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What does m e r s stand forMERS Definition & Meaning - Merriam-Webster - Navigation menu
What does m e r s stand for. Mortgage Electronic Registration System—MERS
Mortgage Electronic Registration Systems - Wikipedia.
Thus, if the California Legislature has not expressly written a cause of action into a statute, it simply does not exist. Gomes' attorney then filed a petition for writ of certiorari in the U. Supreme Court in which he attempted to challenge MERS on vaguely articulated due process federal constitutional grounds not previously raised in the lower courts.
However, he failed to challenge the constitutionality of the California rule for finding an implied cause of action, which would likely have failed anyway, as the federal rule for finding an implied cause of action is nearly identical.
The high court denied the petition on October 11, On February 10, , the U. Bankruptcy Court for the Eastern District of New York considered a motion for relief from the bankruptcy stay brought by U.
Bank as the trustee of a securitization trust. Bank claimed the right to foreclose on the debtor's mortgage in part because of purported assignment of the mortgage from MERS.
The court found itself constrained by the Rooker-Feldman doctrine to give effect to a prior state-court judgment of foreclosure, but went on to consider several arguments MERS advanced about its legal status and authority, noting that it had held off on deciding dozens of additional cases until those matters were clarified. The court found that MERS had no power as an agent to assign the mortgage under its rules, its membership agreement, or the terms of the mortgage itself.
The court also found that MERS had no power as the mortgagee of record to assign the mortgage: "MERS's position that that it can be both the mortgagee and an agent of the mortgagee is absurd, at best. MERS and its partners made the decision to create and operate under a business model that was designed large part to avoid the requirements of the traditional mortgage recording process. In April , in Residential Funding v. On November 16, , the Michigan Supreme Court, understanding the urgency and potential fallout of this matter, issued a peremptory order, in lieu of granting the appeal, and reversed the Court of Appeals judgment.
Rather, as a record-holder of the mortgage, MERS owned a security lien on the property, the continued existence of which was contingent upon the satisfaction of the indebtedness. The court's interpreted MCL The court held those with an "interest in the indebtedness" includes mortgagees of record such as MERS and constitutes a category of parties entitled to foreclose by advertisement, along with those who "own the indebtedness" and those who "act as the servicing agent of the mortgage.
Countrywide , stated that "the statutory scheme Consequently, plaintiffs' claims for damages for wrongful initiation of foreclosure and for declaratory relief based on plaintiffs' interpretation of section , subdivision a , do not state a cause of action as a matter of law.
The decision states: "A plain reading of the statute leads us to conclude that only the actual holder of the promissory note or other instrument evidencing the obligation may be a beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property. Simply put, if MERS does not hold the note, it is not a lawful beneficiary". Because the MERS system is electronic, it depends on the electronic storage and transmission of legal documents. On the question of notarization of electronic signatures and the honoring of notarized signatures across state lines, the US House of Representatives had passed bills to legalize these steps, and in the US Senate passed the legislation without debate.
However, President Barack Obama publicly opposed the legislation on October 7, As a result, the bill died, and state laws govern whether electronic signatures can be notarized or whether a notarized signature in one state must be accepted in another.
Such a bankruptcy could mean that mortgages would "pass into the company's bankruptcy estate and become available to satisfy creditors' claims. From Wikipedia, the free encyclopedia. This article has multiple issues. Please help improve it or discuss these issues on the talk page. Learn how and when to remove these template messages. This article may contain an excessive amount of intricate detail that may interest only a particular audience.
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