Federal Deposit Insurance Corp. v. Laguarta

GARWOOD, Circuit Judge This is an appeal from a summary judgment in favor of the Federal Deposit Insurance Corporation (FDIC; Receiver) against Julio S. Laguarta (Laguarta) for a deficiency on a promissory note secured by two tracts of commercial real estate in Houston. Concluding that Laguarta presented--just barely--enough evidence below to defeat the motion for summary judgment, we reverse and remand for further proceedings. Facts and Proceedings Below This litigation began as an interpleader action brought in state court by Houston Title Company (Houston Title), formerly known as Investors Title Company. Houston Title alleged that it possessed certain capital recovery charge receipts that were subject to conflicting claims of entitlement by the defendants-in-interpleader. These capital recovery charge receipts represented sewage capacity purchased from the city of Houston for commercial real estate that had been purchased by Laguarta. Houston Title, as escrow agent during the closing of the sale of the property to Laguarta, acquired the receipts, on which the sellers retained a first lien and Liberty Federal Savings and Loan Association (Liberty) a second lien. After the sellers claimed to have foreclosed on their security interest in the receipts, Houston Title, as stakeholder, brought the interpleader action to resolve the conflicting claims of the sellers, Laguarta, and the Federal Savings and Loan Insurance Corporation (FSLIC; Receiver), which, as Receiver of Liberty, had succeeded to its security interest. That portion of the litigation has been settled and is not involved in this appeal.