U.S. Bank Nat’l Ass’n as Trustee v. Adams | Maine Supreme Judicial Court - 6 year statute of limitations under section 752 applied and not the 20 year statute typically applicable to promissory notes

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U.S. Bank Nat’l Ass’n as Trustee v. Adams | Maine Supreme Judicial Court – 6 year statute of limitations under section 752 applied and not the 20 year statute typically applicable to promissory notes

U.S. Bank Nat’l Ass’n as Trustee v. Adams |  Maine Supreme Judicial Court – 6 year statute of limitations under section 752 applied and not the 20 year statute typically applicable to promissory notes

Justia Opinion Summary

In 2004, Charles Adams conveyed a portion of his parcel of property to himself and his sister, Dorothy Adams, as joint tenants. Dorothy subsequently executed a promissory note to American Bankers Conduit and conveyed a mortgage on her interest in the property as security on the note. Dorothy defaulted on the loan in 2008. In 2012, U.S. Bank sought to place an equitable lien on Charles’s interest in the property. After a trial, the superior court entered a judgment on the merits in favor of Charles. The Supreme Court vacated the judgment and remanded for entry of dismissal, holding that because the complaint was not timely filed the action should have been dismissed pursuant to 14 Me. Rev. Stat. 752. Remanded.

.

MAINE SUPREME JUDICIAL COURT

U.S. BANK NATIONAL ASSOCIATION AS TRUSTEE FOR
BEAR STEARNS ASSET BACKED SECURITIES 2006-AC2

v.

CHARLES ADAMS et al.

GORMAN, J.

[¶1]

U.S. BankNational Association as Trustee for Bear Stearns Asset Backed Securities 2006-AC2 appeals from a judgment of the Superior Court (Hancock County, A. Murray, J.) denying it an equitable lien on Charles Adams’s portion of a property that he owns jointly with Dorothy Adams in Dedham.

Because we conclude that the statute of limitations bars U.S. Bank’s claim, we vacate the judgment and remand for entry of dismissal.

[…]

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