February 18, 2013
Idaho Bankruptcy Court Rules Banks/MERS Lacked Authority to Transfer Notes
In In re WIlhem, 407 B.R. 392 (Bankr. D. Idaho 2009), the Idaho Bankruptcy Court, ruling in 5 similar cases, held that movant banks lacked standing to seek stay relief, and therefore, denied their motions. Movants did not demonstrate possession of the note, or any transaction by which they acquired ownership of the notes in question. Movants did not establish MERS had the authority to transfer the notes, and therefore, cannot rely on the MERS assignments to establish an interest in the notes to give them standing.
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