This section contains all the casenotes published in our monthly newsletter, Casenotes & Underwriters' Bulletin, plus additional case law the ATG Underwriting Department identifies as noteworthy for ATG member agents.
Summary: Following foreclosure, the priority of secured interests favors the lien who was recorded first and the lender who pays off a first mortgage is not necessarily equitably subrogated to first lien position.
CSMC, Inc. v. Hoppa, 345 Wis.2d 397 (Wis. Ct. App. 2012...
Summary: Section 5/11 of the Conveyances Act, providing the form of a mortgage, is a safe harbor and its requirements are to be read permissively, not mandatorily. A mortgage not containing all elements from §5/11 may still be sufficient to provide constructive notice to third parties.
...Summary: When alleging prescriptive easements, language in the pleading that indicates permissive use can be fatal to the claim.
Shields v. Taylor, 976 N.E.2d 1237 (Ind. 2012).
Facts:
The Shields own property that is not landlocked. Taylor owns property that is adjacent to...
Summary: A subordinate lienholder, who was omitted from a foreclosure action by the senior lienholder, is entitled to the same rights it would have had, had it been made a party to the foreclosure proceedings.
Associated Bank, N.A. v. Bradley, 2012 AP 81 (Wis. Ct. App. 2013).
...
Summary: In foreclosure or levy sales, unless a sales price “shocks the conscience,” it will generally be confirmed.
NAB Bank v. LaSalle Bank, 2013 IL App (1st) 121147.
Go to full opinion.
Facts: Two couples, the Toms and the Moys, had been engaged in...
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