Adam Leitman Bailey, P.C. Protects Interests of Insured Lender in Defeating Borrower’s Allegations of Missing Ownership Interests
In Deutsche Bank National Trust Company, as Trustee for Morgan Stanley ABS Capital Inc. Trust 12007-HE2 v. Evans, et al., a foreclosure proceeding, the plaintiff moved for summary judgment and an order of reference, and the defendant borrower opposed and cross-moved for summary judgment, dismissing the complaint.
Included in the borrower’s opposition and cross-motion were allegations of on-going ownership interests in the subject premises held by non-parties to the foreclosure action, which ownership interests were allegedly acquired in 1970 and 1971, prior to the execution of the subject mortgage.
Adam Leitman Bailey, P.C. was retained as title counsel to defend the insured against the borrower’s missing ownership interest allegations and did not have any involvement with the foreclosure aspects of the proceeding, (which the lender’s foreclosure counsel ultimately botched).
With respect to the title portion of the action, however, Adam Leitman Bailey, P.C. successfully argued that the borrower’s missing ownership interest allegations should be disregarded and rejected by the court on the grounds that: (i) the borrower lacked standing to assert the alleged ownership interests in the premises on behalf of the non-parties; (ii) the defense of the alleged ownership interests, which were based on documentary evidence, was waived as a result of the borrower’s failure to raise the defense in the borrower’s answer; and (iii) the claims of alleged ownership interests are now barred by the applicable statute of limitations and, most likely, adverse possession.
Adam Leitman Bailey, P.C. further successfully demonstrated, through submission of documentary evidence that it rushed to the courthouse to pull from archived court records, that the borrower’s missing ownership interest allegations were entirely without merit.
Persuaded by Adam Leitman Bailey, P.C.’s arguments, Judge Mary Ann Brigantti of the Bronx County Supreme Court denied the borrower’s cross-motion in its entirety and expressly rejected the borrower’s missing ownership interest allegations asserted in opposition to the plaintiff’s motion.
Jackie Halpern Weinstein and another attorney of Adam Leitman Bailey, P.C. successfully protected the title interests of the insured lender in this action.