Title to an interest in real property owned by the Federal Deposit Insurance Corporation (“FDIC”) or Resolution Trust Corporation (“RTC”) as receiver of a failed financial institution must be conveyed, transferred or assigned by a deed or other instrument in writing of the FDIC or RTC as such receiver, executed by its authorized agent, representative, or attorney-in-fact. An instrument executed by an attorney-in-fact on behalf of the receiver is valid even though the governing power of attorney from the receiver to the attorney-in-fact is not locally recorded, provided the instrument recites at least the following particulars of the power of attorney: (a) its date of execution; (b) land records location where originally recorded; and (c) statement that said power of attorney has not been revoked or terminated as of date of execution of the instrument.
History
This standard was added in 2003.