Sheppard v. Interbay Funding, LLC

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• noting that under the Restatement, the characterization of a claim as one for equitable subrogation versus one for replacement is “without significant consequence”
• under principles set forth in section 7.3, lender entitled to maintain first lien on real property in amount representing balance of first lien prior to refinance
• under principles set forth in section 7.3, lender entitled to maintain first lien on real property in amount representing balance of first lien prior to refinance
• “[S]ection 7.3 [of the Restatement] expressly contemplates that the first mortgage at issue will be released of record and, as part of the same transaction, will be replaced with a new mortgage.”
• lender replacing its own mortgage on property with new mortgage and discharging its initial mortgage with proceeds from refinancing entitled to maintain first lien in amount representing balance of first lien prior to refinance

Source: CourtListener parenthetical corpus (CC0).