LaSalle Bank Nat'l Assn. v. Lamy

In LaSalle Bank Nat'l Assn. v. Lamy, 12 Misc 3d 1191[A], 2006 NY Slip Op 51534[U] the Court noted: "It is axiomatic that to be effective, an assignment of the note and mortgage given as security thereof must be made by the owner of such note and mortgage and that an assignment made by entities having no ownership interest in the note and mortgage pass no title therein to the assignee (see, Matter of Stralem, 303 AD2d 120, 758 NYS2d 345, and the cases cited therein). A nominee of the owner of the note and mortgage may not effectively assign the note and mortgage to another for want of an ownership interest in said note and mortgage by the nominee."