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First Circuit Court of Appeals Rules MERS "Faithful" to "Mortgage Law"
Distinguished Panel Holds that MERS' "had the authority twice over to assign" Reston, Virginia, February 19, 2013- MERSCORP Holdings, Inc. today announced that a three-judge panel of the U.S. Court of Appeals for the First Circuit issued a ruling favorable to Mortgage Electronic Registration Systems, Inc.'s role and authority as mortgagee by affirming a U.S. District Court dismissal in Culhane v. Aurora . "
MERS' role as mortgagee of record and custodian of the bare legal interest as nominee for the member-noteholder, and the member-noteholder's role as owner of the beneficial interest in the loan, fit comfortably with each other and fit comfortably within the structure of Massachusetts mortgage law," Senior Circuit Judge Bruce M. Selya wrote on
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