In re Aegis Asset Management, LLC (Bay United Holdings, LLC v. INXS 7, LLC)
An LLC affiliated with a debtor's mortgagee family filed three proofs of claim against bankruptcy sale proceeds based on notes and mortgages that were not assigned to it until nearly two years after the claims bar date. The Eleventh Circuit, applying Florida foreclosure-standing law through 11 U.S.C. § 502(b)(1) and Butner, held that because a party must be the owner or holder of a note to foreclose under Florida law, it likewise must own or hold the note to file a bankruptcy claim based on it, and affirmed disallowance of all three claims.
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