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Case Citations [i] (Fall 2023)

handle is hein.ali/retpmrtges0033 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Fall 2023 Citations PROPERTY 3D (MORTGAGES) CHAPTER 7. PRIORITIES § 7.3 Replacement and Modification of Senior Mortgages: Effect on Intervening Interests D.D.C.Bkrtcy.Ct.2022. Cit. and quot. in sup. (general cite), cit. in cases cit. in sup. In a bankruptcy proceeding, secured creditor brought an action for a declaratory judgment against, among others, second-in-time creditor, alleging that plaintiff's mortgage lien on Chapter 7 debtor's property remained senior against defendant's, because the refinancing agreement entered into between plaintiff and debtor expressly stated that plaintiff's first-in-time lien remained senior after it was replaced by plaintiff's later lien. This court granted in part plaintiff's motion for summary judgment, predicting that state law would recognize the doctrine of replacement of mortgages. The court cited Restatement Third of Property: Mortgages § 7.3 in defining the doctrine of replacement of mortgages as an equitable doctrine under which a senior mortgage that was released and replaced, as part of the same transaction, would retain the same priority, and reasoned that state case law indicated that state courts would adopt equitable doctrines when they would obtain just outcomes. In re Shkor, 644 B.R. 410, 415, 416. § 7.6 Subrogation D.D.C.Bkrtcy.Ct.2022. Quot. in case cit. in sup. In a bankruptcy proceeding, secured creditor brought an action for a declaratory judgment against, among others, second-in-time creditor, alleging that plaintiff's mortgage lien on Chapter 7 debtor's property remained senior against defendant's, because the refinancing agreement entered into between plaintiff and debtor expressly stated that plaintiff's first- in-time lien remained senior after it was replaced by plaintiff's later lien. This court granted in part plaintiff's motion for summary judgment, predicting that state law would recognize the doctrine of replacement of mortgages. Citing Restatement Second of Contracts § 164 and Restatement Third of Property: Mortgages § 7.6, the court explained that, while state case law did not directly address the doctrine of replacement of mortgages, state courts frequently adopted equitable doctrines to obtain just outcomes. In re Shkor, 644 B.R. 410, 417. COPYRIGHT C2023 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.

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