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(a) One report from LNB's preliminary investigation suggests that the note may possibly have been scanned by a prior holder and the original then burned
(a) One report from LNB's preliminary investigation suggests that the note may possibly have been scanned by a prior holder and the original then burned as part of a "paper reduction effort." Was that a good idea? See 3-604. (b) If the note can't be found and the court insists on its production, the foreclosure will have to stop. What should LNB now do? See Restatement (Second) of Contracts 333(b), which creates a warranty at the time of assignment that the assignment is valid and there are no defenses to the assignment. What does this rule mean to your client? (c) The attorney for LSN decides to ignore the note and just sue on the assignment of the mortgage. Can this be done? See 3-310(b)(2), the so-called merger rule, discussed below
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