Nothing says “closure” quite like a termination agreement reaffirmed by a bankruptcy court – right?
The Court of Appeals of Wisconsin, applying Wisconsin law, has held that a policyholder's bankruptcy did not relieve an insurer of its obligations to pay for "loss" under a policy endorsement that included a bankruptcy provision.Hollingsworth v. Landing Condos. of Waukesha Ass'n, Inc., 2014 WL 839244 (Wis. Ct. App. Mar. 5, 2014).
IN RE: ORTIZ (December 30, 2011)
VIRNICH v. VORWALD (December 20, 2011)
REEDSBURG UTILITY COMMISSION v. GREDE FOUNDRIES (July 13, 2011)
The Supreme Court of Wisconsin recently held that claim preclusion does not bar a mortgagee from proceeding with a foreclosure complaint despite a prior litigation which resulted in a dismissal with prejudice if the subsequent litigation is based upon a default and acceleration which occurred after the initial foreclosure proceeding.
Liebzeit v. Intercity State Bank (In re Blanchard), 520 B.R. 740 (Bankr. E.D. Wis. 2014) –
A Chapter 7 trustee sought to avoid a mortgage on the debtors’ property using the “strong arm” powers of a hypothetical bona fide purchaser of real estate. The complication was that the debtors sold the real estate on land contract before they granted the mortgage.
Steven Enright and his wife borrowed money from a bank to buy dairy cows and other improvements for the family dairy farm. The bank loan was secured by assets of the Enrights, and also guaranteed by Steven’s parents, with the parents’ guarantee secured by a mortgage on the dairy farm itself (which was owned by the parents).