Southwest Marine and General Insurance Co. v. National Credit Union Administration Board

Court: WD Tx  08/20/2019  Citing Failure to Comply with Statutory Deadlines Associated with Liquidation of Credit Union, District Court Lacked Jurisdiction over Insurer's Claim for Rescission but had Jurisdiction over Its Affirmative Defenses

The court found that 12 USC 1787(b) required the insurer to file suit within sixty days of the adminsitration board's challenge of the insurer's rescission of a credit union's fidelity bond, and the court did not have jurisdiction to hear its cause because of its failure to do so; however, the court had jurisdiction to hear the insurer's affirmative defenses to the board's claim for breach of the fidelity bond.

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assetsubject matter jurisdictionrescissionaffirmative defensesexhaustion of administrative remediesfidelity bond12 USC 1787(b)

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