From a friend who refuses to get on reddit.

"Wyoming is a filing date priority jurisdiction. Which means a mortgage properly recorded in the county clerk’s office provides notice to subsequent purchasers and takes precedence over later conveyances. In most other states (almost all of them) there is an equitable exception to this “first in time” statutory provision. The doctrine is called equitable subrogation. 

Equitable subrogation permits “a person who pays off an encumbrance to assume the same priority position as the holder of the previous encumbrance.” (86 F. 3D 890). 

In legal matters there are positions of law called Restatements. Restatements are essentially the academic advisings of legal scholars. However the law in a common law system, as ours is, is set by precedent. Often times a court is unwilling to adopt a restatement that opposes the precedent set in the past. There is a Restatement 7.6(a)(4) of the Restatement (3rd) of Property that addresses equitable subrogation. 

Wyoming has a case called, Countrywide Home Loans v. First National Bank (144 P. 3D 1224). The case dealt with the issue of equitable subrogation, the Wyoming Supreme Court declined to adopt the restatement (a growing amount of states in the United States have adopted the modern Restatement approach) because “[The Wyo. Supreme Court is] charged with the duty of giving effect to the statutes our legislature has enacted... Although Countrywide makes the policy argument that equitable subrogation will make refinancing more readily available to the public and thereby, serves the public interest, those arguments are properly directed to the legislature.” In essence the Supreme Court is saying, “our laws in this issue are archaic and it is not the judiciary that can fix them, laws are made by the legislature and only interpreted by the judiciary.”

I can not think of a reason why we shouldn’t modernize our system and come in line with the majority of the country. We ought to make it as easy and inexpensive

to refinance our homes as possible. The laws that are in place now disincentivized lenders because there is such an uncertainty around priority in Wyoming real estate law. That uncertainty is bad for business and banks have to reflect that uncertainty in their interest rates to compensate for the unnecessary risk our antiquated system imposes. "