On March 24, 2015, the U.S. Supreme Court heard oral argument in two cases that should resolve a persistent split between the U.S. Court of Appeals for the Eleventh Circuit and several other circuits pertaining to a Chapter 7 debtor’s ability to “strip off” underwater junior mortgages1 during a bankruptcy proceeding.
In Bank of America v. Caulkett (No. 13-1421) and Bank of America v. Toledo-Cardona (No. 14-163),2 the court has been asked to consider whether a decades-old holding that partially unsecured junior mortgages may not be “stripped down” in a Chapter 7 bankruptcy should be extended to cases where a junior mortgage is wholly, rather than only partially, underwater.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
