Case: The IRS takes precedence over the bank in mortgage restoration (ED Pa.) (IRC §6321)

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July 15, 2021 5:00 AM

A court-recovered mortgage will lose priority as a pledge holder over a federal tax lien registered prior to re-establishment, as ruled by a district court. The bank issued mortgages to homeowners in 2006. In 2019, the Bank submitted a document on the satisfaction of the mortgage. But this was done by mistake. The bank, with the consent of the homeowners, filed a lawsuit to conceal ownership and restore the mortgage. The IRS filed tax liens between 2012 and 2016. The IRS claims that after reinstatement, the IRS’s lien has priority. The court stated that after the registration of the satisfaction, the bank lost the right to collect the mortgage in a disciplinary manner. …



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