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Michigan Supreme Court rules on CPL, foreclosure issues
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Court Report
Monday, April 25, 2016
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The Supreme Court of Michigan ruled on a case in which, after submitting a full-credit bid on a couple of properties after foreclosing on them, a bank discovered that it had been the victim of fraud by, among others, the closing agents that closed on the property. The bank went after the agents and their underwriter, which issued a closing protection letter for each transaction. The lower courts had ruled that the court’s decision in New Freedom extended the full credit bid rule to indemnity claims under CPLs. Several similar cases have been held in abeyance at the appellate level pending this decision.
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