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[NYSC] DISMISSED “NO EVIDENCE MERS TRANFERRED INTEREST IN NOTE” LNV CORP v. MADISON REAL ESTATE LLC

[NYSC] DISMISSED “NO EVIDENCE MERS TRANFERRED INTEREST IN NOTE” LNV CORP v. MADISON REAL ESTATE LLC


EXCERPT:

In this case, Plaintiff has not provided any evidence which shows that when MERS assigned the mortgage to Plaintiff, it also transferred the interest in the underlying note. According to the mortgage assignment contract, MERS held legal title to the mortgage. There is no language in the agreement which transfers interest in the note to MERS. Because MERS did not hold title to the underlying note, it could not transfer any rights to the underlying note when it assigned the mortgage to Plaintiff. See LPP Mortgage Ltd v. Sabine Properties No. 103648/10,2010 N.Y. Misc. LEXIS 4216, at*7 (Sup. Ct. N.Y. Co. Sept. 1, 2010); Lamy , 824 N.Y.S.2d at 769 (Sup. Ct. Suffolk Co. 2006); HSBC Bank USA v. Miller, 26 Misc. 3d 407,411,889 N.Y.S.2d 430,433 (Sup. Ct. Sullivan Co. 2009). Without a transfer of title to the underlying note, Plaintiff cannot foreclose on the property based on default payment and lacks standing under CPLR 5 321 1 (a)(3)

[…]

Therefore, it is
ORDERED that Defendant’s motion to dismiss is granted; and it is further
ORDERED that this action is dismissed; and it is further
ORDERED that the clerk of the court directed to enter judgment accordingly.

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