Olympic Federal Savings & Loan Ass'n. v. Regan

TRASK, Circuit Judge:

Appellants Olympic Federal Savings and Loan Association and Heritage Auxiliary Company (collectively Olympic) appeal from a summary judgment rendered in favor of the Internal Revenue Service (the Service) on Olympic’s action to quiet its title to and prevent the Service from redeeming certain real property. The previous owners of the property had given a deed of trust on it to Olympic as security for a loan. Thus, the redemption apparently extinguished Olympic’s security interest. Olympic argues that its interest survived the redemption because the Service acquired only…