Adam Leitman Bailey, P.C. Protects Bank of America in Common Charge Lien Foreclosure Proceeding
In The Board of Managers of House Beautiful Condominium I v. Hong, et. al., Adam Leitman Bailey, P.C. successfully protected Bank of America N.A.’s security interest in a premises in Queens, New York, in defeating the plaintiff’s claim that the insured, Bank of America, was not the first mortgagee of record as is defined in § 339-z of New York’s Real Property Law.
Despite the plaintiff’s allegation that a prior mortgage still open of record, although previously satisfied, is the “first mortgage of record” protected by RPL § 339-z, Adam Leitman Bailey, P.C.’s thorough investigation of this claim uncovered an email chain between the plaintiff board and Bank of America’s prior counsel, confirming that the board admitted in writing to Bank of America’s priority over the common charge lien.
Adam Leitman Bailey, P.C. thus used this writing to successfully confirm the discontinuance of the insured from the action based on priority, thereby adequately protecting Bank of America’s interests with respect to title.
The Title Litigation Group at Adam Leitman Bailey, P.C. won this case for the insured, with Jackie Halpern Weinstein representing the firm.