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DEFECTIVE REAL ESTATE DOCUMENTS: WHAT ARE THE CONSEQUENCES?

DEFECTIVE REAL ESTATE DOCUMENTS: WHAT ARE THE CONSEQUENCES?

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Published by Carrieonic
John C. Murray*
Editors’ Synopsis: This Article discusses recent case law regarding whether a recorded but defectively executed or acknowledged mortgage may be deemed valid, whether it imparts constructive notice to, and is entitled to priority over, subsequent judgment creditors and lienholders with validly executed and recorded documents, and particularly, whether a trustee in bankruptcy may avoid the defectively executed mortgage. This Article also addresses the impact of errors in the indexing of real estate documents, the title insurer’s liability if the mortgage is deemed invalid because of a defect in it or the underlying note, and whether improperly executed documents should be reformed or deemed invalid.
John C. Murray*
Editors’ Synopsis: This Article discusses recent case law regarding whether a recorded but defectively executed or acknowledged mortgage may be deemed valid, whether it imparts constructive notice to, and is entitled to priority over, subsequent judgment creditors and lienholders with validly executed and recorded documents, and particularly, whether a trustee in bankruptcy may avoid the defectively executed mortgage. This Article also addresses the impact of errors in the indexing of real estate documents, the title insurer’s liability if the mortgage is deemed invalid because of a defect in it or the underlying note, and whether improperly executed documents should be reformed or deemed invalid.

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Categories:Business/Law
Published by: Carrieonic on Sep 06, 2011
Copyright:Attribution Non-commercial

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09/08/2011

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DEFECTIVE REAL ESTATE DOCUMENTS:
WHATARE THE CONSEQUENCES?
John C. Murray
*
 
 Editors’ Synopsis: This Article discusses recent case law regardingwhether a recorded but defectively executed or acknowledged mortgagemay be deemed valid, whether it imparts constructive notice to, and isentitled to priority over, subsequent judgment creditors and lienholderswith validly executed and recorded documents, and particularly, whether a trustee in bankruptcy may avoid the defectively executed mortgage. This Article also addresses the impact of errors in the indexing of real estatedocuments, the title insurer’s liability if the mortgage is deemed invalid because of a defect in it or the underlying note, and whether improperlyexecuted documents should be reformed or deemed invalid.
I.
 
I
NTRODUCTION
............................................................................368
II.
 
C
ASES AND
S
TATUTES
U
PHOLDING
V
ALIDITY OF
D
EFECTIVE
D
OCUMENTS
...........................................................369
 
A. The
Schwab
Decision...............................................................369B. The
 Rothacre
and
Potter 
Decisions.........................................370C. Colorado Statutory Law...........................................................371D. Tennessee Statutory and Case Law..........................................372
III.
 
O
HIO
C
ASE AND
S
TATUTORY
L
AW ON
D
EFECTIVE
 M
ORTGAGES
................................................................................380A. The
 Jones
Decision..................................................................380B. The
Odita
Decision..................................................................382C. The
Kovacs
Decision...............................................................383D. Other Recent Ohio Decisions...................................................384
IV.
 
O
THER
S
TATE AND
F
EDERAL
D
ECISIONS
D
ENYING
E
FFECTIVENESS OF
D
EFECTIVE
M
ORTGAGE
D
OCUMENTS
................................................................................386A. The
 Alpine Bank 
Decision.......................................................386B. The
 Bucholz
Decision..............................................................387C. The
Stubbs
Decision................................................................387D. The
 Rogan
Decision.................................................................388
*
Vice President-Special Counsel, First American Title Insurance Company, Chicago,Illinois; B.B.A. 1967, University of Michigan; J.D. 1969, University of Michigan. Theauthor expresses his appreciation to Mark Lee, senior underwriter and counsel with FirstAmerican Title Insurance Company in Memphis, Tennessee, for his assistance with thisarticle.
 
E. The
Schlarman
Decision..........................................................389F. The
Fisher 
Decision.................................................................389G. The
Williams
Decision.............................................................390
V. R
ECENT
D
ECISIONS ON
I
NDEXING
E
RRORS
(N
EW
Y
ORKAND
O
THER
S
TATES
)
..................................................................391A. The
Coco
Decision...................................................................391B. The
 Reiber 
Decision................................................................392C. The
First Citizens
Decision.....................................................393D. Decisions of Other Courts on Misindexed Documents............394
VI. T
ITLE
I
NSURER
L
IABILITY
B
ASED ON
D
EFECTIVE
D
OCUMENTS
.................................................................................395A. The
Citicorp Savings
Decision................................................395B. The
 McHenry Savings Bank 
Decision.....................................397C. The
First Federal Savings and Loan
Decision........................398D. The
 Bank of Miami Beach
Decision........................................399E. The
 JDC(America)
Decision....................................................400
VII.
 
D
EFECTS
I
NVOLVING
E
XECUTION OF
,
OR
P
ARTIES
N
AMES
I
N
,
 
D
OCUMENT
.......................................................
401
 
A. The
 Enderle
Decision..............................................................401B. The
 Ethridge
Decision.............................................................402C. The
Yates
Decision..................................................................403D. The In re
 Head Grading
Decision...........................................404E. The
 Hooper 
Decision...............................................................405
VIII.
 
C
ONCLUSION
............................................................................406

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