Fdic v. State Of Wa Dept Of Revenue, App

CourtCourt of Appeals of Washington
DecidedSeptember 14, 2015
Docket71524-1
StatusPublished

This text of Fdic v. State Of Wa Dept Of Revenue, App (Fdic v. State Of Wa Dept Of Revenue, App) is published on Counsel Stack Legal Research, covering Court of Appeals of Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Fdic v. State Of Wa Dept Of Revenue, App, (Wash. Ct. App. 2015).

Opinion

IN THE COURT OF APPEALS OF THE STATE OF WASHINGTON

WASHINGTON STATE No. 71524-1-1 DEPARTMENT OF REVENUE, DIVISION ONE Appellant,

v.

THE FEDERAL DEPOSIT INSURANCE CORPORATION, as the receiver for THE COWLITZ BANK, a Washington State banking corporation,

Respondent,

MACDONALD LIVING TRUST; PUBLISHED OPINION GRANITE HIGHLANDS, LLC, a Washington limited liability company; ESTATE OF ARCH MACDONALD; ESTATE OF PAULINE MACDONALD; SOPER HILL PROPERTIES, INC., a Washington corporation; and DOUGLAS B. MACDONALD, in his capacity as Trustee for the MACDONALD LIVING TRUST, Personal Representative of the ESTATE OF ARCH MACDONALD, and Personal Representative of the ESTATE OF PAULINE MACDONALD,

Defendants. FILED: Septembers, 2015 Schindler, J. — Any conveyance, assignment, or transfer of ownership of title to

real property is subjectto a real estate excise tax, chapter 82.45 RCW. Former RCW No. 71524-1-1/2

82.45.010(3)(i) (2010)1 excludes a "transfer or conveyance made pursuant to a deed of

trust or an order of sale by the court in any mortgage, deed of trust, or lien foreclosure

proceeding or upon execution of a judgment." We hold the superior court erred in

granting the motion of a receiver appointed under RCW 7.60.025(1 )(c) to exempt the

sale of real property from the real estate excise tax as "a court-ordered sale in an action

to execute on a judgment." We reverse the order exempting the sale from the real

estate excise tax.

The facts are not in dispute. Between 2004 and 2007, Cowlitz Bank loaned

approximately $13 million to the MacDonald Living Trust, Granite Highlands LLC, the

Estate of Arch MacDonald, the Estate of Pauline MacDonald, and Soper Hill Properties

Inc. The borrowers executed promissory notes secured by deeds of trust on property

located throughout Washington.

The borrowers defaulted on the loan. On July 31, 2009, Cowlitz Bank filed a

"Complaintfor Monies Due" against the debtors in Clark County Superior Court.

On January 29, 2010, Cowlitz Bank and the debtors entered into a "Forbearance

Agreement." The debtors agreed to entry of a $14.5 million stipulated judgment for the

amount due plus interest. Cowlitz Bank agreed not to execute on the "Stipulated

Judgment" or foreclose on the deeds of trust before March 31, 2010.

On May 7, 2010, Cowlitz Bank filed the Stipulated Judgment in Clark County

Superior Court. In mid-May, Cowlitz Bank recorded the Stipulated Judgment with the

11n 2014, the legislature amended the real estate excise tax statute to exclude a transfer on death deed, codified as RCW 82.45.010(3)(b). See Engrossed Second Substitute H.B. 1117, 63rd Leg., Reg. Sess. (Wash. 2014). Effective June 12, 2014, subsection RCW 82.45.010(3)(i) was renumbered as RCW 82.45.010(3)0). Laws of 2014, ch. 58, § 24. No. 71524-1-1/3

auditor in Clark County, King County, and Benton County. On May 17, Cowlitz Bank

filed an abstract of the judgment in King County Superior Court.

On July 30, 2010, the Washington State Department of Financial Institutions

closed Cowlitz Bank. The Federal Deposit Insurance Corporation (FDIC) assumed

responsibility for the bank's assets. By operation of law, FDIC is the successor in

interest to the "rights, titles, powers, and privileges" of Cowlitz Bank with the authority

"to realize upon the assets of the institution."2

FDIC decided that rather than "complete seriatim foreclosures or seek writs of

execution property by property" on the deeds of trust securing the $13 million loan and

the Stipulated Judgment, "itwould be most efficient" to file a motion to appoint "a

general receiver... to give effect to the judgment and control, sell, and manage [the

debtors'] assets."

On April 9, 2013, FDIC filed an ex parte "Motion and Petition for Appointment of

General Receiver" in King County Superior Court. FDIC requested appointment of

Pacific Realty Advisors LLC as the general receiver "to give effect to the Judgment and

control, sell, and manage [the debtors'] assets."

A commissioner granted the ex parte motion and appointed Pacific Realty as the

general receiver "to give effect to the Judgment and to preserve, protect, market and

sell the Assets."

The ex parte order states the debtors "have demonstrated their inability or

unwillingness to effectively market and sell the Collateral," and in the absence of a

court-appointed receiver, "the Judgment will not be timely satisfied, in whole or in part."

Subject to the direction of the court, the ex parte order gives the receiver "the exclusive

212 U.S.C. § 1821(d)(2)(A)(i), (E); Sharpe v. FDIC. 126 F.3d 1147, 1152 (9th Cir. 1997).

3 No. 71524-1-1/4

power and authority to sell, transfer, or otherwise liquidate the Assets in accordance

with RCW 7.60.260(1), (2) &(3)" and to "manage, operate, lease, maintain and control

the Assets." The order includes a provision stating that any sale of real property is

exempt from real estate excise tax.

The "Order Appointing General Receiver" states, in pertinent part:

28. Should any Assets that are real property be sold by the Receiver pursuant to this order, such sale shall be considered a transfer or conveyance made upon execution of a judgment for purposes of [former] RCW 82.45.010(3)(i), and therefore the sale is exempt from real estate excise tax. On ex parte application for cause shown, the notice for any sale of any Assets pursuant to RCW 7.60.260 may be shortened and limited to all parties requesting special notice of this proceeding, the parties herein, and any party that has a filed lien against such Assets. The ultimate sale of such Assets shall be made free and clear of liens and all rights of redemption, with any and all security interests and other liens encumbering such Assets transferring and attaching to the proceeds of the sale, net of reasonable expenses incurred in the disposition of such Assets.

On September 24, 2013, the receiver entered into a "Vacant Land Purchase and

Sale Agreement" with private buyers for property located in Clark County, Granite

Highlands "Lot 6," in the amount of $72,950. On November 18, the receiver filed a

"Motion to Approve the Sale of Real Property (Lot 6, Granite Highlands Phase IV) Free

and Clear of Liens." The receiver asked the court to approve the purchase and sale

agreement, authorize payment to the broker, and disburse the remaining sale proceeds

to FDIC. The receiver states that as "a court-ordered sale ... to execute on a

judgment," the transaction should be exempt from the state real estate excise tax.

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