Bank of America, N.A. v. Kabba

In a petition filed in 2010, Plaintiff-Appellee Bank of America, NA claimed to be the present holder of the note initiated a foreclosure action against Defendants Momodu Kabba and his wife. Bank of America claimed to hold the note and mortgage as Successor by Merger to LaSalle Bank National Association, as Trustee under the Trust agreement for the Structured Asset Investment Loan Trust Series 2004-BNC2. A review of the note showed a blank indorsement. This blank indorsement was filed with the lower court for the first time in the motion for summary judgment. The blank indorsement was not mentioned or referenced in the original petition. Summary judgment was granted in favor of Bank of America. Defendants appealed the judgment asserting Bank of America failed to demonstrate standing. Upon review, the Supreme Court reversed the grant of summary judgment: "[i]t 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 to 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. . . . [the Bank] only presented evidence of an indorsed-in-blank note and an 'Assignment of Mortgage'" With nothing more, the Court concluded the Bank did not meet its burden of proving it was entitled to foreclose on Defendants' property. Accordingly, the Court reversed the grant of summary judgment and remanded the case for further proceedings. View "Bank of America, N.A. v. Kabba" on Justia Law