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Junior lienholder argues against equitable subrogation because mortgagee has legal remedies
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Court Report
Monday, October 26, 2015
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After homeowners in Shrewsbury, Mass., defaulted on their loan, the holder of the first priority mortgage on the property brought suit against a junior lienholder, seeking equitable subrogation. The junior mortgagee argued that the bank was not entitled to equitable subrogation because it had a legal remedy, namely title insurance. The trial court disagreed and the case was appealed. Read on for more details.
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