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Olde Towne Tyrone LLC v. Multibank 2009-1 CRE Venture LLC

The administrative exhaustion provision of the federal Financial Institutions Reform, Recovery, and Enforcement Act barred the defendants' affirmative defenses and proposed counterclaims in a suit for breach of a note and guaranty.

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This appeal arises out of a dispute over a commercial promissory note executed by Appellant Olde Towne Tyrone, LLC “Olde Towne” in favor of Integrity Bank and personally guaranteed by Appellant Jeffery V. Curtis.1 Following execution of the note and guaranty, Integrity failed, and the Federal Deposit Insurance Corporation “FDIC” was appointed as receiver. The FDIC then assigned and transferred the loan documents to Appellee Multibank 2009-1 CRE Venture, LLC “Multibank”. Contending that Olde Towne had defaulted on its loan obligations, Multibank filed the present action against the Appellants for breach of the note and guaranty. The trial court subsequently granted summary judgment in favor of Multibank, concluding that Appellants’ affirmative defenses and proposed counterclaims were subject to dismissal under the administrative exhaustion provision of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 “FIRREA”, Pub. L. No. 101-73, 103 Stat. 183 codified as amended in scattered sections of 12 U.S.C.. For the reasons discussed below, we affirm.

Summary judgment is proper where the pleadings and evidence demonstrate “that there is no genuine issue as to any material fact and that the moving party is entitled to a judgment as a matter of law.” OCGA § 9-11-56 c. We review a trial court’s grant of summary judgment de novo and construe all inferences in the light most favorable to the nonmoving party. Home Builders Assn. of Savannah v. Chatham County, 276 Ga. 243, 245 1 577 SE2d 564 2003.

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