Posted: Monday, May 20th 2013 at 1:29pm
Bank gets favorable ruling in case out of Suwanee
By Derreck Booth Editor
ATLANTA - In a unanimous decision, the Supreme Court of Georgia Monday ruled in favor of a bank in connection with a foreclosure sale and eviction in Suwanee.
The house buyers, Chae Yi You and Chur K. Back, defaulted on their loan and were ultimately evicted in 2011, according to the court. They had argued Chase Manhattan Mortgage didn't have authority to evict them or sell the house because it didn't hold the promissory note at the time.
The security deed from the original lender, Excel Home Loans, was assigned to Chase.
You and Back had argued Chase didn't have authority to evict them or sell the house because it didn't hold the promissory note at the time.
"After careful analysis, we conclude that current law does not require a party seeking to exercise a power of sale in a deed to secure debt to hold, in addition to the deed, the promissory note evidencing the underlying debt," the opinion stated.
The decision was written by Chief Justice Carol Hunstein.
The high court also found that the Georgia law that governs the type of notice that must be given to the debtor, "requires only that the notice identify 'the individual or entity (with) full authority to negotiate, amend, and modify all terms of the mortgage with the debtor.'"
You and Back bought the house on Crescent Walk Lane in 2003.
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