In the latest ACMA Community Blog post, Joseph J. Trad and John J. Hall, partners of ACMA Fellows Mark C. Winings and Jacob W. (Jake) Reby at the St. Louis-based Lewis Rice LLC, have co-authored an article regarding a Missouri Court of Appeals ruling that reversed a trial court decision and confirmed that lender's security interest can exceed the stated amount of the deed of trust, and also that property taxes and attorney's fees may also be secured as advances for the protection of the security interest.
Messrs. Trad and Hall advise that, with the appeals court's clarification of the state statute, lenders should make sure that future advance deeds of trust contain appropriate language to secure all interest on the principal amount of loans.
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