Supreme Court of Delaware Upholds Validity of MERS’ Assignee
FOR IMMEDIATE RELEASE
CONTACT: Janis Smith
Reston, Virginia, October 9, 2014—MERSCORP Holdings, Inc. today announced that the Delaware Supreme Court issued an order affirming a foreclosure judgment for BAC Home Loan Servicing, LP and in doing so finds that the assignment of mortgage executed by MERS complies with Delaware law.
In pdf Albertson v. BAC Home Loan Servicing, LP (72 KB) , the plaintiff borrowers alleged that the assignment of their mortgage from MERS to BAC was invalid.
In the Supreme Court’s order, Justice Henry DuPont Ridgely held that the Court would “assume without deciding that the Albertsons had standing to challenge the assignment at issue” because regardless of standing, the Albertsons’ claims regarding the assignment “lacked merit.” The assignment by MERS complied with the requirements of Delaware law to have one creditable witness and was notarized. The Court found that the record indicates that “MERS was properly designated as the assignor of the mortgage, and  BAC assumed the authority to enforce the mortgage upon the execution of the assignment.”
“We are pleased that the Supreme Court of Delaware has affirmed the lower court’s findings and upheld the validity of the MERS assignment,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith.
For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.
MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.