Sovereign Bank v. Gillis, A-5132-11T2; Appellate Division; opinion by Sabatino, J.A.D.; decided and approved for publication July 3, 2013. Before Judges Parrillo, Sabatino and Maven. On appeal from the Chancery Division, Somerset County, F-048348-10. DDS No. 15-2-0519 [23 pp.]
This appeal concerns whether a refinancing lender that discharges its own previous mortgage and issues another mortgage loan, and simultaneously pays off the balance owed on a junior lienor's line of credit without having it closed, can rely on equitable principles to maintain its priority over that junior lienor.
