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Another Bad Day for MERS—This Time in New Mexico (MERS cannot assign the note and thus create standing in RMBS Trust)

July 30, 2014

SAMUEL ST. JAMES: JURISDICTION (NO STANDING) is your issue! You must cite this case in OPPOSITION to MJOP


Bottom Line: PETE is applied--using UCC analysis as NOTE is a negotiable instrument (Person Entitled To Enforce)

Standing is a JURISDICTIONAL issue - homeowner is correct to challenge JURISDICTIONAL issue at the THRESHHOLD but can challenge JURISDICTION at ANY POINT in the LITIGATION (NSJ, MJOP, TRIAL, POST_TRIAL, etc.) JURISDICTIONAL ISSUES ARE NOT WAIVED IF NOT CHALLENGED AT THRESHHOLD BUT SHOULD BE AT THAT TIME the most important holding to cite from the full case below is this sentence (the PETE analysis & result): if bankster is not a PETE he has no STANDING - which HE MUST ASSERT AT THE TIME HE FILES for foreclosure (BANKSTER OFFERING purported PETE "evidence" at the time of MSJ or Trial WILL NOT CUT IT!) he's OUT!

"However, possession is not necessarily sufficient to make one a holder." (internal quotation marks and citation omitted)). Because Homeowner's note was originally made payable to Countrywide, not the Bank, this case concerns a non-payee to a note asserting the right to enforce as a holder. The UCC provides two paths by which a third party to a note can establish the right to enforce as a holder: (1) possession of the note properly indorsed specifically to the third party; or (2) possession of the note properly indorsed in blank—that is, properly indorsed but not to an identified person or entity. See NMSA 1978 § 55-1-201(b)(21) (2005) (stating that a holder is a person in possession of a negotiable instrument payable: (1) to bearer, or (2) to an identified person and who is that person); see § 55-1-201(b)(5) (identifying bearer paper as a negotiable instrument that has an indorsement in blank)."

Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager


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