Alex Sanchez (President of the Florida Bankers Association) stated in his remarks to the Florida Supreme Court that “original” mortgage notes were destroyed.
Was this so they could be copied/cloned/counterfeited and sold in to multiple investment pools and insured with multiple sets of credit default swaps? So if the “originals” were destroyed, what are they bringing to court as evidence Mr. Sanchez?
I understand that most of these so called “originals” look fresh – like the ink & paper just came off the shelf at Office Depot. You know there are TWO ways to date ink right, the date it was created and the date it was applied to the paper.
§ 913 By loss or destruction of instrument [11 Am Jur 2d BILLS AND NOTES]
If the holder of an instrument intentionally destroys it he thereby forgives and discharges the debt and he may not maintain an action based upon the instrument. The instrument is discharged by cancellation and it is immaterial that there is no consideration and a gift is involved and that there is no written renunciation of rights or delivery of the instrument. District of Columbia v Cornell, 130 US 655, 32 L ed 1041, 9 S Ct 694; State Street Trust Co. v Muskogee Electric Traction Co. (CA10 Okla) 204 F2d 920; Darland v Taylor, 52 Iowa 503, 3 NW 510; Norton v Smith, 130 Me 58, 153 A 886; McDonald v Loomis, 233 Mich 174, 206 NW 348; Wilkins v Skoglund, 127 Neb 589, 256 NW 31; Vanauken v Hornbeck, 14 NJL 178; Henson v Henson, 151 Tenn 137, 268 SW 378, 37 ALR 1131. It has been said that there can be no higher evidence than this of an intention to discharge and cancel the debt created or represented by the instrument destroyed. State Street Trust Co. v Muskogee Electric Traction Co. (CA10 Okla) 204 F2d 920; Larkin v Hardenbrook, 90 NY 333.
The purpose or intent of the holder beyond the intent to destroy his evidence of indebtedness is immaterial.
UCC § 3-604. DISCHARGE BY CANCELLATION OR RENUNCIATION.
(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation…
FL Stat. 673.6041 Discharge by cancellation or renunciation.
(1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument:
(a) By an intentional voluntary act, such as:
1. Surrender of the instrument to the party;
2. Destruction, mutilation, or cancellation of the instrument