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Does Article 9 Apply to Real Estate Condemnation Proceedings?
Carmen J. D'Ellena owned a parcel of land at 720 Main Street, in East Greenwich, Rhode Island. In August 1989, D'Ellena executed a $600,000 promissory note in favor of Davisville Credit Union. The note was secured by a first mortgage on the property. In May 1991, the state of Rhode Island took by eminent domain a portion of the property for public highway purposes, and compensated D'Ellena in the amount of $36,505. This sum was deposited in the registry of the Superior Court. The note and the mortgage held by Davisville was silent as to whether Davisville's interest in the property extended to the proceeds of the condemnation proceedings.
In 1992 D'Ellena defaulted on his obligation to Davisville and filed a Chapter 7 bankruptcy petition. Around the same time, Davisville was placed under receivership and many of its assets were acquired by the Rhode Island Depositors Economic Protection Corporation (DEICO). DEICO sought to foreclose on the property because of D'Ellena's default on the note.
When D'Ellena filed for bankruptcy, DEICO was required to request relief from the automatic stay of the bankruptcy proceedings in order to foreclose. The bankruptcy court gave DEICO such relief and in September 1993, DEICO sold the property at public auction for $292,500, leaving an unsecured deficiency of slightly under $400,000.
Before the auction, DEICO became aware of the existence of the condemnation proceeds held by the Superior Court and filed a second motion for relief from the automatic bankruptcy stay in order to pursue and obtain the condemnation proceeds. The trustee in the bankruptcy filed an objection to DEICO's motion on the grounds that DEICO did not hold a perfected security interest in the condemnation proceeds.
The case was referred by the bankruptcy judge to the Rhode Island Supreme Court for a decision. The court ruled that there was no specific guidance in this particular case from the loan documents governing the relationship between DEICO and D'Ellena. Furthermore, Rhode Island has no statute that speaks to the issue of whether a record owner or a mortgagee is entitled to condemnation proceeds.
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Legal Issues Today
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The court concluded that when part of a mortgaged property is taken for public use, an equitable lien attaches to the condemnation proceeds in favor of the mortgagee to the extent of its interest.
This means that in a case in which a mortgagee has foreclosed upon the remaining mortgage property that is not condemned, the mortgagee is entitled to the condemnation proceeds for the full amount of any deficiency that exists. For that reason, the court here ruled in favor of the mortgagee.
Editor's Note: The above article originally appeared in the Credit & Collection Manager's Letter, a newsletter purchased by Credit Today in 2006. This article originally appeared prior to 2000.
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Credit Groups 2012
Wonder What the ROI is on Credit Groups?
Find out here...
It's been 4 years since our original ground-breaking survey on credit groups and we're revisiting this most important topic. Among other topics, we're investigating:
- What are the top services being offered by credit groups
- How much credit groups cost
- What the value of credit group services is
- What the value of credit group services is in comparison to credit reporting services
- How data is submitted
- What percentage of credit groups reveal terms
- What percentage of credit groups share data outside the credit group
And much more...
Click here to participate!
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