Assignment Of Land Contract

Assignment Of Land Contract-53
In2016 WL 1459568, at *5.[26] The court also dismissed the trustee’s claim that the district court erred in reforming the mortgage.Because the decision of the bankruptcy court was correct, there was no need to reform the mortgage.Scholars argue that this provision alleviates the need to record a transfer of a land contract vendor’s interest in the county real estate records.[22]The court acknowledged that the question of whether a vendor’s interest in a land contract must be perfected as real or personal property varies from state to state.[23] However, Judge Hamilton concluded that the Seventh Circuit did not have to decide whether, in Wisconsin, a financing statement filed under the UCC may properly perfect a lien on a vendor’s interest in a land contract.

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The Hoffman’s paid $30,000 down, and the balance of the purchase price was paid by the Blanchards obtaining a mortgage loan for $142,000 from Intercity State Bank.

Through the combination of the down payment and the proceeds of the mortgage, the Blanchards received the entire $172,000 purchase price at closing.

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The decision makes clear that properly recording a mortgage against a Wisconsin vendor’s interest in a land contract is sufficient to defeat a bankruptcy trustee’s strong‑arm powers under the Code.

However, it leaves open the question of whether perfection of the same interest under Article 9 of the UCC will do so.

However, the court also noted that subsequent Wisconsin cases appeared to conflict with this conclusion.

In ,[11] a creditor of a land contract vendor was not permitted to impose a judgment lien on the real property.

More importantly, Revised Article 9 of the UCC did not restrict the application of Wisconsin Statutes section 706.001(1), which applies broadly to a mortgage of The bank’s proper recording of its mortgage interest defeated the trustee’s attempt to take the Blanchards’ vendor’s interest under Code section 544(a)(3) as a hypothetical bona fide purchaser, or as a hypothetical judicial lien creditor under Code section 544(a)(1).[26]In which held that both a land contract and any assignment of an interest in the land contract are excluded under Article 9 of the UCC.

While the court acknowledges that certain provisions of Revised Article 9 of the UCC enacted after conflict with this holding, it seems to brush past this discrepancy without attempting to harmonize the dissonance arising from Wisconsin’s real estate recording statute and the UCC.

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