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GMAC Mortg. LLC v. Pharis

An agreement for subrogation made with either the debtor or the creditor is sufficient to overcome constructive notice of an intervening lien.

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At issue in this appeal is whether a security deed has been extinguished through foreclosure. We conclude that it has not.

GMAC Mortgage, LLC appeals the grant of summary judgment to Monroe Pharis in GMAC’s action for equitable subrogation and unjust enrichment. Construed in favor of GMAC, as the party opposing summary judgment, the evidence shows that GMAC made a loan to Rhonda Hall secured by her home. Hall is Pharis’s daughter and his codefendant below. A portion of the proceeds of the GMAC loan were used to discharge a security deed in favor of JP Morgan Chase. While the GMAC loan process was ongoing, Hall’s then husband, exercising a power of attorney from Hall, opened a line of credit with the First National Bank of Decatur County, which was also secured by the subject property. First National foreclosed, Pharis purchased the property at the foreclosure sale, and GMAC brought this action. GMAC seeks a declaration, under a theory of equitable subrogation, that its security deed is intact and superior to Pharis’s interest in the property and alternatively repayment under a theory of unjust enrichment.

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