MERS battles focus on procedures
The Mortgage Electronic Registration System, or MERS, secured a significant legal victory this past week after a New York appellate court reinstated an order for a referee to be appointed to conduct a foreclosure sale.
The latest decision, which was delivered by the Appellate Division – Second Department for the Supreme Court of New York, overturned a lower court's decision to deny a referee to conduct a foreclosure sale in the Bank of New York v. Alderazi case.
The appellate court held that "the plaintiff submitted, in support of its renewed motion, the mortgage, the note and the verified complaint." Therefore, the appellate court reinstated the referee to conduct the foreclosure sale.
"The Appellate Court justices were clear in their reversal of the lower court decision," Janis Smith MERSCORP Holdings' vice president for corporate communications said.
"Not only did they note that the lower dismissal was incorrect, but they also firmly established that all appropriate documentation was valid."