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Case Citations [1] (July 2017 through August 2018)

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                  PROPERTY 3D: MORTGAGES



       CHAPTER 3. MORTGAGOR'S EQUITY OF REDEMPTION AND MORTGAGE
                                       SUBSTITUTES

§ 3.1 The Mortgagor's Equity of Redemption and Agreements  Limiting It

W.D.Wis.Bkrtcy.Ct.2017.  Subsecs. (b) and (c) quot. in sup. Chapter 11 debtors filed an objection to
lender's proof of claim, which detailed a secured amount under the terms of a short-term construction
loan agreement and an unsecured amount for an alleged breach of an option agreement executed as a
condition precedent to the loan and as additional security. This court granted debtors' objection to
lender's claim for breach-of-contract damages, holding, inter alia, that the option agreement
impermissibly clogged debtors' right to redemption under the loan agreement and was unconscionable.
Quoting Restatement Third of Property: Mortgages § 3.1, the court relied on the long-established rule
that agreements impairing a mortgagor's right of redemption were unenforceable and ineffective. In re
First Phoenix-Weston, LLC, 575 B.R. 828, 841-842.



                         CHAPTER 6.   PAYMENT AND DISCHARGE

§ 6.4 Redemption from Mortgage  by Performance  or Tender

Utah App.2017.  Subsec. (g) quot. in case quot. in disc. After borrower defaulted on promissory notes
secured by deeds of trust and trustee purchased the property at a trustee's sale for a credit bid that
exceeded the property's fair market value, trustee brought an action for a deficiency judgment against
borrower. The trial court granted partial summary judgment for plaintiff. This court affirmed, holding,
inter alia, that defendant failed to produce any evidence necessary for raising a genuine issue of material
fact as to whether he had made a timely written request to trustee for a payoff statement for the loan.
Quoting Restatement Third of Property: Mortgages § 6.4(g), the court noted that, generally, an
unconditional tender of full performance, even if rejected by a trustee, if kept good, had the effect of
performance and could justify setting aside the trustee's sale, and explained that, here, defendant failed
to actually offer or tender payment to cure default. Far West Bank v. Robertson, 406 P.3d 1134, 1145.



                                 CHAPTER 7. PRIORITIES

§ 7.6 Subrogation

Mass.App.2017.  Cit. in sup.; subsec. (a) cit. in ftn.; coms. (a) and (e) quot. in sup.; Rptrs' Note cit. in
sup. Mortgagee brought a declaratory-judgment action against surviving spouse, seeking equitable
subrogation of a note securing a mortgage deed to the record position of an earlier mortgage in order to
encumber surviving spouse's interest in the property, given that deceased spouse had executed the
second deed and note only in his name when refinancing their home. The trial court denied mortgagee's




          For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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