Sherman v. Deutsche Bank National Trust Co.

100 So. 3d 95 (2012)

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Sherman v. Deutsche Bank National Trust Co.

Florida District Court of Appeal
100 So. 3d 95 (2012)

DD

Facts

In September 2005, the owner of a residential property (homeowner) obtained a mortgage from Fremont Investment & Loan (Fremont). In May 2006, the homeowner obtained a mortgage from Martin and Grace Sherman (defendants). In September 2006, the homeowner refinanced with Washington Mutual Bank (WaMu). The amount of the WaMu mortgage was sufficient to pay off both the Fremont mortgage and the Sherman mortgage. WaMu paid off the Fremont mortgage but did not pay off the Sherman mortgage. The remaining funds from the WaMu mortgage were disbursed to the homeowner, and the homeowner did not pay off the Sherman mortgage. The WaMu mortgage was later acquired by Deutsche Bank National Trust Company (Deutsche) (plaintiff). Subsequently, the homeowner defaulted on the Deutsche mortgage and the Sherman mortgage. Deutsche commenced a foreclosure action, contending that its mortgage should have priority over the Sherman mortgage. The Shermans filed an objection. Applying the equitable-subrogation doctrine, the trial court held that the Deutsche mortgage had priority over the Sherman mortgage. The Shermans appealed.

Rule of Law

Issue

Holding and Reasoning (Salter, J.)

Dissent (Schwartz, J.)

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