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Bankruptcy – Negotiable Instruments – Promissory Note – Indorsed in Blank – Real Property – Mortgages – Automatic Stay
North Carolina Lawyers Weekly Staff//December 1, 2011//
Bankruptcy – Negotiable Instruments – Promissory Note – Indorsed in Blank – Real Property – Mortgages – Automatic Stay
North Carolina Lawyers Weekly Staff//December 1, 2011//
In re Robinson (Lawyers Weekly No. 11-05-1199, 7 pp.) (J. Rich Leonard, J.) E.B.N.C.
Holding: Where the debtor’s promissory note has been indorsed in blank, and where Residential Credit Solutions (RCS) entered the original promissory note with the blank indorsement into the evidence, RCS is the holder of the note because it is in possession of the original note indorsed in blank.
Since RCS has agreed to accept the debtor’s proposed payment plan, RCS’s motion for relief from the automatic stay is denied.
Even though the assignment of the debtor’s deed of trust appears suspect, under N.C. law, the deed of trust follows the note. There is no evidence that the original note, indorsed in blank, is fraudulent. Therefore, because the deed of trust follows the note, the holder of the note – which in this case is RCS – has the right to the interest securing the note without a formal assignment. RCS is the real party in interest.
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