Union Bank & Trust Co. v. Farmwald Development Corp.

This is an appeal by defendant, Johnson Carpet, Inc., from a circuit court order determining various substantive and priority issues respecting multiple mortgage interests in the same residential real property. We affirm in part, reverse in part and remand for further proceedings.

This action arose from the financial failure of Farmwald Development Corporation in connection with its development of two residential subdivisions. Farmwald financed the cost of the subdivision development through plaintiff, Union Bank & Trust Company. In exchange for funds advanced, Farmwald executed several…