NY Appellate court overthrows MERS…

[patb]

http://www.zerohedge.com/article/kaboom-ny-appellate-division-bank-ny-v-silverberg-mers-does-not-have-right-foreclose-mortgag

“This Court is mindful of the impact that this decision may have on the mortgage industry in New York, and perhaps the nation. Nonetheless, the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed to ensure the reliability of the chain of ownership, to secure the dependable transfer of property, and to assure the enforcement of the rules that govern real property. Accordingly, the Supreme Court should have granted the defendants’ motion pursuant to CPLR 3211(a) (3) to dismiss the complaint insofar as asserted against them for lack of standing”

Wow, a NY Civil appellate court just tossed MERS on Standing…

[ucodegen]

This has limited effect, there is a condition:

The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note,

The can also do it if they have POA over that mortgage.
Now of they had ruled based on:

The defendants further assert that the mortgages and notes were bifurcated, rendering the mortgages unenforceable and foreclosure impossible, and that because of such bifurcation, MERS never had an assignable interest in the notes.

would be a different issue. This would address securitization.. could not foreclose if mortgages were part of a securitized package.

Now here is the interesting part:

The defendants also contend [*3]that the Supreme Court erred in considering the corrected assignment of mortgage because it was not authenticated by someone with personal knowledge of how and when it was created, and was improperly submitted in opposition to the motion.

Which Supreme Court? A lower court, even if it is an Appeals Court usually doesn’t have standing to overrule a Supreme Court.

[ucodegen]

This has limited effect, there is a condition:

The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note,

The can also do it if they have POA over that mortgage.
Now of they had ruled based on:

The defendants further assert that the mortgages and notes were bifurcated, rendering the mortgages unenforceable and foreclosure impossible, and that because of such bifurcation, MERS never had an assignable interest in the notes.

would be a different issue. This would address securitization.. could not foreclose if mortgages were part of a securitized package.

Now here is the interesting part:

The defendants also contend [*3]that the Supreme Court erred in considering the corrected assignment of mortgage because it was not authenticated by someone with personal knowledge of how and when it was created, and was improperly submitted in opposition to the motion.

Which Supreme Court? A lower court, even if it is an Appeals Court usually doesn’t have standing to overrule a Supreme Court.

[ucodegen]

This has limited effect, there is a condition:

The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note,

The can also do it if they have POA over that mortgage.
Now of they had ruled based on:

The defendants further assert that the mortgages and notes were bifurcated, rendering the mortgages unenforceable and foreclosure impossible, and that because of such bifurcation, MERS never had an assignable interest in the notes.

would be a different issue. This would address securitization.. could not foreclose if mortgages were part of a securitized package.

Now here is the interesting part:

The defendants also contend [*3]that the Supreme Court erred in considering the corrected assignment of mortgage because it was not authenticated by someone with personal knowledge of how and when it was created, and was improperly submitted in opposition to the motion.

Which Supreme Court? A lower court, even if it is an Appeals Court usually doesn’t have standing to overrule a Supreme Court.

[ucodegen]

This has limited effect, there is a condition:

The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note,

The can also do it if they have POA over that mortgage.
Now of they had ruled based on:

The defendants further assert that the mortgages and notes were bifurcated, rendering the mortgages unenforceable and foreclosure impossible, and that because of such bifurcation, MERS never had an assignable interest in the notes.

would be a different issue. This would address securitization.. could not foreclose if mortgages were part of a securitized package.

Now here is the interesting part:

The defendants also contend [*3]that the Supreme Court erred in considering the corrected assignment of mortgage because it was not authenticated by someone with personal knowledge of how and when it was created, and was improperly submitted in opposition to the motion.

Which Supreme Court? A lower court, even if it is an Appeals Court usually doesn’t have standing to overrule a Supreme Court.

[ucodegen]

This has limited effect, there is a condition:

The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note,

The can also do it if they have POA over that mortgage.
Now of they had ruled based on:

The defendants further assert that the mortgages and notes were bifurcated, rendering the mortgages unenforceable and foreclosure impossible, and that because of such bifurcation, MERS never had an assignable interest in the notes.

would be a different issue. This would address securitization.. could not foreclose if mortgages were part of a securitized package.

Now here is the interesting part:

The defendants also contend [*3]that the Supreme Court erred in considering the corrected assignment of mortgage because it was not authenticated by someone with personal knowledge of how and when it was created, and was improperly submitted in opposition to the motion.

Which Supreme Court? A lower court, even if it is an Appeals Court usually doesn’t have standing to overrule a Supreme Court.

[patb]

http://en.wikipedia.org/wiki/New_York_Supreme_Court

The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the state court system of New York, United States. There is a supreme court in each of New York State’s 62 counties,

The State Supreme Court handles large civil cases, and also handles felony criminal cases within the five boroughs that make up New York City. Outside New York City, the County Courts handle felony criminal cases.

Although the New York Supreme Court in theory has unlimited general original jurisdiction over civil litigation, in practice it does not normally hear cases with lower monetary claims that are within the powers of a New York state trial court of limited jurisdiction such as County Court or N.Y.C. Civil Court.

Appeals from Supreme Court decisions go to the New York Supreme Court, Appellate Division, which is New York’s intermediate appellate court divided into four appellate departments. Notwithstanding the departments, the Appellate Division is one court, and its decisions are binding on all lower courts unless there is a conflict among the appellate departments.

New York’s highest appellate court is the Court of Appeals; appeals are taken from the four departments to the Court of Appeals; decisions from the Court of Appeals are binding throughout the state.

They may appeal into the court of appeals, but,
it’s binding now on all the 62 supreme courts.

[patb]

http://en.wikipedia.org/wiki/New_York_Supreme_Court

The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the state court system of New York, United States. There is a supreme court in each of New York State’s 62 counties,

The State Supreme Court handles large civil cases, and also handles felony criminal cases within the five boroughs that make up New York City. Outside New York City, the County Courts handle felony criminal cases.

Although the New York Supreme Court in theory has unlimited general original jurisdiction over civil litigation, in practice it does not normally hear cases with lower monetary claims that are within the powers of a New York state trial court of limited jurisdiction such as County Court or N.Y.C. Civil Court.

Appeals from Supreme Court decisions go to the New York Supreme Court, Appellate Division, which is New York’s intermediate appellate court divided into four appellate departments. Notwithstanding the departments, the Appellate Division is one court, and its decisions are binding on all lower courts unless there is a conflict among the appellate departments.

New York’s highest appellate court is the Court of Appeals; appeals are taken from the four departments to the Court of Appeals; decisions from the Court of Appeals are binding throughout the state.

They may appeal into the court of appeals, but,
it’s binding now on all the 62 supreme courts.

[patb]

http://en.wikipedia.org/wiki/New_York_Supreme_Court

The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the state court system of New York, United States. There is a supreme court in each of New York State’s 62 counties,

The State Supreme Court handles large civil cases, and also handles felony criminal cases within the five boroughs that make up New York City. Outside New York City, the County Courts handle felony criminal cases.

Although the New York Supreme Court in theory has unlimited general original jurisdiction over civil litigation, in practice it does not normally hear cases with lower monetary claims that are within the powers of a New York state trial court of limited jurisdiction such as County Court or N.Y.C. Civil Court.

Appeals from Supreme Court decisions go to the New York Supreme Court, Appellate Division, which is New York’s intermediate appellate court divided into four appellate departments. Notwithstanding the departments, the Appellate Division is one court, and its decisions are binding on all lower courts unless there is a conflict among the appellate departments.

New York’s highest appellate court is the Court of Appeals; appeals are taken from the four departments to the Court of Appeals; decisions from the Court of Appeals are binding throughout the state.

They may appeal into the court of appeals, but,
it’s binding now on all the 62 supreme courts.

[patb]

http://en.wikipedia.org/wiki/New_York_Supreme_Court

The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the state court system of New York, United States. There is a supreme court in each of New York State’s 62 counties,

The State Supreme Court handles large civil cases, and also handles felony criminal cases within the five boroughs that make up New York City. Outside New York City, the County Courts handle felony criminal cases.

Although the New York Supreme Court in theory has unlimited general original jurisdiction over civil litigation, in practice it does not normally hear cases with lower monetary claims that are within the powers of a New York state trial court of limited jurisdiction such as County Court or N.Y.C. Civil Court.

Appeals from Supreme Court decisions go to the New York Supreme Court, Appellate Division, which is New York’s intermediate appellate court divided into four appellate departments. Notwithstanding the departments, the Appellate Division is one court, and its decisions are binding on all lower courts unless there is a conflict among the appellate departments.

New York’s highest appellate court is the Court of Appeals; appeals are taken from the four departments to the Court of Appeals; decisions from the Court of Appeals are binding throughout the state.

They may appeal into the court of appeals, but,
it’s binding now on all the 62 supreme courts.

[patb]

http://en.wikipedia.org/wiki/New_York_Supreme_Court

The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the state court system of New York, United States. There is a supreme court in each of New York State’s 62 counties,

The State Supreme Court handles large civil cases, and also handles felony criminal cases within the five boroughs that make up New York City. Outside New York City, the County Courts handle felony criminal cases.

Although the New York Supreme Court in theory has unlimited general original jurisdiction over civil litigation, in practice it does not normally hear cases with lower monetary claims that are within the powers of a New York state trial court of limited jurisdiction such as County Court or N.Y.C. Civil Court.

Appeals from Supreme Court decisions go to the New York Supreme Court, Appellate Division, which is New York’s intermediate appellate court divided into four appellate departments. Notwithstanding the departments, the Appellate Division is one court, and its decisions are binding on all lower courts unless there is a conflict among the appellate departments.

New York’s highest appellate court is the Court of Appeals; appeals are taken from the four departments to the Court of Appeals; decisions from the Court of Appeals are binding throughout the state.

They may appeal into the court of appeals, but,
it’s binding now on all the 62 supreme courts.

[bearishgurl]

[quote=patb] . . . They may appeal into the court of appeals, but, it’s binding now on all the 62 supreme courts.[/quote]

patb, I don’t know how the court hierarchy is structured in NY, but, based on your post, I don’t see how one “Supreme” court’s decision in one county in NY could be binding upon other judges in the same state. Is the opinion published? Acc to your post, it hasn’t even been appealed yet. Defendants MERS (and lender) have a right of appeal and they may very well do so. It sounds like the “fat lady” has not yet sung on this one.

[bearishgurl]

[quote=patb] . . . They may appeal into the court of appeals, but, it’s binding now on all the 62 supreme courts.[/quote]

patb, I don’t know how the court hierarchy is structured in NY, but, based on your post, I don’t see how one “Supreme” court’s decision in one county in NY could be binding upon other judges in the same state. Is the opinion published? Acc to your post, it hasn’t even been appealed yet. Defendants MERS (and lender) have a right of appeal and they may very well do so. It sounds like the “fat lady” has not yet sung on this one.

[bearishgurl]

[quote=patb] . . . They may appeal into the court of appeals, but, it’s binding now on all the 62 supreme courts.[/quote]

patb, I don’t know how the court hierarchy is structured in NY, but, based on your post, I don’t see how one “Supreme” court’s decision in one county in NY could be binding upon other judges in the same state. Is the opinion published? Acc to your post, it hasn’t even been appealed yet. Defendants MERS (and lender) have a right of appeal and they may very well do so. It sounds like the “fat lady” has not yet sung on this one.

[bearishgurl]

[quote=patb] . . . They may appeal into the court of appeals, but, it’s binding now on all the 62 supreme courts.[/quote]

patb, I don’t know how the court hierarchy is structured in NY, but, based on your post, I don’t see how one “Supreme” court’s decision in one county in NY could be binding upon other judges in the same state. Is the opinion published? Acc to your post, it hasn’t even been appealed yet. Defendants MERS (and lender) have a right of appeal and they may very well do so. It sounds like the “fat lady” has not yet sung on this one.

[Author]

Posts