FIRREA and Local Property Tax Liens: A Collision of Competing Government Interests
Probate and Property, May/June 2000, Volume 14, Number 3
Christopher John Stracco is a partner with Pitney, Hardin, Kipp & Szuch LLP in Morristown, New Jersey, and is a Vice-Chair of the Real Property Division's Property Tax (E-2) Committee. Paul J. Halasz is of counsel to Pitney, Hardin, Kipp & Szuch LLP.
The Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation (RTC) are federal receivers under the Financial Institutions Reform, Recovery and Enforcement Act, Pub. L. No. 101-73, 103 Stat. 183, 12 U.S.C. §§ 1811 et seq. (FIRREA). The interaction of the interests of these institutions and local taxing authorities with property tax liens has been the subject of debate among both practitioners and judicial authorities. In many states, property tax liens take precedence over mortgages, all other liens and encumbrances and ultimately the owner's title.