News & Analysis as of September 19, 2024

Promissory Notes

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Guarantor Liability: Assignment of Note Doesn’t Automatically Assign Guaranty Too

Patton Sullivan Brodehl LLP on 12/28/2023

Obligations reduced to a promissory note are often accompanied by a written guaranty. The law treats the guaranty as an independent obligation. A case recently decided by California’s First District Court of Appeal —...more

The Washington Court of Appeals (Re-)Explains the Statute of Limitations for Deeds of Trust After a Bankruptcy Discharge

Miller Nash LLP on 2/9/2022

On January 18, 2021, the Washington Court of Appeals in Copper Creek (Marysville) Homeowners Ass’n v. Kurtz reaffirmed an important rule related to real property foreclosures and the statute of limitations after a bankruptcy...more

Bar Exam Toolbox Podcast Episode 146: Listen and Learn -- Mortgages and Priority

Law School Toolbox on 9/21/2021

Welcome back to the Bar Exam Toolbox podcast! In today's installment of our "Listen and Learn" series, we're focusing on Real Property. In particular, we're diving into the tricky subtopic of mortgages and priorities. In...more

How a Junior Lien Can Survive Judicial Foreclosure

Patton Sullivan Brodehl LLP on 1/27/2021

Oscar Wilde is quoted for saying—“To expect the unexpected shows a thoroughly modern intellect.” This advice certainly holds true for a senior deed of trust lienholder contemplating foreclosure on real property security. ...more

My Note and Deed of Trust Have Different Dates. Do I Have a Problem?

Ward and Smith, P.A. on 9/27/2018

Consider this scenario: You loan money to a borrower. You intend to secure the loan with a deed of trust encumbering real property. Your borrower signs a promissory note dated November 7, 2006. But your deed of trust is...more

Not so Fast! How Does Revoking Acceleration of a Note Impact the Statute of Limitations?

Snell & Wilmer on 7/3/2018

Lenders routinely accelerate notes after a default occurs, calling the entire loan due immediately. Less regularly, a lender may change its mind and unilaterally revoke the acceleration. Rarely, however, does a lender fail to...more

Transfer To Non-Existent Corporation Held To Be A Transfer Nonetheless

Allen Matkins on 8/10/2017

Sometimes, the law is just weird. The case of PGA West Residential Ass’n, Inc. v. Hulven Int’l, Inc., Cal. Ct. App. Case No. E064270 (Aug. 9, 2017) is weirder than most. The lawsuit alleged that the defendant had tried to...more

Recent Arizona Commercial Law Cases

Snell & Wilmer on 7/18/2017

Over the last few months there have been several significant commercial law cases in Arizona. These have included four Court of Appeals and three Supreme Court cases, each addressing common loan document provisions and...more

Conflicts of Laws, Deficiency Actions, and Statutes of Limitations – Oh My!

Snell & Wilmer on 5/3/2017

What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller, No. 1 CA-CV 16-0071 (Ct. App. April...more

California Foreclosure Law: California Supreme Court Grants Review Of The Keshtgar Decision

Miller Starr Regalia on 1/9/2015

As reported in our blog article below, in June the Second District Court of Appeal held that California’s non-judicial foreclosure statutes do not grant a defaulting borrower the right to enjoin a foreclosure sale by alleging...more

Real Property, Financial Services & Title Insurance Update: September 2014 #1

Carlton Fields on 9/11/2014

REAL PROPERTY UPDATE - - Foreclosure/Standing: to establish a prima facie case for mortgage foreclosure, successor mortgagor must introduce evidence it was in possession of original note with blank endorsement at time...more

Appellate Court Notes

Pullman & Comley, LLC on 7/17/2014

AC35632- U.S. Bank, N.A. v. Foote - Second time is the charm. Defendant succeeded in getting plaintiff’s foreclosure action dismissed for lack of standing due to the inability of the witnesses to establish that the...more

Show-Me-The-Note v. Split-the-Note: An Overview of Rulings from the Fifth Circuit Court of Texas

Baker Donelson on 7/19/2013

In the case of Ashley Martins v. BAC Home Loans Servicing, L.P. and Federal National Mortgage Association (No. 12-20559, 2013 WL 3213633), the Fifth Circuit Court of Texas was first asked to decide whether the...more

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