $39,281.94. We grant Sellan’s motion, but deduct from the total $440 for unrelated matters and $11,215.75 for inappropriate, duplicative, or excessive entries in the time sheets. The total amount of fees owed, thus, is $27,626.19.

The only remaining issue is whether Sellan is entitled to “cash or its equivalent” to pay the attorney’s fees, or only a receiver’s Certificate of Award. We hold that a Certificate of Award is sufficient.

In response to the growing problem of bank failures, Congress adopted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”), Pub.L. 101-73, § 212 (d) (codified as amended at the Federal Deposit Insurance…