Midlantic National Bank v. Bridge
United States Court of Appeals for the Third Circuit
18 F.3d 195 (1994)
Frank Bridge (debtor) obtained a mortgage from Midlantic National Bank (creditor) to finance improvements on his property. The bank properly recorded the mortgage. Bridge later refinanced the loan through the bank and discharged the first mortgage with the proceeds from the refinancing. However, the bank did not properly record the second mortgage. Bridge filed for bankruptcy. The bank ultimately recorded the refinanced mortgage, but not until after Bridge filed for bankruptcy. The bank initiated an adversary proceeding in the bankruptcy court alleging it retained an equitable lien in the property even though the mortgage had not been properly recorded. Both the bankruptcy court and the district court rejected the bank’s argument and the bank appealed.
Rule of Law
Holding and Reasoning (Becker, J.)
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