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Pa. federal court: MERS’ documentation failure violates state recording law
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Court Report
Tuesday, July 22, 2014
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A Pennsylvania federal court has made landmark conclusions in a contentious battle between a recorder of deeds in Montgomery County, Pa., and Mortgage Electronic Registration Systems Inc. (MERS), in which the recorder alleged that MERS circumvents the need to record the transfer of the note each time a property is sold, violating state law and unjustly enriching the members-only registry for recording and tracking conveyances of property interests. The court issued a formal declaration that the assignment or transfer of a promissory note secured by a mortgage on real estate is, in Pennsylvania, equivalent to a mortgage assignment, and that MERS’ failure to create and record documents evincing the transfers of promissory notes secured by mortgages on real estate in Pennsylvania “is, was and will in the future be in violation of the Pennsylvania Recording law.”
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