What elements are necessary for legal enforcement

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Reference no: EM13902759

Germaine Fequiere executed and delivered a promissory note in the principal amount of $240,000 to BNC Mortgage. As security for the note, Fequiere executed and delivered a mortgage on real property. BNC indorsed the promissory note in blank. Several years later, when Fequiere failed to make payments on the note, Chase Home Finance, LLC—the holder in due course of the note and holder of the mortgage—moved to foreclose on the property. In defense, Fequiere asserted that Chase could not foreclose on the property because the mortgage on the property had not been properly transferred from BNC to Chase. In a paper, respond to the following based on the above scenario: Assuming that is true, does this mean that Chase, as holder of the negotiable note, cannot foreclose on the collateral (the property secured by the mortgage)? What elements are necessary for legal enforcement of this contract, in this scenario? Explain your answer in detail. [Chase Home Finance, LLC v. Fequiere, 119 Conn.App. 570, 989 A.2d 606 (2010)]

Reference no: EM13902759

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