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Case Citations [1] (July 2020 - August 2021)

handle is hein.ali/retpmrtges0029 and id is 1 raw text is: 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 Mich.2020. Com. (a) quot. in ftn. to conc. op. Property owners sued county and its treasurer, alleging that, after defendants foreclosed on their properties and sold them at public auction to collect unpaid property taxes, defendants unconstitutionally retained all sale proceeds in excess of the taxes, interest, penalties, and fees. The trial court granted summary judgment for defendants, and the court of appeals affirmed. This court reversed and remanded, holding that plaintiffs were entitled to just compensation because they had a cognizable, vested property right to the surplus proceeds resulting from the tax- foreclosure sale of their properties, which continued to exist even after fee-simple title to the properties vested with defendants. The concurring opinion cited Restatement Third of Property: Mortgages § 3.1 in noting that, historically, the equity of redemption, under which a borrower could redeem the property by paying off the debt after defaulting, was considered a property right that came to represent the homeowner's interest in the property, known as equity. Rafaeli, LLC v. Oakland County, 952 N.W.2d 434, 477, 478. CHAPTER 5. TRANSFERS OF MORTGAGED REAL ESTATE AND MORTGAGES § 5.4 Transfer of Mortgages and Obligations Secured by Mortgages E.D.N.Y.2020. Com. (b) quot. in case quot. in sup. Chapter 7 debtor filed an adversary proceeding against, among others, current and previous servicers of a mortgage on his cooperative apartment, seeking to cancel and discharge the note and mortgage on the ground that the note did not contain an allonge recording the transfer of indorsements to current servicer. This court granted summary judgment for current servicer, holding, among other things, that current servicer was a creditor with standing to enforce the note because it had physical possession of the original note. The court cited Restatement Third of Property: Mortgages § 5.4 in noting that possession of an original note conferred standing both as a creditor and as a lienholder, because a transfer in full of the obligation automatically transferred the mortgage as well unless the parties agreed that the transferor was to retain the mortgage. In re Murray, 624 B.R. 532, 547. CHAPTER 6. PAYMENT AND DISCHARGE § 6.4 Redemption from Mortgage by Performance or Tender Kan.App.2020. Subsec. (a) and (e) and com. (a) quot. in sup. After bank brought a foreclosure action against property owners for defaulting on a mortgage securing their real property, purported assignee of COPYRIGHT ©2021 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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