This is a dispute between two lenders over lien priority. A purchase money lender made a loan without knowing that the seller of that same property took a hard money loan from another lender. The hard money lender's documents were not timely recorded, and so it was not paid off at settlement. Instead, the purchase money lender disbursed to pay of another prior loan. The hard money lender recorded after settlement, and before the purchase money lender. All was fine until neither loan was paid. The lenders now dispute lien priority.
The Circuit Court for Baltimore City considered cross-motions for summary judgment, and granted judgment in favor of the purchase money lender, Bank of America. The hard money lender filed this appeal. Oral argument is scheduled for October, 2012.
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