Justia Real Estate & Property Law Opinion Summaries

James Hobson placed the highest bid at a foreclosure sale on real property in Warren County. The receipt Hobson obtained at the sale disclaimed that the sale was subject to withdrawal in the event of a timely reinstatement by the obligor on the deed of trust. The day before the sale, the defaulting obligor on the deed of trust reinstated the loan with Chase Home Finance, the obligee, and Priority Trustee Services of Mississippi, the trustee. Although Hobson’s check was returned, he sued Chase and Priority for breach of contract, arguing that he was entitled to receive the difference in the amount he had bid for the property and the appraised value of the property. The County Court initially granted summary judgment to Hobson and the Circuit Court affirmed; but the Supreme Court reversed and remanded for a determination of whether the obligor validly reinstated her loan prior to the foreclosure sale. On remand, the County Court granted summary judgment to Chase and Priority and the Circuit Court affirmed. Finding no error in the respective judgments of the County and Circuit Courts, the Supreme Court affirmed. View "Hobson v. Chase Home Finance, LLC" on Justia Law

When the Mississippi State Highway Commission (MHC) sought a permit from the Army Corps of Engineers (ACE) to fill wetlands in the roadbed of a proposed limited-access road, it pledged approximately 1,300 acres of Ward Gulfport Properties, L.P.’s and T. Jerard Gulfport, L.L.C.’s (collectively, “Ward”) property as wetlands mitigation. ACE issued the permit to MHC in 2009. Ward filed suit in state court against MHC, seeking damages from an unlawful taking, and in federal court against ACE, seeking to have the permit invalidated. The federal court vacated the permit. MHC moved for summary judgment, arguing that no taking had occurred and that the federal court had determined ACE, not MHC, had caused Ward’s losses. The trial court granted MHC’s motion. Ward appealed. Finding the trial court erred in granting summary judgment in favor of MHC, the Mississippi Supreme Court reversed and remanded. View "Ward Gulfport Properties, L.P. v. Mississippi State Highway Commission" on Justia Law

Earnest Magee sued Covington County Bank (CCB) for conversion after it seized collateral for a promissory note and later sold the property at auction. CCB moved under Mississippi Rule of Civil Procedure 12(b)(6) to dismiss, arguing: (1) that the statute of limitations had expired; (2) that it had a contractual right to the property; and (3) that Magee’s claim was barred by issue preclusion. The circuit judge denied CCB’s motion and finding no reversible error, the Supreme Court affirmed. View "Covington County Bank v. Magee" on Justia Law

In 2004, Clayton Hinton purchased a tract of real property to use as a used-car lot. He financed its acquisition with funds provided by Wells Fargo. In 2007, Hinton conveyed his interests in the property to CZ Inc., a Mississippi corporation, subject to the debt secured by a Deed of Trust. In 2008, CZ Mississippi conveyed its interests in the property to CZ Florida. In 2009, CZ Florida conveyed its interests in the property to Hinton’s children, Nathan Hinton and Seneca Eubanks. All transfers were subject to the debt instrument. In May 2012, the loan matured and became immediately payable in full. In May 2013, Clayton Hinton and Nate Rolison executed a global Settlement Agreement which included Rolison agreeing to pay off the past-due Note and to obtain clear title by judicial foreclosure. On June 7, 2013, CZ Florida and Hinton’s two children conveyed “all of their rights, title, and interest” by quitclaim deed to Rolison. The question this case presented for the Supreme Court's review was whether a quitclaim deed acts to assign and transfer a grantor’s rights and interests retained in a deed of trust even when that grantor no longer holds title to the property. The Court held that it does, and so it affirmed. View "Hinton v. Rolison" on Justia Law