In an era when this nation’s economic stability depends, in part, on stable and unfettered real estate transfers, equitable subrogation provides a solution to some of the cracks in the system. However, as evidenced by a split between two departments of the Appellate Division, these cracks need some additional caulking to make sure that the right lien obtains priority.
During 2009, the Second and Third departments of the Appellate Division split regarding when and how equitable subrogation should be applied in prioritizing mortgages. (The First and the Fourth departments have been silent on the issue.) The varying interpretations have created calls for further clarification by the state’s highest court or the passage of legislation.
An Obscure Doctrine
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