Real Property & Title Insurance Update: Week Ending March 24, 2017

Bank not required to demonstrate loan servicing agent's authority to file law suit, where loan servicing agent merely verified complaint as servicer and attorney-in-fact.
United States Real Estate and Construction
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REAL PROPERTY UPDATE

TITLE INSURANCE UPDATE

  • Constructive Trust: a lender is not entitled to a constructive trust or an equitable mortgage to create priority over a federal tax lien, where lender did not have a valid mortgage or protected security interest when federal tax lien was imposed – Bank of New York Mellon v. Ashley, Case No. 14-2914 (D. Mar. March 20, 2017)(denying motion for summary judgment as to constructive trust and equitable mortgage)
  • Equitable Subrogation/Federal Tax Liens: a lender is entitled to a first priority lien over a federal tax lien by reason of equitable subrogation, where borrower refinanced prior to the imposition of the tax lien and proceeds of the lender's invalid mortgage discharged a prior valid mortgage – Bank of New York Mellon v. Ashley, Case No. 14-2914 (D. Mar. March 20, 2017)(granting motion for summary judgment as to equitable subrogation)
  • Tax Liens: city may not foreclose tax liens, when city records erroneously indicated liens were satisfied at time of purchase and borrower 's title search indicated there were no open tax liens – Equity Inv. & Mortg. Co. v. Smith, Case No. 58583/2015 (N.Y. Ct. App. March 21, 2017)(granting motion for summary judgment)

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