In RE AGRED

". . . IN ALL FUTURE CASES WHICH INVOLVE MERS, THE MOVING PARTY [SEEKING STAY RELIEF] MUST SHOW THAT IT VALIDLY HOLDS BOTH THE MORTGAGE AND THE UNDERLYING NOTE . . .TO PROVE STANDING. . . "

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The US BANKRUPTCY COURT FOR THE EASTERN DISTRICT O NEW YORK HAS HELD THAT WHILE NOT APPLICABLE TO THE INSTANT CASE BECAUSE OF ROOKER-FELDMAN AND RES JUDICATA, ". . . IN ALL FUTURE CASES WHICH INVOLVE MERS, THE MOVING PARTY [SEEKING STAY RELIEF] MUST SHOW THAT IT VALIDLY HOLDS BOTH THE MORTGAGE AND THE UNDERLYING NOTE . . .TO PROVE STANDING. . . "

BECAUSE OF THE ENORMOUS NUMBER OF SUCH CASES IN WHICH MERS IS INVOLVED, THE IMPACT OF THIS CASE IS LIKELY TO BE FAR REACHING--AND IN MY VIEW, LIKELY TO BE APPEALED. STAY TUNED. . . .

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Published In: Bankruptcy Updates, Finance & Banking Updates, Residential Real Estate Updates, Commercial Real Estate Updates

Reference Info:Decision | Federal, 2nd Circuit, New York | United States