One of the most important features of a loan collateralized by real property is the priority of the lien of the mortgage. Attorneys representing mortgage lenders must remain conscientious when drafting loan documents and reviewing diligence or they might find themselves in the situation where their client’s mortgage was primed by another mortgage. A recent decision from the Second Department of New York’s Appellate Division, JPMorgan Chase Bank v. Zhan Hua Cao (2018 NY Slip Op 02603) serves as an example that there is no substitute for careful review of the details.
‘Zhan Hua Cao’
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