Rhode Island Supreme Court Allows Super Priority Lien to Extinguish First-Lien Mortgage, Paralleling Ruling in Nevada
February 4, 2016
A recent ruling by the Rhode Island Supreme Court has increased concerns that state courts will allow liens for homeowner associations and related entities to supersede first-lien mortgages. In late December, the R.I. Supreme Court ruled that a condo foreclosure sale conducted pursuant to the R.I. Condominium Act can extinguish a prior-recorded first mortgage if the lender fails to redeem the mortgage within 30 days of the foreclosure. The decision reversed a ruling by a lower court, which found that the borrower’s mortgage survived the condo association’s lien foreclosure sale. The Mortgage Bankers Association said...
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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