Abstract
In this era of "robo-signers," asset-backed securities and unprecedented foreclosures, the mechanics of collecting on a promissory note accompanying a mortgage or deed of trust are often forgotten or not followed for a number of reasons such as: the sheer volume of paperwork accompanying every such file; the fact that many of these promissory notes are indorsed to third parties or are no longer in the possession of the servicer or the interested financial party; or because the notes themselves are simply lost. These cases have been complicated recently due to differing decisions in various state and federal courts as to the Mortgage Electronic Registration Systems, Inc.'s (MERS) ability to foreclose without being a "holder" of the corresponding promissory note. This essay briefly describes the split in the current state of the law regarding MERS' ability to proceed in foreclosure proceedings or join in bankruptcy proceedings.