Rehearing Recently Sought in South Carolina Appeals Court Case That May Affect the Priority of Refinance Mortgages | Nelson Mullins Riley & Scarborough LLP
To embed, copy and paste the code into your website or blog: The South Carolina Court of Appeals rejected the replacement mortgage doctrine on Nov. 25, 2020 and held a home equity line of credit had priority over a subsequent mortgage that secured refinancing of a mortgage prior in time and senior to the HELOC. In ArrowPointe Federal Credit Union v. Bailey, linked here, the Court of Appeals relied on South Carolina’s statutory race-notice framework to find the home equity line creditor had priority because it recorded its lien before the second mortgage was made and recorded. Appellant fil...
Source: jdsupra.com