Supporting, Informing & Connecting People in Foreclosure
According to Florida Statute § 660.27, a bank which is acting as a trustee must make a deposit with Florida Chief Financial Officer before transacting any trust business in the state.
(1) Before transacting any trust business in this state, every trust company and every state or national bank or state or federal association having trust powers shall give satisfactory security by the deposit or pledge of security of the kind or type provided in this section having at all times a market value in an amount equal to 25 percent of the issued and outstanding capital stock of such trust company, bank, or state or federal stock association or, in the case of a federal mutual association, an equivalent amount determined by the office, or the sum of $25,000, whichever is greater.
There is no merit to the argument that national banks don't have to comply with this rule. The statute clearly mentions national banks. This can be used as an affirmative defense. The trustee must show proof of compliance without which they cannot proceed with the foreclosure.
Can't find the case law. Google scholar does not show the case.
It is not on Google scholar yet.
Send me an email. I want to talk to u about BU.
Also need to pay attention to this : "Section 692.01, Florida Statutes, specifically states that: “Any corporation may execute instruments conveying, mortgaging, or affecting any interest in lands by instruments sealed with the common or corporate seal and signed in its name by its president or any vice president or chief executive officer.”
see also 692.02 and 689.01 of FL.Stat
just proves the fraud continues and why fnm and fdmc cant assign the plot thickens daily??