Conveyance error hurts loan holder

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted October 31, 2019 3:20 PM

In a case that pitted an “absent-minded beneficiary” against a careless lender, (1) Phillip Alward, the beneficiary of an Illinois land trust that was recorded in 1996, allegedly failed to remember he didn’t hold title to the trust property (a residence) when he signed a quitclaim deed in 2012 that ostensibly conveyed the real estate to his son and daughter-in-law in return for their agreement to pay the mortgagee (Chase Bank); (2) the younger Alwards refinanced in 2015 with a mortgage from Jacob Holding …

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