About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


Case Citations [1] (Fall 2024)

handle is hein.ali/retpmrtges0035 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Fall 2024 Citations PROPERTY 3D (MORTGAGES) CHAPTER 7. PRIORITIES § 7.6 Subrogation Ill.App.2022. Com. (e) quot. in sup. and cit. in case quot. in sup. After borrower defaulted on a loan that it used to refinance a mortgage on its property and purchase a former co-owner's interest in the property, lender filed a foreclosure action against borrower and creditor that obtained a subsequent judgment against former co-owner, which was recorded before the loan transaction was recorded. The trial court granted summary judgment for lender, finding that lender's later-recorded lien had priority over creditor's earlier-recorded judgment lien. Affirming, this court held that lender was entitled to conventional subrogation up to the amount due and owing on the mortgage it refinanced, not merely up to the original principal amount borrowed. The court explained that, according to Restatement Third of Property: Mortgages § 7.6, lenders that provided refinancing ordinarily desired and expected to receive security with a priority equal to the mortgage being paid, even if they were aware of an intervening lien. AS 1, LLC v. Celtic Home Solutions, LLC, 218 N.E.3d 1152, 1163. COPYRIGHT (02024 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.