Chase Fails To Prove Standing To Foreclose (Oklahoma)

2012 OK 24

J.P. MORGAN CHASE BANK, NATIONAL ASSOCIATION,
SUCCESSOR BY MERGER TO CHASE HOME FINANCE LLC, Plaintiff/Appellee,
v.
DAVID S. ELDRIDGE, MARY K. ELDRIDGE, Defendants/Appellants,JOHN DOE, JANE DOE, RAILEND LLC, EQUITY TRUST COMPANY CUSTODIAN FBO WILLIAM TRAVIS POINTON IRA,
NORTHWOOD LAKE ESTATES HOMEOWNERS ASSOCIATION, INC., DOUGLAS SHELTON, Defendants.

Case Number: 109900

THE SUPREME COURT OF THE STATE OF OKLAHOMA

Decided: March 6, 2012

Summaries:

Source: Justia

In 2007, Appellants David and Mary Eldridge executed a promissory note and mortgage in favor of Plaintiff-Appellee J.P. MorganChase Bank, N.A. In both the Note and the Mortgage, "JP Morgan Chase Bank, N.A." was explicitly designated as the lender and payee, or entity to whom payment under the Note and Mortgage was due. Appellants voluntarily filed bankruptcy in 2009. In their amended statement of intentions, Appellants agreed to reaffirm the outstanding balance on the Note. Shortly thereafter, the Note went into default. Appellee Chase Home Finance Milwaukee initiated foreclosure proceedings in 2010, claiming to be the present holder of the Note and Mortgage. Chase Home Finance Milwaukee claimed to have acquired the Note and Mortgage by assignment from J.P. Morgan Chase Bank, N.A. in their motion for summary judgment filed several months later. The trial court granted summary judgment for the Bank, finding the Bank was the undisputed owner and holder of the Note and Mortgage. Accordingly, judgment was entered in favor of the Bank and Appellants' counterclaims were dismissed. On appeal to the Supreme Court, Appellants argued the trial court erred ruling in favor of the Bank. Upon review, the Supreme Court found no evidence in the record to support the Bank's contention that it was the holder of the Note. Therefore, the Court reversed the granting of summary judgment by the trial court and remanded the case back for further proceedings.

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