On September 2006, Janice Logan executed a note for $304,000 in favor of IndyMac Bank, F.S.B. The

Question:

On September 2006, Janice Logan executed a note for $304,000 in favor of IndyMac Bank, F.S.B. The note was secured by a mortgage on Logan’s property. In March 2010, Deutsche Bank National Trust Co. began a foreclosure action against Logan for defaulting on the terms of payment. To win a summary judgment to foreclose a mortgage, the plaintiff must supply the note, the mortgage, and evidence of the default in payment. In her defense, Logan claimed because Deutsche Bank did not show how it came into possession of the note; it could not legally hold possession of it, thereby precluding it from foreclosing on the mortgage. Evaluate Logan’s argument. How does the result change if the note has been endorsed in blank or if it were payable to the order to a named party?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Dynamic Business Law The Essentials

ISBN: 9781260253382

5th Edition

Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs

Question Posted: