Wells Fargo Bank (Plaintiff) brings this action against National Lumber Company (National) seeking equitable subrogation of the mortgages granted by one David Naginewicz (Naginewicz) to Plaintiff and Defendant.
On July 25, 2008, Plaintiff filed Motion for Summary Judgment along with an Appendix in Support of Summary Judgment. On August 26, 2008, Defendant filed an Opposition to Plaintiffs Motion for Summary Judgment with its own Appendix in Support of its Opposition to Summary Judgment. The motions were argued on September 25, 2008 and taken under advisement by the Court (Trombly, J.).
After carefully considering all of the evidence, the Court entered a Decision today ruling that equitable subrogation is the proper way to reprioritize the debt to the positions each intended to occupy, with the Plaintiffs mortgage as first mortgage in the amount of $135,776.01 and the Defendants mortgage as the second mortgage.
In accordance with that Decision it is hereby
ADJUDGED and ORDERED that Plaintiffs Motion for Summary Judgment is GRANTED and it is further
ADJUDGED and ORDERED that the National Lumber mortgage, dated November 17, 2003, and recorded in book 13809, page 67, is subordinated to Plaintiffs mortgage, dated November 8, 2004, and recorded in book 14624, page 247, to the extent of the amount advanced to discharge the Novastar mortgage ($135,776.01).
By the Court. (Trombly, J.).
[Note 1] If not specifically defined herein, each term carries the same definition employed in the Decision.