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Property Law Keyed to Dukeminier
Waldorff Insurance and Bonding, Inc. v. Eglin National Bank
Facts
The Defendant entered into a written purchase agreement for a property contained in a condominium unit. On three separate occasion: 1973, 1974 and 1975, the owner of the condominium unit executed mortgages with Plaintiff, which included Defendant’s property. In 1975, after Defendants mortgage had been recorded, the owner of the condominium complex executed a quitclaim deed for the Defendant, which was recorded. To finalize the purchase of the unit, Defendant ‘wrote off’ a debt owed to it by the owner of the condominium complex. This write-off was treated as payment by the Defendant of the final amount due on the purchase price of the unit. In 1976, the Plaintiff brought a foreclosure action against the owner and Defendant. The trial court found for the Plaintiff and ruled that the Defendant did not have an interest in the unit superior to that of the Plaintiff. Defendant appealed.
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