Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson

Exercise 21

Magloire and Marie Isaac signed a note secured by a mortgage to Option One. In a subsequent lawsuit to foreclose on the mortgage, Deutsche Bank National Trust Co. (Deutsche) produced the original mortgage, note and an allonge. The allonge was signed by an assistant secretary of Option One, but it did not state a payee. The Isaacs claimed that Deutsche needed to prove that it had standing to assert its right to foreclose on the mortgage. What status did Deutsche have if any? [Isaac v. Deutsche Bank Nat. Trust Co., 74 So.3d 495 (Fla. Dist. Ct. App.)]