CMC Properties, LLC v. Emerald Falls, LLC
Annotate this CaseFoundation Bank petitioned the Supreme Court for a writ of mandamus to compel the circuit court to vacate its order staying the Bank's attempted redemption in the probate court of certain property. The property at issue consisted of two parcels of contiguous property located in Autauga County, which included equipment for outdoor entertainment opportunities for the community. Emerald Falls, LLC, and its only member, Alice L. Smith owned the property originally. In 2010, Rob Riddle purchased the property at a tax sale as a result of Emerald Falls' failure to pay the ad valorem taxes on the property. Riddle assigned his interest in the property to CMC Properties, LLC. Riddle then sent notice to Working Capital No. 1, LLC, the mortgagee of the property, advising Working Capital that he had purchased the property. Riddle then filed a complaint against Emerald Falls alleging that Emerald Falls had abandoned the property and that Riddle was entitled to immediate possession. The circuit court entered a consent order, in which Emerald Falls and Riddle acknowledged that Riddle had purchased the property subject to the redemption rights of Emerald Falls, that Riddle had made improvements to the property, and that Riddle was entitled to be reimbursed for those improvements. Riddle sent written notification to the Bank, after discovering that Working Capital had assigned its mortgage on the property to the Bank as additional security for a line of credit held by the Bank. The Bank sent CMC written notice of its intent to redeem the property. CMC moved to stay the redemption, arguing that a resolution had not been reached between the parties with regard to the amount necessary to redeem the property. When the Bank attempted to redeem the property by depositing with the probate court the amount it believe to be owing, but the probate court denied the redemption. Finding that the Bank was within its right to redeem the property, the Supreme Court granted the Bank's petition and issued the writ.
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