The mortgage is the only place that MERS is given any power, as "nominee" and MERS is not given any power in the note. I think that we all know by now, that the mortgage & note must travel together.
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Only Promissory Note Holders Can Initiate Foreclosures in Washington State. The Supreme Court of Washington has determined that, under the Washington deed of trust act, only the actual holder of a promissory note can be the beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property.
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· Kesler, 2009 Kan. LEXIS 834, the Kansas Supreme Court held that a nominee company called mers has no right or standing to bring an action for.
Only promissory note holders can initiate foreclosures in Washington state. Simply put, if MERS does not hold the note, it is not a lawful beneficiary.". The court reasoned that the deed of trust act must be construed in favor of borrowers since it provides an easy mechanism for foreclosure, without judicial oversight.
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1. Mers cannot be the beneficiary without holding the note. That decision is not terribly surprising. 2. The court did not answer the question of the legal effect of MERS acting as beneficiary. That is extremely disappointing, but most likely due to the case having come up from the US District Court as a certified question to the Supreme Court.
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The Supreme Court of Washington has determined that, under the Washington. If a party, MERS in this case, does not hold the note, that party is not the lawful beneficiary with power to direct a trustee to foreclose.. Accordingly, MERS cannot be the beneficiary by virtue of it possessing the deed of trust.
On Friday, September 13, the Alabama Supreme Court issued three significant opinions concerning Alabama’s law of foreclosure and ejectment. Although those decisions put to rest some of the uncertainty concerning the jurisdictional nature of defenses to an ejectment action and when a foreclosure actually takes place, they raise new issues concerning standing in general and foreclosures.
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