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

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.

© Jennifer L. Saffer, J.L. Saffer, P.C. | Attorney Advertising

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