Witt v. CIT Group/Consumer Finance Inc.

The Witts (plaintiffs) executed a promissory note and deed of trust with CIT (defendant) to secure a loan; CIT later assigned all its beneficial rights under both documents to MERS (defendant). After the Witts defaulted, foreclosure proceedings began, and the Witts sued CIT, MERS, and a loan servicer, arguing the assignment to MERS was invalid because they had never agreed to it.

Whether beneficial rights under a contract are freely assignable.