Blog Bite: Can mortgages be assigned in the same way as promissory notes?

This article United States: Maine Supreme Court Decision Limits Scope Of MERS’ Ability To Assign Mortgages deals with foreclosure actions in Maine and the apparent limitation of the ability of MERS (Mortgage Electronic Research System) to assign more than the right to record the mortgage as nominee. Unlike promissory notes, mortgages are not negotiable instruments, and ownership must be shown in order to be able to foreclose.

For more details on Maine foreclosure processes and the specific wording regarding the elements of a mortgage, click the link above.

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Written by Chris.