Use the FORUM's SEARCH function for keywords. This is the largest database out there.
The recent Erobobo case is one you should read.
Plaintiff asserts that the transfer of the note herein is void because the note was acquired [[[ after ]]] the closing date in violation of the terms of the PSA.
Mere recital of assignment, holding or receipt of an asset is insufficient to transfer an asset to a trust. The grantor must actually transfer the asset. EPTL §7-1.18.
The assignment of the note and the mortgage which affected the transfer was dated July 16, 2008, however, pursuant to the terms of the PSA the trust closed on November 14, 2006.
Plaintiff has provided no evidence that the trustee had authority to
acquire the note and mortgage herein after the trust had closed.
Since the trustee acquired the subject note and mortgage after the closing date, the trustee's act in acquiring them exceeded its authority and violated the terms of the trust. The acquisition of a mortgage after 90 days is not a mere technicality but a material violation of the trust's terms, which jeopardizes the trust's REMIC status.