Goodnight Banks: Arizona - Wanting A Full Paper Trail

[interestrateripoff]

http://market-ticker.org/akcs-www?post=180038

Well what do we have here?

A. FOR ANY BENEFICIARY WHO IS NOT THE ORIGINATING BENEFICIARY ON THE DEED OF TRUST, THE BENEFICIARY SHALL RECORD A SUMMARY DOCUMENT REGARDING THE BENEFICIARY'S LEGAL INTEREST IN THE DEED OF TRUST THAT CONTAINS THE FOLLOWING INFORMATION IN CHRONOLOGICAL ORDER:

THE FULL NAME AND ADDRESS OF RECORD OF EVERY PRIOR BENEFICIARY ON THE DEED OF TRUST.

THE DATE, RECORDATION NUMBER OR OTHER UNIQUE DESIGNATION OF THE INSTRUMENT, AND A DESCRIPTION OF THE INSTRUMENT THAT CONVEYED THE INTEREST OF EACH BENEFICIARY.

THE SUMMARY DOCUMENT PRESCRIBED BY THIS SECTION SHALL BE RECORDED AT THE SAME TIME AND PLACE THAT THE NOTICE OF TRUSTEE'S SALE IS RECORDED PURSUANT TO SECTION 33-808 AND A COPY OF THE SUMMARY DOCUMENT SHALL BE ATTACHED TO ANY NOTICE OF TRUSTEE'S SALE THAT IS REQUIRED TO BE PROVIDED AS PRESCRIBED IN SECTION 33-809.

C. FAILURE TO PROPERLY RECORD THE SUMMARY DOCUMENT THAT DEMONSTRATES EVIDENCE OF TITLE FOR THE FORECLOSING BENEFICIARY AS OF THE DATE OF THE TRUSTEE'S SALE AS PRESCRIBED BY THIS SECTION RESULTS IN A VOIDABLE SALE.

D. ANY PERSON WITH AN INTEREST IN THE TRUST PROPERTY MAY FILE AN ACTION TO VOID THE TRUSTEE'S SALE FOR FAILURE TO COMPLY WITH THIS SECTION AND IS ENTITLED TO AN AWARD OF ATTORNEY FEES AS WELL AS DAMAGES AS OTHERWISE PROVIDED BY LAW IF THE PERSON SUBSTANTIALLY PREVAILS, INCLUDING AN AWARD OF ATTORNEY FEES FOR ANY INJUNCTION OR OTHER PROVISIONAL REMEDIES RELATED TO THE CLAIM.

It's about damn time.

That ought to put an immediate and complete stop to the crap that banks continually run about having "substitute" documents or having an assignment when they really don't. Note that this bill (which apparently was just voted out of committee 4-0 in the Senate, and which has a companion in The House) will put an absolute stop to any foreclosure where the originator of the note did not transfer it properly (that would be, I'd argue, most of them) and it will render void upon suit by any person who is foreclosed upon and discovers that the note was never properly conveyed.

Ex-post-facto "cleanup" BS games will be rendered impossible by this bill.

I bet the banks are going to wonder what they've paid for in buying political representation if this is allowed to be passed. Someone clearly has to have a quite word, the law isn't meant to apply to banking.

[The Masked Tulip]

Arizona has kind of declared war on the US Fed over the migrant issue from Mexico.

[The Eagle]

I guess Arizona will experience a "terrorist" attack soon...