The plaintiff has standing where it is the holder or assignee of the underlying note at the time the action is commenced. Either a written assignment or the physical delivery of the note prior to commencement of the action is sufficient to transfer the obligation, and the mortgage passes with the debt as an inseparable incident. The assignment of a note and mortgage need not be in writing, and can be effectuated by physical delivery. Here, the plaintiff demonstrated that it had standing by attaching to the complaint a copy of the note, with an allonge endorsing the note in blank.
Bayview Loan Servicing, LLC v. Caracappa, NY Slip Op 00997 (2d Dep't February 16, 2022)
