Illinois law does not require that mortgages in the state be recorded, the U.S. Court of Appeals for the Seventh Circuit ruled Nov. 14 in a lawsuit involving the company that operates a national electronic registry system that tracks changes in loan servicing rights and beneficial ownership interests in mortgage loans (Union Cnty. v. MERSCORP, Inc., 2013 BL 315334, 7th Cir., Nos. 13-1443, 13-1794).
Union County, Ill., and several county officials acting on behalf of each county in Illinois, sued MERSCORP Holdings, Inc. and several banks doing business with the company. The plaintiffs alleged that MERSCORP violated Illinois ...
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