Glaski v. Bank of America

In Glaski v. Bank of America (2013) 218 Cal.App.4th 1079, the borrower's loan had been securitized by being placed into a trust formed under New York law, and the Glaski court concluded the borrower had standing to challenge an assignment of the note on the basis the defendants failed to assign it before the trust's closing date, creating a defect in the chain of title. (Id. at p. 1096.) The court held that under New York law, allegations that the bank attempted to transfer a deed of trust into a securitized trust after the closing date for formation of the trust made the sale void, not voidable. (Id. at pp. 1084, 1097.) Because the court found that Glaski had properly alleged that the deed was void, the court did not reach Glaski's alternative theory that the foreclosure was void because it was implemented by forged documents. (Id. at p. 1097, fn. 16.)