Purchase Money Loans

News & Analysis as of

California Supreme Court Dismisses Review of McDonald Case (Addressing Deficiency Recovery in Multi-Borrower Context)

As noted in my prior post, Money and Dirt: Reviewing 2015; Previewing 2016, one of the expected developments for 2016 was the California Supreme Court’s decision on whether to proceed with review of the Fifth District Court...more

California Supreme Court Clarifies Anti-Deficiency Protection after Short Sales Involving Purchase Money Loans

The California Supreme Court has published its much anticipated decision clarifying the scope of anti-deficiency protection under Code of Civil Procedure section 580b after short sales involving purchase money loans in Coker...more

After-Acquired Title Doctrine Held Applicable to Subsequent Purchaser

In BCML Holding LLC v. Wilmington Trust, N.A., the purchaser of a property at an association foreclosure sale for unpaid assessments contended that the first mortgage was void ab initio because title to the property wasn’t...more

FDIC Issues Advisory on Loan Purchases and Participations

The Federal Deposit Insurance Corporation (“FDIC”) has issued an advisory on effective risk management practices for purchased loans and purchased loan participations (the “Advisory”). The Advisory addresses the importance of...more

It’s a Bird, It’s a Plane, It’s . . . Super Priority! A Brief Primer on Purchase Money Security Interests

What is a “Purchase Money Security Interest”? A “purchase-money security interest” (or “PMSI”) is a security interest securing a “purchase-money obligation”, or an obligation incurred by a debtor to buy collateral...more

U.S. District Court of Delaware Reverses and Remands A Bankruptcy Settlement Effected With No Notice

On January 16, 2015, Chief Judge Leonard P. Stark of the United States District Court for the District of Delaware issued an opinion that reversed an order of the Delaware Bankruptcy Court that approved a settlement, and...more

A Cross-Border View of Purchase Money Security Interests Under the UCC and the PPSA

In a recent blog entry, I discussed the divergent treatment of name changes and other post filing or registration events under the Uniform Commercial Code (UCC) and the Personal Property Security Act (PPSA). This blog entry...more

A Non-Purchase Money Second Deed of Trust is Not Protected by Arizona’s Anti-deficiency Statute

Arizona anti-deficiency laws do not prohibit a non-purchase money lender from suing on its note after foreclosure by a senior lender. In Wells Fargo Bank, N.A. v. Brewer, No. 1CA-CV 12-0383 (Ariz. Ct. App. May 21, 2013...more

California Appeals Court Holds Foreclosure Deficiency Judgment Protections Apply To Short Sales

On July 23, the California Court of Appeal, Fourth Appellate District, held in a case of first impression that a section of California law that prohibits a deficiency judgment following a foreclosure on a purchase money loan...more

Popeye And Purchase Money Loans

In Enloe v. Kelso, 2013 WL 3357884 (2d Dist. 2013), the Second District Court of Appeal wrote a (characteristically) “short and sweet” opinion holding that the prohibition on obtaining a deficiency judgment under a deed of...more

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