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AMERICAN STERLING BANK v. JOHNNY MANAGEMENT

No. 52822.

245 P.3d 535 (2010)

AMERICAN STERLING BANK, A Missouri Corporation, Appellant, v. JOHNNY MANAGEMENT LV, INC., A Nevada Corporation, Respondent.

Supreme Court of Nevada.

October 28, 2010.

Attorney(s) appearing for the Case

Gerrard Cox & Larsen and Douglas D. Gerrard and Gary C. Milne , Henderson, for Appellant.

Fennemore Craig, P.C. , and Christopher H. Byrd and Anthony B. Golden , Las Vegas, for Respondent.

Before the Court En Banc.

OPINION

By the Court, HARDESTY, J.:

This appeal concerns the application of the doctrine of equitable subrogation where a refinancing mortgage's due date was accelerated. We have previously adopted the rule in Restatement (Third) of Property: Mortgages, section 7.6, that a lender whose loan proceeds were used to pay the balance of a prior note is equitably subrogated to the former lender's priority lien position...

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