Monday, July 18, 2011

Cert granted! Is the bank a non-holder in possession? Should it matter to you?

Anderson v. Burson will be argued in the Court of Appeals on September 1, 2011.  Cook some popcorn in the office microwave, pop up the big screen in your conference room, and settle in for the webcast!

Maryland's highest court will hear argument on whether a "non-holder in possession" has standing to execute on the debt's security instrument.  In a world of missing endorsements, missing originals, or incomplete assignments, this could be huge.  I posted a summary of the COSA opinion in December, 2010.

It's like a game show, these days, trying to identify the holder/owner/servicer/agent/nominee/beneficiary/etc. for a given instrument to the courts. Cue up the introductory fanfare from the band, pick curtain one, two or three, and let the announcer's voice resonate throughout the courtroom, declaring for the judge "and the lender is....."