BMO Harris Bank NA v. Old Republic Insurance Company et al

Filing 11

ORDER signed by Judge J.P. Stadtmueller on 6/21/2017: GRANTING 9 Defendant Federal Deposit Insurance Corporation's Expedited Motion to Stay; STAYING matter through 8/3/2017; and VACATING Scheduling Conference set for 6/27/2017. See Order. (cc: all counsel)(jm)

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF WISCONSIN
BMO HARRIS BANK, NA,
Plaintiff,
v.
OLD REPUBLIC INSURANCE
COMPANY and FEDERAL DEPOSIT
INSURANCE CORPORATION, as
Receiver for Guaranty Bank,

Case No. 17-CV-772-JPS

ORDER

Defendants.
On June 12, 2017, the defendant Federal Deposit Insurance
Corporation (“FDIC”) filed a motion to stay this matter. (Docket #9). The
FDIC was appointed as receiver for Guaranty Bank on May 5, 2017. Id. at 2.
It thereafter removed this action to this Court on June 1, 2017. (Docket #1).
The FDIC requests that this matter be stayed for ninety days. (Docket #9 at
4). The Court is constrained to grant the request. See 12 U.S.C. § 1821(d)(12);
Farnik v. Fed. Deposit Ins. Corp., 707 F.3d 717, 722 n.2 (7th Cir. 2013). The stay
will remain in place for 90 days from the date on which the FDIC was
appointed as receiver. See Praxis Props., Inc. v. Colonial Sav. Bank, S.L.A., 947
F.2d 49, 71 (3d Cir. 1991) (analyzing the legislative history and language of
12 U.S.C. § 1821(d)(12) and concluding that the mandatory 90-day stay is
calculated from the date of appointment). The parties’ preservation
obligations will remain in effect throughout the duration of the stay.

Accordingly,
IT IS ORDERED that the defendant Federal Deposit Insurance
Corporation’s motion to stay (Docket #9) be and the same is hereby
GRANTED;
IT IS FURTHER ORDERED that this matter be and the same is
hereby STAYED through August 3, 2017; and
IT IS FURTHER ORDERED that the Scheduling Conference set for
June 27, 2017 and related deadlines (Docket #8) be and the same are hereby
VACATED.
Dated at Milwaukee, Wisconsin, this 21st day of June, 2017.
BY THE COURT:

J.P. Stadtmueller
U.S. District Judge

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