Adkison v. First Plus Bank

Steven and Cody Adkison, and others, appeal from a grant of summary judgment in favor of Respondents First Plus Bank, Ace Securities Corp. Home Loan Trust, 1999-A, and others. The trial court granted summary judgment, concluding as a matter of law that plaintiffs had no cause of action under Missouri’s “Second Mortgage Loan Act,” (sections 408.231 to 408.241, RSMo 1994). We affirm.

The appellants are Missouri home owners who obtained second mortgage loans secured by equity in their residences. Appellants (hereinafter sometimes referred to as “Borrowers”) all obtained loans from First Plus…