Official Unsecured Creditors' Committee ex rel. Estate of Hescon Developers, Inc. v. Capistrano National Bank (In re Hescon Developers, Inc.)

AMENDED MEMORANDUM DECISION

I.

At issue is whether the- Official Creditors’ Committee (“OCC”) may maintain a cause of action against the Federal Deposit Insurance Corporation (“FDIC”) under Cal. Civ.Code § 3439 (West 1970) for an alleged fraudulent transfer made to Capistrano National Bank (“CNB”) prior to the FDIC’s appointment as receiver for CNB.

The FDIC argues that pursuant to 12 U.S.C. § 1819 , federal law applies to the OCC complaint, thereby precluding a cause of action under state law.

The OCC contends that 12 U.S.C. § 1819 confers the jurisdiction under which the FDIC can be sued, that the choice of law is a federal question, and that except in unusual circumstances, deference should be granted to state law in actions concerning the FDIC.

This court has jurisdiction to hear this matter pursuant to 28 U.S.C. § 1334 and § 157(b)(1) and General Order No. 312-D of the United States District Court, Southern District of California. This is a core proceeding pursuant to 28 U.S.C. § 157 (b)(2)(H).

II.

FACTS

On November 27, 1978, Herman and Jeanne Saleen formed Hescon Developers, Inc. (“the debtor”). In June of 1979, the debtor purchased five acres of land in Vista,…