Wisconsin Court of Appeals
Property – foreclosure – priority — equitable subrogation
Tri City National Bank appeals from an order determining the priority of secured interests in a property sold at a sheriff’s sale following foreclosure. The trial court denied Tri City’s claim for equitable subrogation and granted first priority to CSMC, Inc., who, having docketed their security interest prior to Tri City, was the senior lienholder. Tri City argues that it is entitled to equitable subrogation because its loan paid off the original first mortgage. We affirm the trial court’s order determining that because CSMC’s Real Estate Security Agreement (RESA) was first in time, and because Tri City did not prove a justifiable expectation of subrogation, CSMC’s RESA is entitled to priority over Tri City’s mortgage. This opinion will not be published.
Dist II, Waukesha County, Ramirez, J., Per Curiam
Attorneys: For Appellant: Martin, Steven W., Waukesha; Tyndall, Susan R., Waukesha; Tolkan, Howard B., Milwaukee; For Respondent: Moodie, Robert B., Waukesha