In RE Miller – Colorado Bankruptcy Appeal – Deutsche Failed to Conform to UCC Requirements
By Daniel Edstrom
DTC Systems, Inc.
Thanks to Deontos for this bankruptcy appeals decision. In RE: Mark Stanley Miller vs. Deutsche Bank National Trust Company. Uniform Commercial Code (UCC) issues are addressed by the appeals court in this ruling.
Excerpt:
4. Deutsche Bank’s Status as “Party in Interest”
¶5 Deutsche Bank presented evidence that IndyMac had indorsed the Note in
blank. Is proof of this indorsement sufficient under the U.C.C. requirements to
establish Deutsche Bank as the successor holder of the note? As we shall see,
it is not, because Deutsche Bank must also prove it has possession of the
Oklahoma Supreme Court Rules Against Deutsche On Two Different Cases – On the Same Day
By Daniel Edstrom
DTC Systems, Inc.
From 4closurefraud.org - Attorney Phillip Taylor takes the foreclosure fight in Oklahoma to the Oklahoma Supreme Court and gets handed two favorable rulings on the same day.
Deutsche Bank National Trust Company vs. Byram quote:
CONCLUSION
¶11 It is a fundamental precept of the law to expect a foreclosing party to actually be in possession of its claimed interest in the note, and have the proper supporting documentation in hand when filing suit, showing the history of the note, so that the defendant is duly apprised of the rights of the plaintiff. This is accomplished by showing the party is a holder of the instrument or a nonholder in possession of the instrument who has the rights of a holder, or a person not in possession of the instrument who is entitled to enforce the instrument pursuant to 12A O.S. 2001, § 3-309 or 12A O.S. 2001, § 3-418. Likewise, for the homeowners, absent adjudication on the underlying indebtedness, the dismissal cannot cancel their obligation arising from an authenticated note, or insulate them from foreclosure proceedings based on proven delinquency. See, U.S. Bank National Association v. Kimball 27 A.3d 1087, 75 UCC Rep.Serv.2d 100, 2011 VT 81 (VT 2011); and Indymac Bank, F.S.B. v. Yano-Horoski, 78 A.D.3d 895, 912 N.Y.S.2d 239 (2010).
REVERSED AND REMANDED WITH INSTRUCTIONS Continue reading “Oklahoma Supreme Court Rules Against Deutsche On Two Different Cases – On the Same Day” »
Bankruptcy Judge Margaret M. Mann Strikes Down Deutsche
By Daniel Edstrom
DTC Systems, Inc.
The Honorable Judge Mann in Southern California brings the MERS issue up hard against Deutsche Bank National Trust Company.
Read the ruling – in re: Doble, Doble v. Deutsche Bank National Trust Company as Trustee: http://dtc-systems.net/wp-content/uploads/2011/04/Doble-v-Deutsche-Bank.pdf
Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank
By Daniel Edstrom
DTC Systems, Inc.
The latest round of Cease and Desist orders issued by the Office of the Comptroller of the Currency (OCC) are against some of the largest “too big to fail” banks. Notably missing so far is Deutsche Bank National Trust Company along with Deutsche Bank Trust Company Americas and of course OneWest Bank.
The gist of these Cease and Desist orders is that certain “deficiencies” were found and the banks are operating with “unsafe or unsound” practices in residential mortgage servicing and in the Bank’s initiation and handling of foreclosure proceedings.
We hail the OCC for these efforts, but the problem is following up. How are the banks going to immediately comply with this order? They would have to stop processing nearly every single foreclosure they are working on today.
