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<DIV>If a secured loan was paid off, the newest bank loan and lender will claim
a priority under equitable subrogation. </DIV>
<DIV> </DIV>
<DIV>I have a different question.</DIV>
<DIV>My client had a secured line of credit. He sold the secured house,
the bank signed off on the payoff, the sale closed. Instead of closing the
line of credit, the bank “renewed” it without any new property being
secured. They now say client in breach because there is no secured
property. We are going to suggest, “you knew about it, so by your actions,
your loan became unsecured, and client will continue to pay interest only
payments as agreed”.</DIV>
<DIV>Anyone have an idea about how this should come out?</DIV>
<DIV> </DIV>
<DIV>Josh Grant</DIV>
<DIV> </DIV>
<DIV style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">Joshua F.
Grant, PS<BR>Attorney at Law<BR>P. O. Box 619<BR>Wilbur, WA 99185<BR>tel 509 647
5578<BR>fax 509 647 2734<BR></DIV>
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<DIV> </DIV>
<DIV style="BACKGROUND: #f5f5f5">
<DIV style="font-color: black"><B>From:</B> <A title=Roger@law-hawks.com
href="mailto:Roger@law-hawks.com">Roger Hawkes</A> </DIV>
<DIV><B>Sent:</B> Thursday, November 05, 2015 1:16 PM</DIV>
<DIV><B>To:</B> <A title=wsbarp@lists.wsbarppt.com
href="mailto:wsbarp@lists.wsbarppt.com">WSBA Real Property Listserv</A> </DIV>
<DIV><B>Subject:</B> [WSBARP] line of credit priority</DIV></DIV></DIV>
<DIV> </DIV></DIV>
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<P class=MsoNormal>What is the authority in Washington for subsequent advances
under a recorded line of credit having priority upon execution sale by a
subsequent judgment creditor?<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Roger Hawkes, WSBA # 5173<o:p></o:p></P>
<P class=MsoNormal>19909 Ballinger Way NE<o:p></o:p></P>
<P class=MsoNormal>Shoreline, WA 98155<o:p></o:p></P>
<P class=MsoNormal><A
href="http://www.hawkeslawfirm.com">www.hawkeslawfirm.com</A><o:p></o:p></P>
<P class=MsoNormal>206 367 5000<o:p></o:p></P>
<P class=MsoNormal>Fax is 206 367 4005<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P></DIV>
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<HR>
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