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?
Step by Step Answer:
Dynamic Business Law The Essentials
ISBN: 9781260253382
5th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs