Ars Investors Ii 2012-1 Hvb, LLC v. Crystal, LLC

Summary

The court held that a mortgagee may foreclose on parcels depicted in an unapproved subdivision map when the parcels exist in fact and the mortgage deed adequately identifies them. The statutory invalidity of the subdivision plan applies to municipal zoning purposes and does not prohibit transfer, mortgaging, or foreclosure, particularly because the validating statute expressly preserves such mortgages. The court also held that reformation was neither necessary nor permissible because the mortgage deed reflected the parties’ intended agreement.