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  • 10.29.2013 Illustrative Exhibits For Use at Oral Argument

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    The document is an illustrative exhibit for use at an oral argument in a civil case in Snohomish County Superior Court regarding a deed of trust act. It argues that once an obligation secured by a deed of trust is sold, there is no longer a valid beneficiary under the deed of trust act because the act defines a beneficiary as the owner of the instrument evidencing the secured obligation, and if an obligation is sold, the original beneficiary no longer owns the entire secured obligation. It also notes that the act requires the beneficiary to prove ownership of the secured obligations in order to foreclose, which is not possible if obligations have been sold.

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    10.29.2013 Illustrative Exhibits for Use at Oral Argument

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    The document is an illustrative exhibit for use at an oral argument in a civil case in Snohomish County Superior Court regarding a deed of trust act. It argues that once an obligation secured by a deed of trust is sold, there is no longer a valid beneficiary under the deed of trust act because the act defines a beneficiary as the owner of the instrument evidencing the secured obligation, and if an obligation is sold, the original beneficiary no longer owns the entire secured obligation. It also notes that the act requires the beneficiary to prove ownership of the secured obligations in order to foreclose, which is not possible if obligations have been sold.

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    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    22 просмотров2 страницы

    10.29.2013 Illustrative Exhibits For Use at Oral Argument

    Загружено:

    gs8600mm
    The document is an illustrative exhibit for use at an oral argument in a civil case in Snohomish County Superior Court regarding a deed of trust act. It argues that once an obligation secured by a deed of trust is sold, there is no longer a valid beneficiary under the deed of trust act because the act defines a beneficiary as the owner of the instrument evidencing the secured obligation, and if an obligation is sold, the original beneficiary no longer owns the entire secured obligation. It also notes that the act requires the beneficiary to prove ownership of the secured obligations in order to foreclose, which is not possible if obligations have been sold.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 2

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    CIVIL MOTIONS I.1/3/13

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    IN THE SUPERIOR COT]RT OF THE STATE OF WASHINGTON IN AND FOR THE COT}NTY OF SNOHOMISH

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    JACOB D. BRADBURN, an individual,

    NO. 1t-2-08345^

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    ILLUSTRATTVE EXHIBITS FOR USE AT ORAL ARGUMENT


    V.

    RECONTRUST COMPANY, N.4., et. alDefendants.

    Plaintiff respectfully provides a copy of the illustrative exhibit for the use at oral argument on November 1, 2013.

    1.

    There is no DTA beneficiary once an obligation is sold.

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    DATED this 29th day of October,2}l3, in Arlingfon, Washingfon.

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    Scott E. Stafne, WSBA 6964 Stafne Trumbull LLC 239 N. Olympic Avenue

    Arlington, WA98223
    (360) 403-8700 scott@stafnetrumbull. com Attorney for Plaintiff

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    ILLUSTRATIVE GIIBITS FOR USE AT ORAL ARGUMENT

    STAFNE TRUMBULL, LLC


    239 NORTH OLYMPIC AVENUE ARLINGTON, WA 98223 TEL. 30,403.8700

    THERE IS NO DTA BENEFTGIARY ONGE AN OBLIGATION IS SOLD


    BENEFICIARY DEFINITION:

    "he

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    of the nstrument or document evidencing the g!!ga!@, secured by the deed of trust, excluding persons holding the same as security for a different obligation." Deed Of Trust Act (DTA) RCW 61.24.005(2)

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    BENEFICIARY DTA PROBLEM IF AN OBUGATTO,YTS SOLD: 1 - There can only be OIVE note, ONE holder, and ONF beneficiary. 2 - Many obligations make up a note. 3 - The deed permanently secures the obligatons as a contract unt. 4 - lf a beneficiary sells an obligation, he no longer owns t-the buyer does. 5 - ln default, the beneficiary must prove he owns the document evidencing obligations to foredose under Washington's DTA. 6 - ln the case of an obligation sale, the beneficiary no longer owns alf the original obligations contracted.

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    After sellino obligation #5

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    Washington State DTA requires the beneficiary to prove itis"the owner of any promissory note or other oblgation secured by the deed of trust." Afier the sale of one or more obligations, proof of ownership of "the secured obligations " is no longer possible. Thus, foreclosure cannot be carried out under DTA.

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