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In re Bass

North Carolina Supreme Court
738 S.E.2d 173 (2013)


Tonya Bass (defendant) obtained a mortgage from Mortgage Lenders Network USA, Inc. (MLN). MLN purported to transfer the mortgage to Emax Financial Group, LLC. MLN did not sign the transfer document longhand but with a stamp that stated, “Pay to the order of [Emax] without recourse.” The promissory note guaranteeing the mortgage was eventually transferred to U.S. Bank (plaintiff). Bass defaulted on the mortgage and U.S. Bank commenced foreclosure proceedings. Bass claimed MLN’s stamp was not a valid signature and thus not an indorsement. As a result, Bass argued MLN’s transfer was invalid and U.S. Bank could not foreclose. The trial court found in favor of Bass. U.S. Bank appealed.

Rule of Law


Holding and Reasoning (Martin, J.)

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