I am not making this up. Hat tip reader Deontos.
Here is the high level story: JP Morgan Chase and Northwest Trust foreclosed on a property in Hillsboro, Oregon. Treasury (more accurately, the IRS) has a tax lien on the property.
So this is pretty cheeky. The plaintiffs didn't notify the IRS, who they claim was an existing junior lien holder, of the "sale". Query what the IRS's status is given the failure to give notice. So does JP Morgan want to own up to its error and pay the lien? Noooooo. They want to foreclose on the US government. They are asking for the IRS to act in 30 days or go bye bye.
The compliant is silent on how the tax lien came about, but I thought as a general rule that tax liens were senior to mortgages. Reader input welcome.
JP Morgan Chase v Treasury
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This is ridiculous! Why would a bank holding a deed of trust to a property have to sue the IRS to get it to drop its lien on the property?
Is this just a formality that someone signs off on, or do the lawyers involved actually stand to make money from this action?
I did notice in the papers that JPMorgan Chase Bank is described as a "foreign corporation." However, all this means is that it was not incorporated in the state in which the suit is being brought (Oregon).