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Granted Appeal Summary

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Case

FUTURI REAL ESTATE, INC. v. ATLANTIC TRUSTEE SERVICES, LLC, ET AL. (Record Number 181501) From The Circuit Court of Fairfax County; D. Bernhard, Judge.

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Counsel

Jonathan A. Nelson (Juris Day, PLLC) for appellant. Mariam W. Tadros and Jasmine G. Chalashtori (Rees Broome, PC) for appellee.

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Assignments of Error

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1. In a matter of first impression before this Court on which Virginia\\u2019s sister states appear divided, the trial court erred in ruling that where the holder of a lien recorded first in time on real property then subordinates that lien to a third in time lien the first lien still holds or partially holds its position as against the holder of a second in time lien recorded between those first and third liens, particularly where the recorded subordination refers to itself as \\u201csubordinate and junior\\u201d to the third lien and where at best the intent of the parties at the time of the subordination was ambiguous, and thereupon granting Appellee Wells Fargo\\u2019s Motion to Dismiss and dismissing Appellant\\u2019s Cross-Claim.

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2. The trial court erred in finding the Subordination Agreement unambiguous on its face when ambiguities exist as to what was secured and which loans were subordinated and being subordinated to, and thereupon granting Appellee Wells Fargo\\u2019s Motion to Dismiss and dismissing Appellant\\u2019s Cross-Claim.

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Source Document: http://www.courts.state.va.us/courts/scv/appeals/181501.pdf

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