Case Study: PNC Bank V. LA Development

Law360, New York (September 5, 2012, 12:35 PM EDT) -- The Indiana Court of Appeals recently held in a published opinion that the appointment of a receiver for the benefit of a mortgagee who agreed to subordinate its mortgages was mandatory under Indiana law. PNC Bank, Nat’l Assoc. v. LA Dev. Inc., __ N.W.2d __, (Ind. Ct. App. Aug. 6, 2012).

In LA Development, the lender extended multiple loans to the borrower and, as security for such loans, the borrower granted the lender mortgages on certain real property in Indiana. In both mortgages, the borrower expressly...
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