Bank of Am., N.A. v. Cloutier

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Bank brought an action against Defendant for foreclosure on a residential mortgage. In this case, Bank was a holder entitled to enforce the mortgage note and currently had possession of the note, which was endorsed in blank, and therefore had the power to enforce the note. After mediation, Bank moved for summary judgment. Before acting on the motion, the superior court reported a question to the Supreme Court, which the Court accepted. The question was: "What is the proof that is required for a party to prove 'ownership' of the mortgage note and mortgage for purposes of foreclosure?" The Supreme Court held that a plaintiff in a foreclosure action must identify the owner or economic beneficiary of the note and provide certain other evidence as described in 14 Me. Rev. Stat. 6321. View "Bank of Am., N.A. v. Cloutier" on Justia Law