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GGD-93-5R 1 (1992-11-18)

handle is hein.gao/gaobackej0001 and id is 1 raw text is: UntdStane GAO) General Accounting Office Washington, D.C. 20548 General Government Division B-250439 November 18, 1992 147998 The Honorable Patricia Schroeder House of Representatives Dear Mrs. Schroeder: This letter is in response to your July 17, 1992, inquiry concerning the impact of the Resolution Trust Corporation's (RTC) restructuring and downsizing of its Professional Liability Section (PLS). Your letter raised three questions, which are addressed below. 1. In how many savings and loan cases did statutes of limitations expire between the time the RTC initially dismissed lawyers and the reversal of that decision? Between May 21, 1992, when RTC issued letters informing PLS attorneys of their scheduled transfer to the Federal Deposit Insurance Corporation, and July 16, 1992, when RTC's Legal Division suspended the transfers, the 3-year Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) statute of limitations expired for 18 of the more than 700 financial institutions under RTC control.' For each institution, it is possible for RTC to file several types of civil professional liability claims, including claims against former directors, officers, attorneys, and accountants.2 'Generally, the statute of limitations for tort claims, as stipulated in FIRREA, is for 3 years. It begins to run on the date of appointment of RTC as conservator or receiver, or the date on which the cause of action accrues, whichever is later. Actions may also be brought, in certain circumstances, beyond this 3-year period. First, actions may also be brought under the limitations period applicable under state law. Second, RTC may enter into tolling agreements that temporarily extend the statute of limitations, as it did with 4 of the 18 thrifts. 2We are using the term claim synonymously with case. GAO/GGD-93-5R, RTC PLS Restructuring

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