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Today, the Fourth District Court of Appeal for Florida in Wells Fargo Bank, N.A. v. Tan, Case No. 4D20-613, held that Fla. Stat. 702.036 barred the Court from granting relief as it related to a Senior Mortgagee seeking to vacate a judgment that was entered against them by a Junior Mortgagee. For a little more background on this holding, “a non-party purchased the real property at issue and executed a mortgage in favor of Bear Stearns Residential Mortgage Corporation. Bear Stearns assigned the mortgage to Wells Fargo. The non-party later sold the property to Chi Peng Tan, who executed a mortgage in favor of First Magnus Financial Corporation.
First Magnus filed a foreclosure complaint against multiple defendants, including Tan and Wells Fargo. A judgment was entered that foreclosed all interests, including the interest held by Wells Fargo. The record shows that Wells Fargo recorded its mortgage before First Magnus recorded its mortgage.”
This is case is not yet final.
Senate Bill 13 was signed into law on March, 16, 2021, and effectively shortens Ohio’s statute of limitations for filing lawsuits based on breach of contract. While R.C. 2305.06 originally set forth a lengthy 15-year statute of limitations on enforcement of a contract, the statute was amended in 2012 to reduce the limitation to eight years. The 2021 amendment to Revised Code 2305.07 now further reduces the statute of limitations for breaches of written contracts from eight years to six and reduces the statute of limitations for breaches of oral contracts from six years to four years.
The new law goes into effect on June 16, 2021.
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