MSFraud.org SOUTH CAROLINA COURT HOLDS THAT FORECLOSURE LAW OF U.S. SUPREME COURT TRUMPS EVERYTHING: FORECLOSING PARTY MUST OWN BOTH THE NOTE AND THE MORTGAGE TO FORECLOSE Counsel for DB made the familiar argument that it had possession of the original Note endorsed in blank, that the Note was a negotiable instrument under the UCC, that the Mortgage follows the Note, and that thus DB had established its right to foreclose. The Court disagreed, citing precedent from the United States Supreme Court’s decision in Carpenter v. Longan, 83 U.S. 271, 16 Wall. 271, 21 L.Ed. 313 (1872) which the Court found “clearly supports the notion that the Plaintiff must own the Note and the Mortgage to foreclose on the property (emphasis in the opinion).” The Court also noted that the Mortgage shows MERS to be the mortgagee but that “MERS is never mentioned in the Note.” Deutsche Bank v. Heinrich azstarnet/news/state-and-regional/homeowner-rights-after-foreclosure-expanded/article_6fd74bc2-572d-58f0-bae5-1e58a7986d91.html
Posted on: Sat, 28 Sep 2013 01:27:42 +0000
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