Union County, Illinois v. MERSCORP, Inc.

Federal 7th Circuit Court
Civil Court
Citation
Case Number: 
Nos. 13-1443 & 13-1794 Cons
Decision Date: 
November 14, 2013
Federal District: 
S.D. Ill.
Holding: 
Affirmed
Dist. Ct. did not err is dismissing with prejudice plaintiff’s action alleging that defendants-mortgage services company and several banks violated section 28 of Illinois Conveyances Act, 765 ILCS 5/28, by failing to record in county records' office each mortgage that was assigned to them and each mortgage assignment they made to others in effort to create mortgage-backed securities. While plaintiffs argued that section 28 required that all mortgages and mortgage assignments be recorded, Ct. of Appeals found that recording of said mortgage and mortgage assignments was optional under section 28. Ct. further noted that while recording of mortgages and mortgage assignments is valuable service, said service is valuable only to those who think that recording is worth its fee.