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A failed bank holds a lien. How to proceed?

By   |  Posted in Ask The Expert

Q: I’m trying to buy an older park model trailer. The title shows a lien from an Arizona state bank that no longer exists. How do I get this title cleared?

A: Most likely you'll need find out who now holds the assets of the former bank; most (although not all) will likely have passed to a new bank at some point. Alternately, the FDIC may still be holding the assets. You should first check at FDIC.gov to see if a bank-to-bank or bank-to-FDIC transaction occurred, then contact whichever institution from there.

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