JPMorgan Chase Bank, N.A. v. Erlandson
Court of Appeals of Minnesota
821 N.W.2d 600 (2012)
The Erlandsons (defendants) took out a loan from Homecomings Financial secured by a mortgage, and legal title to the mortgage was later assigned to Chase (plaintiff), though the underlying promissory note was never formally assigned to Chase. After the Erlandsons defaulted, Chase sued for judicial foreclosure and won summary judgment, then purchased the property at a sheriff's sale and waived any right to a deficiency judgment; the district court confirmed the sale, and the Erlandsons appealed, arguing Chase couldn't foreclose without also holding the note.
Whether the holder of legal title to a mortgage can foreclose its mortgage regardless of whether it also holds the promissory note associated with the mortgage.