Promissory Note Recording Case Rehearing Denied
Reston, Virginia – September 14, 2015 – (RealEstateRama) — MERSCORP Holdings, Inc. today announced that the United States Sixth Circuit Court of Appeals denied an en banc rehearing of a case that held that Kentucky recording statutes do not require a recording in the land records when promissory notes are transferred.
In its decision to deny the two petitions to rehear pdf Higgins v BAC Home Loans Servicing, the Sixth Circuit Court of Appeals (157 KB)ruled that “The original panel has reviewed the petitions for rehearing and concludes that the issues raised in the petitions were fully considered upon the original submission and decision of the cases.” This decision was made after the petitions were circulated to the full court and no judge requested a vote on the suggestion for an en banc rehearing; therefore, the Court determined that the petitions were denied.
“We’re pleased that the United States Sixth Circuit Court of Appeals held firm in its decision that the Kentucky recording statues do not require that promissory notes be recorded,” said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith.
For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org.
MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note. The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.
CONTACT: Janis Smith