Homecorp v. Secor Bank

This case involves a dispute between a mortgagor and a mortgagee over entitlement to (1) pre-foreclosure and post-foreclosure rents, issues, and profits from an apartment complex; (2) security deposits paid by tenants who continued in possession after foreclosure; and (3) ad valorem taxes that had been escrowed but not paid.

One of the principal issues presented is the legal effect of a "nonrecourse" provision in the mortgage and loan agreements. The trial court interpreted the provisions of the agreement in favor of the mortgagee and entered a summary judgment against the mortgagor and its…