Barry Klayman and Mark Felger, members of the Bankruptcy, Insolvency, & Restructuring Practice, discuss in the Delaware Business Court Insider a recent case in which a divided Delaware Supreme Court held that a mortgage assignee must be entitled to enforce the underlying obligation that the mortgage secures in order to foreclose. The decision means that the mortgage holder in a foreclosure action must also prove that it also owns the underlying note in order to proceed. In an interesting footnote to his dissent, the Chief Justice questions whether it is time to overhaul statutes and rules based on “historical writs with Latin names.”
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