Caine v. First State Bank (In re Caine)

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.
Issue: 
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Consumer case opionion summary, case decided on December 08,2011, LexisNexis #0212-089