I'm not an attorney and this is not legal advice.
I am being sued by Wells Fargo As Trustee. My note and mortgage were assigned to the trust more than a year after the trust's closing date. The mortgage was in default at the time of assignment.
It is my understanding that trusts cannot accept assets after the closing date of the trust. Also, can non-performing assets cannot be assigned to trusts? Can anyone help me with citations to decisions that address the issue?
You haven't provided enough information about the trust and your situation for anyone to even begin to give you statutes or cases that may apply to your claims.
I think you are making assertions that show a misunderstanding of trusts and the law.
1. What state are you in?
2. Is it judicial or non-judicial?
My note and mortgage were assigned to the trust more than a year after the trust's closing date
Notes are not assigned, they are negotiated by endorsement and delivery. This is usually not recorded in public records.
3. How do you know when the note was negotiated to the trust?
4. When was the MORTGAGE assigned?
It is my understanding that trusts cannot accept assets after the closing date of the trust. Also, can non-performing assets cannot be assigned to trusts?
Could you post some more information on how you came to this understanding? Many people feel because the PSA set forth certain requirements that these can be used as a defense in foreclosure. This has not been the case. The PSA is a contract that you are not a party to. A quick search of the cases in your jurisdiction will re veil that a third party has no right to enforce or complain about a contract they are not privy to. There are several threads here that address the NEGATIVE impact of attempting to introduce the PSA into evidence.
While you really need to seek out a competent attorney, if you post some more information, some forum participants may be able to point you in the right direction.