Editor: David Reiss
Brooklyn Law School

November 9, 2012

New York County Court Dismisses Banks Foreclosure Action

By Brad Borden

In US Bank National Association v. Combs, No.8481 (NYSC Queens Oct. 2, 2012), the court dismissed plaintiff bank”s foreclosure action because a plaintiff in foreclosure action in New York must be both the holder or assignee of the subject mortgage as well as the holder or assignee of the underlying note. US Bank had possession of the note, but did not present evidence to demonstrate how or when it became the lawful holder of the note. MERS”s assignment of the mortgage was a nullity because plaintiff did not show that MERS had authority as nominee of the original lender to assign the note, and a transfer of an obligation without the note is a nullity.

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