In a case having potentially enormous implications on foreclosure actions in New York State and throughout the country, the Second Department in Bank of New York v.Silverberg, addressed whether a party has standing to commence a foreclosure action when that party’s assignor, Mortgage electronic registration systems, Inc. (MERS), was listed in the underlying mortgage instruments as a nominee.
sought to address problems that arose from mortgage securitization.. Romaine, 861 N.E.2d 81, 83 (N.Y. 2006); see also Christopher L. In order to establish standing, the appellate court explained, MERS had to show.. the transaction are scrutinized, MERS is not a true beneficiary of the DOT.
NY: appellate decision adverse to MERS 2011 NY Slip Op 05002. Bank of New York, etc., 2010-00131 Index No. 17464-08. SUPREME COURT OF THE STATE OF NEW YORK APPELLATE DIVISION : SECOND JUDICIAL DEPARTMENT. Decided on June 7, 2011.. Where, as here, the issue of standing is raised by a.
Florida Foreclosure Appeal on The Issue of Standing – Victory. – Last Update: 8/17/18 We do not make a practice of sharing every foreclosure victory in a blog post. It is not our style. However, the recent publication of our appellate win against Bank of America merits some discussion today because the ruling on the issue of "Standing" may be helpful to others who are fighting against the foreclosure of their home.
New York State Appellate Court MERS Smackdown: Another Nail in the Coffin Posted on June 14, 2011 by Yves Smith There has been a lot of buzz about a strongly worded decision by the New York Second Appellate Division in the Bank of New York v.
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FindLaw's New York Supreme Court case and opinions. – Therein, the Appellate Division, Second Department sustained the standing of MERS to sue as a foreclosing plaintiff in the face of a challenge thereto. The court found that MERS had ownership of the note by virtue of an indorsement and that ownership of the mortgage followed as an incident of the transfer of the note.
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plaintiff by MERS, as nominee for REMN. Following joinder of issue, plaintiff moved for summary judgment. Although defendant did not raise standing as an affirmative defense in her answer and did not submit any papers in opposition to the motion, Supreme Court denied the motion and sua sponte dismissed the complaint, concluding that