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

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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)

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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