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.
Key facts
- Bay United Holdings, LLC, an affiliate of a debtor's mortgagee family, filed three proofs of claim against bankruptcy sale proceeds based on notes and mortgages securing loans to the debtor.
- The three notes and mortgages were not assigned to Bay United Holdings until nearly two years after the bankruptcy claims bar date had passed.
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Why it matters
The opinion imports Florida's well-developed foreclosure standing doctrine — that only the owner or holder of the note may enforce it — into the bankruptcy claims-allowance process, giving objecting parties a concrete… — full analysis with a trial
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