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Secured Transactions Keyed to Lopucki
Midlantic National Bank v. Bridge
Citation:
18 F.3d 195 (3rd Cir. 1994)Facts
On March 31, 1987, the debtor, Frank Bridge, obtained a $260,000 mortgage loan from Midlantic National Bank to finance the construction of improvements on his property at 94 South Main Street in Ocean Grove, New Jersey. The mortgage was recorded on April 3, 1987. In 1988, Bridge and Midlantic agreed to refinance the loan and Bridge secured another mortgage on the Ocean Grove property for $260,000. Bridge used the proceeds from the note underlying this mortgage to discharge the debt from the original mortgage. Bridge’s counsel subsequently certified that the mortgage had been sent for filing and was no the primary lien on the Ocean Grove property. Unbeknownst to Midlantic and Bridge, however, the October, 1988 mortgage was not recorded. On August, 1990, Bridge filed a voluntary petition under Chapter 7. On October, 1988, Bridge executed a written agreement that pledged the Ocean Grove property as security for the funds advanced to him by Midlantic. It resulted in an equitable lien on the Ocean Grove property.
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