Rollins v. Neilson (In Re Cedar Funding, Inc.)

OPINION AND ORDER ON CROSS MOTIONS FOR SUMMARY JUDGMENT OR, ALTERNATIVELY, FOR SUMMARY ADJUDICATION

MARILYN MORGAN, Bankruptcy Judge.

Introduction

Cedar Funding, Inc. (CFI) accepted many millions of dollars from hundreds of individuals who believed they were acquiring fractional interests in loans that were secured against real property. Many more invested with CFI through a related entity, Cedar Funding Mortgage Fund LLP (the Fund), that acquired fractional interests in the name of the Fund. Now, the strong light of bankruptcy has revealed that CFI failed to record assignments of its deeds of…