December 4, 2013
Tennessee Court Grants Defendant’s Motion for Summary Judgment as Wells Fargo Had Ownership Interest in the Note & Deed
The court in deciding McKee v. Am. Brokers Conduit, 2013 U.S. Dist. LEXIS 152657 (W.D. Tenn. 2013) granted Wells Fargo’s motion for summary judgment.
Plaintiffs claimed that (1) Wells Fargo didn’t have lawful ownership or a security interest in the property because the note and deed of trust were unlawfully sold; (2) Leak was not authorized to execute the assignment from MERS to Wells Fargo; (3) Wells Fargo could not show possession or ownership of the original note or deed and therefore had an imperfect security interest; and (4) ABC had no authority to execute the assignment because it was in bankruptcy proceedings at the time of the assignment.
The court found the plaintiff’s line of reasoning factually incorrect. The court noted that the note was made payable to Wells Fargo and the deed was assigned to Wells Fargo. Both the endorsed note and the assignment agreement were recorded. Furthermore, counsel for Wells Fargo had the original note in his possession. Finally, both the note and the deed allowed for such an assignment. Plaintiffs had presented the court with no evidence to rebut these facts. As such, the plaintiffs had not offered enough to challenge Wells Fargo’s enforcement of the note and the court granted summary judgment.
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