I do not see where the questions before the court involved " whether or not a foreclosing entity must 'hold the note'". The questions were:
"Pursuant to A.R.S. §§ 12-1861 to -1867 (2003) and
Supreme Court Rule 27, we accepted jurisdiction of two questions
certified by the United States Bankruptcy Court for the District
1. Is the recording of an assignment of deed of trust
required prior to the filing of a notice of
trustee’s sale under A.R.S. § 33-808 when the
assignee holds a promissory note payable to bearer?
2. Must the beneficiary of a deed of trust being
foreclosed pursuant to A.R.S. § 33-807 have the
right to enforce the secured obligation?"