Practice point: In order to commence the action, a plaintiff must have a legal or equitable interest in the mortgage. A plaintiff has standing where it is the holder or assignee of both the subject mortgage and of the underlying note at the time the action is commenced.
Student note: An assignment of a mortgage without assignment of the underlying note or bond is a nullity, and no interest is acquired thereby.
Case: Deutsche Bank Natl. Trust Co. v. Barnett , NY Dept. 2011
Tomorrow’s issue: Default judgments.
