Caine v. First State Bank (In re Caine)
Dec
08
2011
Ruling
Debtors in possession could avoid defective lien as bona fide purchasers.
Procedural posture
Chapter 12 debtors in possession filed an adversary proceeding to set aside creditor bank's mortgage lien on real property pursuant to 11 U.S.C.S. § 544(a)(1), (3), because the legal description in the recorded mortgage was defective. The bank counterclaimed for reformation of the mortgage granted.
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Court
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