From our private database of 30,500+ case briefs...
In re 364 N.B.E. Corp.
United States Bankruptcy Court for the Eastern District of New York
2015 WL 9581323 (2015)
N.B.E. Corp. (debtor) borrowed about $1.45 million from Edge Capital and JA Funding (creditors) to develop a commercial condominium building secured by mortgages on the property. N.B.E. defaulted. The creditors twice renegotiated, then brought a foreclosure suit. N.B.E. stipulated that it owed a debt now totaling $1.8 million and escrowed a deed in lieu of foreclosure (DIL). The stipulation provided that the DIL would be held in escrow “as security” for paying the mortgage, released to the creditors if N.B.E. again defaulted, and recorded to complete the foreclosure. However, the stipulation also provided that N.B.E. would have a right to redeem the property. N.B.E. again defaulted, and the creditors recorded the DIL. When N.B.E. tried to pay the missed payments, the creditors returned them, explaining they had taken title to the property by recording the DIL. N.B.E. filed for bankruptcy and brought an adversary proceeding arguing the stipulation qualified as a mortgage requiring full foreclosure proceedings to foreclose.
Rule of Law
Holding and Reasoning (Lord, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 551,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 551,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 30,500 briefs, keyed to 984 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.