Rtc Mortgage Trust 1995-S/N2 v. Mcmahon - Fourth Circuit U.S. Court Of Appeals

Rtc Mortgage Trust 1995-S/N2 v. Mcmahon

By Fourth Circuit U.S. Court Of Appeals

  • Release Date - Published: 1998-06-15
  • Book Genre: Law
  • Author: Fourth Circuit U.S. Court Of Appeals
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Rtc Mortgage Trust 1995-S/N2 v. Mcmahon Fourth Circuit U.S. Court Of Appeals read online review & book description:

In 1990 the Resolution Trust Corporation ("RTC") became the receiver for a failed financial institution. By assignment dated August 31, 1995 the RTC Mortgage Trust 1995 - S/N2 ("Mortgage Trust") came to own a $3,170,000 promissory note owed by John F. McMahon, Jr., and John F. McMahon, Jr., trustee for the benefit of John F. McMahon, Jr. (collectively "Mr. McMahon"), as well as a deed of trust on an office park that Mr. McMahon had owned and pledged as security for the note (collectively the"Loan Documents"). In 1992 Mr. McMahon and his wife filed for Chapter 11 bankruptcy. A bankruptcy trustee was appointed but was unable to sell the office park and consequently abandoned any interest in the property by notice filed August 20, 1996. The Mortgage Trust then filed suit in the Eastern District of Virginia seeking appointment of a receiver for the office park, an injunction prohibiting the defendants from interfering with the Mortgage Trusts rights under the Loan Documents, and a declaration that the Loan Documents remain valid and create an enforceable lien against the office park.

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