BofA Takes Ch. 7 Junior Lien Fight To Top Court

Law360, New York (November 17, 2014, 1:07 PM EST) -- The U.S. Supreme Court on Monday agreed to address what Bank of America NA calls a split between the Eleventh Circuit, which has allowed Chapter 7 debtors to rid themselves of junior liens — usually the result of second mortgages — on their underwater homes, and other federal circuits that have allowed such liens to survive.

The nation's high court in Washington, D.C., agreed to hear two cases, Bank of America v. David B. Caulkett and Bank of America v. Edelmiro Toledo-Cardona, from the Eleventh Circuit after the bank argued the circuit departed from Supreme Court guidance and from rulings in...

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