10 Headaches for MERS

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The courts have split regarding the validity of foreclosures where MERS has held the mortgage note. Listed here are 10 different legal issues with which the courts are either wrestling or which the courts will have to address in due course. For instance, MERS allows any employee of a bank using the MERS system to become a duly authorized agent and officer of MERS so that this person can execute vlaid assignments of the mortgage note held by MERS. There are thousands of MERS vice-presidents and assistant corporate secretaries. Did you know that MERS has gone through three corporate formations, each entity being a separate corporation from its predecessor. Accordingly, how many assignments were executed by a functionary under a delegation of authority from a corporation which was defunct on the date the assignment was excuted? Read on! The fun is just beginning.

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Published In: Residential Real Estate Updates, Commercial Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Richard Kessler | Attorney Advertising

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