0000008808 00000 n Equitable subrogation is a legal doctrine that allows a party that has made payments on behalf of another party to lay claim to the recovery of damages or funds from a third-party. PDF Equitable Subrogation: Can A Refinancing Mortgagee Establish Priority Va. 2003) (citing Ohio state law for the proposition that equitable subrogation will not be used to benefit parties who were negligent in their business transactions and who were obviously in the best position to protect themselves); see, also, In the Matter of American Appliance, 272 B.R. The insured suffered a loss for which the defendant is liable, either as the wrongdoer whose act or omission caused the loss or because the defendant is legally responsible to the insured for the loss caused by the wrongdoer; The claimed loss was one for which the insurer was. As a convenience this website may provide links to third-party websites, however we assume no responsibility for the accuracy of the contents of such websites. The lien prevents injustice and unjust enrichment based on considerations of what should be, rather than on legal technicalities that might prevent enforcement of claims against the debtor's property and result in a windfall to the . 1976); French Lumber Co. v. Commercial Realty & Finance Co., 195 N.E.2d 507, 510 (Mass. On appeal, the Court, adhering to the long established rule that actual knowledge of an intervening lien is required to defeat equitable subrogation, rejected the argument made by Banc that Chase should be denied equitable subrogation because Chase had constructive knowledge of Bancs intervening deed of trust. Breach of Third-Party Beneficiary Contract, Breach: 05. It is important to remember that subrogation is not an absolute right, but rather a doctrine contingent upon the equities and attending circumstances of each case. Subrogation is a relatively specialised field of law; entire legal textbooks are devoted to the subject. In JP Morgan Chase Bank, N.A. This approach is more in keeping with the Restatement (Third) of Property: Mortgages, and is generally considered a more liberal approach to equitable subrogation. Equitable subrogation is designed to prevent unjust enrichment. App.3d 200 (1977)), the Court applied equitable subrogation to a refinance transaction. As the Court aptly states in its opinion, getting exactly what one bargained for is neither punishment nor prejudicial. Id.
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