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Case Citations [1] (Spring 2024)

handle is hein.ali/retpmrtges0034 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Spring 2024 Citations PROPERTY 3D (MORTGAGES) Generally Ariz.App.2022. Cit. generally in sup. In foreclosure proceedings commenced by homeowners association to enforce its lien on homeowner's property for unpaid fees and assessments, this court affirmed the trial court's decision to award the excess proceeds from the foreclosure sale of the property to homeowner's assignee, rather than to successful bidder that acquired the property subject to a first- position lien held by homeowner's lender, explaining that, under Arizona law and Restatement Third of Property: Mortgages § 7.4, liens and other interests terminated by foreclosure attached to any surplus from the foreclosure in order of the priority they had prior to the sale, and holders of liens that were not terminated by the sale had no right to any excess proceeds. The court noted that Arizona courts followed the Restatement Third of Property: Mortgages absent contrary authority. Tortosa Homeowners Association v. Garcia, 524 P.3d 1157, 1159. CHAPTER 2. FUTURE ADVANCES W.D.Pa.2023. Cit. generally in disc. §§ 2.1-2.3, which constitute most of Ch. 2. Chapter 13 debtor filed an adversary proceeding against creditor that held a second-position mortgage on her residence, seeking a determination that creditor's mortgage was unsecured because the residence was subject to a first- position mortgage securing an open-end home-equity line of credit issued by another lender and the residence's value was less than the amount owed on the line of credit; creditor filed a third-party complaint against lender, seeking the imposition of an equitable lien with priority over the first-position mortgage under the doctrine of equitable subrogation. This court granted summary judgment for lender, holding that creditor was not entitled to equitable subrogation, because there was no evidence that debtor sent a cut-off notice terminating lender's priority with regard to future advances under the line of credit, as required under a Pennsylvania statute. The court noted that the Restatement Third of Property: Mortgages provided some discussion regarding statutes enacted by various states to address lien priority in the case of future advances made under open-ended mortgages. In re Todaro, 648 B.R. 50, 70. COPYRIGHT (2024 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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