Where an interest in real property was owned of record by a financial institution at the time of the declaration or adjudication of insolvency of that institution, and where the FDIC or RTC as receiver of that failed institution entered into a Purchase and Assumption agreement with a bridge institution, and where no conveyance, transfer or assignment of the title of that real property interest appears of record prior to the dissolution of the bridge institution, a subsequent conveyance, transfer or assignment of that real property interest executed by the FDIC or RTC in its capacity either as the receiver of the failed institution or as receiver of the dissolved bridge institution transfers good and marketable title to the transferee.
History
This standard was added in 2003.