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Bank of New York v. Nally
Indiana Supreme Court
820 N.E.2d 644 (2005)
Tod and Pamela Owens (plaintiffs) executed and delivered a deed for the conveyance of their property to Stephen and Jennifer Nally (defendants). The Nallys simultaneously executed a first mortgage to their main lender and a second mortgage to the Owenses. The Owenses recorded their second mortgage before the Nallys recorded their deed or the main lender recorded its first mortgage. The main lender then assigned the first mortgage to the Bank of New York (bank) (plaintiff). The bank relied on the main lender’s title insurance and did not conduct its own title search. The Nallys subsequently defaulted, and the bank sued to foreclose on their property. The Owenses intervened to claim first rights to the foreclosure-sale proceeds on account of their prior recording of their second mortgage. The bank’s defense was that it had no knowledge of the Owenses’ mortgage and that it thus took the first mortgage as a bona fide purchaser. The trial court granted summary judgment for the Owenses and was affirmed by an intermediate appellate court. The bank appealed to the Indiana Supreme Court.
Rule of Law
Holding and Reasoning (Boehm, J.)
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