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By Ed Boltz, 4 December, 2021

N.C. Ct. of Appeals: BB&T v. GPAR FF, LLC- Reformation of Deed of Trust due to Mutual Mistake

Summary:

By Ed Boltz, 15 July, 2019

N.C. Ct. of Appeals: Wells Fargo Bank v. Stocks- Statute of Limitation for Reformation of Deed of Trust

Summary:

By Ed Boltz, 9 July, 2019

N.C. Ct. Of Appeals: MTGLQ Investors, L.P. v. Curnin- Action to Quiet Title Due to Insufficient Property Description

Summary:

Curnin granted a Deed of Trust originally to Bank of America, but now held by MTGLQ, with a property description which included the property’s lot number and the phase of the development (“STAGE I”)but without any reference to the book and page numbers where a title searcher could find the map recorded in the Brunswick County. MTGLQ brought an action to quiet title and to reform the Deed of Trust to include the full reference.

By Ed Boltz, 3 February, 2015

N.C. Court of Appeals: Wells Fargo v. Coleman- Statute of Limitations for Reformation of Deed of Trust is a Factual Determination; Reasonable Diligence not required for Mutual Mistake

Summary: The Colemans own lots 42, 43, 44, and 45 of a subdivision, with their home located on lots 42 and 43 and lots 44 and 45 being undeveloped. In 2007, Mr. Coleman borrowed $137,567.00 from (now) Wells Fargo, secured by a Deed of Trust signed by the couple.
By Ed Boltz, 20 August, 2014

N.C. Ct. of Appeals: Bank of America v. Charlotte Property Investments- Incorrect Legal Description Insufficient to Defeat Deed of Trust

Summary: Gathings granted a Deed of Trust to Countrywide, later succeeded by Bank of America. The Deed of Trust included the correct Property Identification Number and physical address, but had an incorrect legal description. The property was subsequently sold at a foreclosure sale for homeowners dues to CPI, which did not discover the Deed of Trust in favor of Bank of America.
By Ed Boltz, 1 April, 2014

N.C. Court of Appeals: Wells Fargo v. Huntley- Purchaser in Foreclosure can seek reformation of Deed of Trust

Summary: Wells Fargo sought a reformation of a Deed of Trust, which it discover, after the borrowers defaulted and Wells Fargo foreclosed (putatively purchasing the property itself), did not describe the actual real property upon which the house was built. The trial court held that as Wells Fargo, having purchased the property at foreclosure, was no longer a lender and lacked standing as a purchaser to seek reformation. The Court of Appeals disagreed, following Citifinancial Mortg. Co. v. Gray, 187 N.C. App.
By Ed Boltz, 4 November, 2013

Bankr. M.D.N.C.: Renegade Holdings v. Phelps- Interpretation and Reformation of Settlement

Summary: The Trustee brought an adversary proceeding against Calvin Phelps and his wife, Lisa Yamaoka, challenging numerous transfers and payments that were made by Renegade Holdings of approximately $8 million to or for the benefit of the Phelps prior to the bankruptcy filing, obtaining an order for a levy on their tangible and intangible personal property, specifically of pertinence in the instant case for Writs of Garnishment served on Branch Banking and Trust Company ("BB&T") and Bank of the Carolinas ( "BOC") .
By Ed Boltz, 26 March, 2013

4th Circuit: Rogers v. River Hills- Extrinsic Evidence cannot be Used to Supplement Property Description

Summary: The District Court determined that the contract relating to the easement did not sufficiently describe the portion or parcel of the servient estate to be affected by the easement. On appeal, Rogers argued that the property description was sufficient because River Hills owned only one parcel of land at the time the writing was executed.
By Ed Boltz, 26 March, 2013

N.C. Court of Appeals: Inland Harbors HOA v. St. Joseph's Marina (Inland Harbor III)- Reformation of Deed of Trust

Summary: Following Hice v. Hi-Mil, Inc., 301 N.C.
By Ed Boltz, 12 March, 2013

N.C. Court of Appeals: In re Falk- Life of Mortgage Lien and Equitable Subrogation in Reformation of Mortgage Priority

Summary: Quicksilver purchased an apartment complex in 1992, with $4.6 million in financing from the seller and $550,000 from the Charlotte Falk Irrevocable Trust (Falk Trust). Quicksilver later executed a promissory note and Deed of Trust to the Falk Trust, which was recorded on October 28, 1994. Quicksilver defaulted on the note in December of 1994 and, despite several payments in the intervening years, failed to remedy the default. On July 2, 1999, Quicksilver entered into a promissory note and Deed of Trust with Wachovia Bank.

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